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| Global Industrial Automation And Control Systems Market Size |
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 used to optimize the overall production and supply chain activities in industries. These systems consist of sensors, programmable logic controllers, robotics, and human-machine interfaces that communicate with each other using industrial communication protocols. Adoption of these systems helps in reducing production costs, improving product quality and consistency, and increasing overall equipment effectiveness in manufacturing facilities. Advantages of industrial automation systems include improved accuracy and precision, increased productivity, minimized production errors, optimized changeovers, and reduction in downtime. With growing competition in manufacturing industries, adoption of industrial control and automation solutions has increased significantly over the past few years.
Market key trends:
One of the major trends in the industrial automation and control systems market is rising adoption of Industrial Internet of Things (IIoT) solutions. IIoT helps in connecting industrial machines, assets, and systems to each other and to cloud services using technologies like machine-to-machine communication, cyber-physical systems, and sensors. It enables real-time data collection from equipment and remote monitoring of industrial operations, leading to benefits like predictive maintenance, improved asset utilization, automated process optimization, and reduction in equipment downtime. IIoT solutions integrated with industrial control and automation systems are helping manufacturers gain deeper operational insights and take timely actions to enhance productivity. Growing demand for digitization of industrial processes is expected to drive significant opportunities for IIoT integrated industrial automation systems over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the industrial automation and control systems market is low due to requirement of huge investments for R&D of new technologies and solutions. Bargaining power of buyers: The bargaining power of buyers is moderate owing to presence of multiple vendors providing automation solutions for process and discrete industries globally.
Bargaining power of suppliers: The bargaining power of suppliers is moderate with presence of component suppliers from semiconductor industry and machine manufacturers.
Threat of new substitutes: The threat of substitute products and solutions is low as industrial automation systems provide multipurpose benefits through integration of hardware, software, and services.
Competitive rivalry: High competitive rivalry exists between major players operating in this market owing to technological advancements and product innovations facilitating industrial digitization.
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 need for industrial automation across discrete and process industries for enhanced efficiency.
Regional analysis
The Asia Pacific region is expected to hold the highest market share in the
industrial automation and control systems market during the forecast period.
Rapid industrialization and presence of a strong manufacturing industry in
countries like China, India, and Japan are major factors driving the adoption
of industrial automation. Furthermore, favorable government policies promoting
automation and Made in China 2025 initiative aimed at enhancing manufacturing
competitiveness through advanced technologies adoption would augment the
regional market growth over the coming years.
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. These players are focusing on new
product development, partnerships, and acquisitions to enhance their market share
in control components, software, and solutions segments.
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More: https://www.ukwebwire.com/industrial-automation-and-control-systems-market-trends/