LONDON, Oct. 12, 2016 /PRNewswire/ --
"The industrial control and factory automation market growth directly linked with penetration of industrial internet technologies and M2M communications"
The industrial control and factory automation market was valued at USD 108.80 billion in 2015 and is projected to reach USD 153.30 billion by 2022, at a CAGR of 4.88% between 2016 and 2022. The advancements in industrial internet and machine to machine communication technologies, increased focus on efficiency and cost of production by manufacturers, government's inclination towards adoption of new technologies in manufacturing sector, and increased connected supply chain are driving the market. Whereas, the factors such as shortage of skilled workforce, high capital investments over conventional manufacturing, and lack of awareness among SMEs are the restraints for the market. However, there are huge opportunities available for players operating in the market.
"The oil and gas industry segment expected to account for the largest market share during the forecast period"
By industry, the oil and gas segment is expected to account for the largest share of the industrial control and factory automation market during the forecast period, primarily due to the increased dependence on automation for material flow in the oil and gas industry. Automation helps mitigate the risks associated with material flow losses, and enhances production efficiency.
"APAC region to grow at the highest CAGR during the forecast period"
The APAC industrial control and factory automation market is estimated to grow at the highest CAGR during forecast period owing to the growing industrial sectors in China and India. For instance, factory automation is increasing in China due to adoption of the technology in the country's large number of automotive manufacturing plants.
The breakup of primaries conducted during the study is depicted below.
By Company Type: Tier 1 Companies - 60%, Tier 2 Companies - 20%, and Tier 3 Companies - 20%
By Designation: C-level Executives - 50%, Directors - 25%, and Managers - 25%
By Region: Americas - 30%, Europe - 20%, Asia-Pacific - 30%, and RoW - 20%
Major players operating in the industrial control and factory automation market include Siemens AG (Germany), Emerson Electric Company (U.S.), General Electric Company (U.S.), Schneider Electric SE (France), ABB Ltd. (Switzerland), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Yokogawa Electric (Japan), and Rockwell Automation, Inc. (U.S.) among others.
This report aims to estimate the market size and future growth potential of the industrial control and factory automation market across different segments, such as technology, component, industry, and geography. It also analyzes subsegments with respect to individual growth trends, future prospects, and contribution to the market.
Reasons to buy the report:
- This report includes the market statistics pertaining to technology, component, industry, and geography along with their respective market size
- The Porter's Five Forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the industrial control and factory automation market
- Major drivers, restraints, and opportunities for industrial control and factory automation market have been detailed in this report
- Illustrative segmentation, analysis, and forecast for the market on the basis of technology, component, industry, and geography have been conducted to give an overall view of the industrial control and factory automation market
- A detailed competitive landscape includes key players, in-depth analysis, and market share of the key players
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