Industrial Controls Segment Is The Largest Segment Driving The Growth Of Industrial Automation And Control Systems Market
The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 174.53 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial automation and control systems are widely used in industries such as oil & gas, automotive, food & beverage, pharmaceuticals and others. These systems provide enhanced process control, increased productivity and reduced operating costs. They help automate complex manufacturing and industrial processes.
Market key trends:
Adoption of wireless technology in industrial automation is one of the key trends witnessed in the industrial automation and control systems market. Wireless technology helps eliminate requirements for wiring infrastructure, thereby simplifying plant design and facilitating retrofits. It also enables easy mobility of equipment and machines. Standards such as WirelessHART, ISA100 and Bluetooth are gaining acceptance in process automation applications. This is assisting end-users in modernizing their operations and improving efficiency.
SWOT Analysis
Strength: Industrial automation helps improve operational efficiency and productivity in manufacturing processes. It reduces production costs and errors.
Weakness: High initial investment costs for implementing industrial automation systems. Require skilled workforce for operating and maintaining advanced automation equipment.
Opportunity: Growing demand for industrial robotics and adoption of Internet of Things (IoT) in manufacturing plants. Emerging technologies like artificial intelligence, machine learning, and cloud computing provide new growth opportunities.
Threats: Changing consumer demand and preferences poses challenges. Strict government regulations around workplace safety and environment protection increase compliance costs.
Key Takeaways
The Global Industrial Automation And Control Systems Market Size is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing demand for automation in process industries and packaged food & beverages sectors.
Regional analysis: North America dominated the market in 2023 with a share of over 30%, owing to early adoption of industrial automation. Asia Pacific is expected to see fastest growth due to expansion of manufacturing sector in China, India, and other Southeast Asian countries. Countries like Japan and South Korea are also major contributors to regional market growth.
Key players operating in the Industrial Automation and Control Systems are ABB, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., and Schneider Electric. Growth strategies adopted by these players include new product launches, partnerships, and mergers & acquisitions to strengthen their product portfolio and distribution networks.
Read More: https://cmiresearch.blogspot.com/2023/12/rising-adoption-of-industrial-iot.html
English
Arabic
Français
Español
Português
Türkçe
Dutch
Italiano
Russian
Romaian