Industrial automation and control systems are used for managing, controlling and operating various processes in industries through monitoring, regulating and controlling electromechanical processes. These systems help in improving operational efficiency, monitoring and controlling industrial processes remotely with minimum human efforts.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of sustainable and energy efficient solutions is one of the key trends driving growth of the Global Industrial Automation And Control Systems Market Size. Governments across the globe are encouraging industries to adopt energy efficient automation solutions to reduce carbon footprint as well as optimize energy consumption. Automation systems integrated with IoT and AI help industries monitor energy usage in real-time and take corrective actions. They also help optimize industrial processes with minimum wastage. Ongoing research and development in the area of sustainable automation is expected to further accelerate the adoption of such solutions going forward.
Segment Analysis
The global industrial automation and control systems market is segmented by component, system type and end-user industry. Based on component, the hardware sub-segment dominated the market in 2021 owing to high demand for programmable logic controllers (PLCs), drives and motors, pumps, switches, sensors etc. which form core components of industrial automation systems. The hardware segment is expected to continue its dominance over the forecast period on account of high demand for upgrading and replacement of aging hardware components across industries.
Key Takeaways
The global industrial automation and control systems market is expected to witness high growth over the forecast period of 2024-2031. 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: Asia Pacific region holds the largest share in the global industrial automation and control systems market in 2021 and is expected to witness the highest growth over the forecast period. The growth in the region can be attributed to rising industrialization and adoption of industrial automation technologies across industries such as automotive, electronics and semiconductor in countries such as China, India and Japan. The increasing spending by governments in Asia to support industrial automation initiatives is further expected to drive the regional market growth.
- Key players: 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. LG Chem holds the largest market share owing to its wide product portfolio and global presence. Boryung Pharmaceutical Co., Ltd. is another major player focusing on expanding its presence in Asia Pacific region.
Get More Insights On This Topic: https://www.pressreleasebulletin.com/industrial-automation-and-control-systems-market-size-share-analysis-2023-2030/
