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 electronic devices and software used to control various processes and machineries in industries. These systems enhance productivity, reduce costs, improve quality, and ensure human safety in industrial operations. Advancements in cloud computing solutions are facilitating the adoption of remote asset monitoring services in industries.
Market key trends:
One of the key trends driving the growth of the industrial automation and control systems market is the increasing focus on predictive maintenance. Predictive maintenance relies on data analysis and machine learning algorithms to analyze real-time equipment condition monitoring data from industrial control systems to predict component failures and schedule maintenance accordingly. This helps reduce unplanned downtime and maintenance costs. IoT-enabled sensors installed on industrial machinery generate huge volumes of operational data that can be leveraged for predictive maintenance using cloud-based analytics platforms.
Segment Analysis
The global industrial automation and control systems market is segmented by component, industry vertical, and geography. Based on the component, the market is divided into industrial robots, machine vision systems, human–machine interface, field instruments, industrial pc, automation software, and control valves and pumps. The industrial robots segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Robots are increasingly being deployed across industries such as automotive, consumer electronics, and healthcare for operations that are dull, difficult, dirty, or dangerous for human beings.
Key Takeaways
The Global Industrial Automation And Control Systems Market Demand is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing demand for labor-efficient industrial operations.
Regional analysis:
North America dominated the global market in 2022 and is expected to maintain its leading position until 2030. This is attributed to heavy investments in factory automation by notable companies such as General Electric, Caterpillar, and Boeing in the US. Asia Pacific is anticipated to be the fastest-growing region during the forecast period, owing to wide adoption of industrial automation solutions across industries coupled with favorable government policies in countries such as China and India.
Key players:
Key players operating in the industrial automation and control systems market are ABB, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., and Schneider Electric. The market leaders are focusing on new product launches and developing innovative solutions to strengthen their global footprint. For instance, in March 2022, Rockwell Automation launched new updates to its FactoryTalk software portfolio to improve monitoring and analytics on the production floor.
