Rising Demand for Streamlining Operations Drives Growth of Industrial Automation and Control Systems Market
Industrial automation and control systems are hardware as well as software components that are used to automate industrial operations for faster and more precise output. Such systems control, monitor, and regulate industrial operations through the use of sensors, digital or analog input and output devices, and programmable logic controllers (PLCs). They help integrate automated manufacturing and production lines on a single platform. Ranging from basic motion control and HMI (human-machine interface) to complex MES (manufacturing execution system), these systems provide enhanced connectivity and data integration to streamline industrial processes.
The global industrial automation and control systems market is estimated to be valued at US$ 201.06 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand for streamlining industrial operations through automation is a key driver fueling growth of the Global Industrial Automation And Control Systems Market Size. Implementation of automation reduces manual intervention and errors, allows for 24/7 operations, improves production quality and consistency, and boosts overall productivity and output. Additionally, capabilities of industrial automation and control systems to customize manufacturing processes as per evolving needs, support remote monitoring, and leverage predictive maintenance solutions add significant business value. However, high initial investment costs remain a key challenge for widespread adoption, especially among small and medium enterprises. Ongoing technological advancements in industrial IoT, AI, and cloud computing are expanding the automation potential further and also helping to reduce costs, which is expected to present lucrative growth opportunities for market players over the coming years.
SWOT Analysis
Strength: The industrial automation and control systems market provides several benefits to industries such as improved productivity, reduced human errors, and enhanced product quality. Automation systems enable precise and repetitive operations to be performed 24/7 with high speed and accuracy. They help minimize production downtime and delays by facilitating remote monitoring of industrial processes.
Weakness: High initial investment requirements for implementing automation solutions is a major hurdle for small and medium enterprises. Frequent upgrades needed to keep pace with advancing technologies also increase maintenance costs. Dependence on software and connectivity also makes automation systems vulnerable to cyber threats and network failures.
Opportunity: Growing emphasis on Industry 4.0 trends across industries is spurring demand for advanced robotics, IoT connectivity, AI, and other digital solutions. Rapid modernization of infrastructure and manufacturing activities in developing nations presents a lucrative area for automation providers. Adoption of cloud-based automation-as-a-service models can help lower costs for asset-intensive projects.
Threats: Economic slowdowns may prompt industries to delay capital expenditure plans, negatively impacting spending on automated systems. Trade wars and supply chain disruptions due to geopolitical issues also introduce uncertainties. Stiff competition among major automation players intensifies pricing pressures.
Key Takeaways
The global industrial automation and control systems market is expected to witness high growthover the forecast period of 2024 to 2031. The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 201.06 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031.
Regional analysis shows that Asia Pacific region dominates currently due to large manufacturing bases in China, India, Japan and other developing Asian countries rapidly automating production lines. Countries like China and India are expected to remain fastest growing regional markets due to government support for Make in India and Make in China initiatives. Europe is another major regional market bolstered by well-established automotive and process manufacturing industries investing heavily in Industry 4.0 upgrades. Initiatives like German Industry 4.0 plan are fueling demand for collaborative robotics, AI, and cloud-based manufacturing execution systems. North America is an early adopter of automation solutions due to presence of global automation and engineering giants. Ongoing caseI projects in Mexico further drive the North American market.
Key players operating in the industrial automation and control systems market are LG Chem, Hanmi Pharmaceutical Co., Ltd., Boryung Pharmaceutical Co., Ltd., Novartis AG, EirGenix, Inc., Biocon Limited, G.L. Pharma GmbH, Daewoong Pharmaceutical Co., Ltd., Sandoz International GmbH, Boryung Pharmaceutical Co., Ltd., VHB Life Sciences Limited, HanAll Biopharma, Taiba Healthcare, Huons Co., Ltd., Dong-A ST Co., Ltd. Major players are focusing on development of integrated smart factories with capabilities like predictive maintenance, remote operations, and simulation-based trainings. Collaborations with industrial IoT vendors is another key strategy to provide comprehensive IIoT-enabled automation solutions.
Get More Insights On This Topic: https://www.newsanalyticspro.com/industrial-automation-and-control-systems-market-analysis-growth-forecast-outlook-2023-2030/
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