Industrial Controls and Factory Automation Market size is set to grow by USD 83.68 billion from 2023-2027, changing market dynamics boost the market, Technavio

NEW YORK, April 18, 2024 /PRNewswire/ -- The global industrial controls and factory automation market size is estimated to grow by USD 83.68 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of almost 8.16% during the forecast period. The industrial controls and factory automation market face challenges from fluctuating market dynamics, rising OPEX, and unpredictable labor costs. AC motors, labeling equipment, HMI, PLCs, sensors, robotics, software, and AI are key technologies mitigating these risks. Strategic partnerships, digital technologies, and networking architectures enhance efficiency, productivity, and safety compliance. Key sectors include automotive, material handling, and manufacturing, with IIoT and cloud computing playing crucial roles.

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Segment Overview

This industrial controls and factory automation market report extensively covers market segmentation by Product (SCDA, PLC, DCS, Drives, Sensors) End-user (Process industry, Discrete industry) Geography (APAC, North America, Europe, South America, Middle East and Africa)

Market segmentation by Product

The Industrial Controls and Factory Automation Market encompasses various technologies, including AC and DC Motors, Labeling Equipment, Human Machine Interfaces, Programmable Logic Controllers (PLCs), Input/Output Sensors, Robotics, Computer Software, and Quality Control systems. These automation technologies are essential in enhancing efficiency and productivity in the industrial sector, particularly in process industries such as oil and gas, chemical and petrochemical, and power. Real-time data analysis, safety compliance, and technological advancements, including AI and machine learning, are key drivers in the market. Strategic partnerships and the integration of digital technologies, such as cloud computing and the Internet of Things (IIoT), are also significant trends. Automation processes in manufacturing sectors, material handling, and labor cost reduction are further boosting market growth. Networking architectures, analytics, mobility, and advanced sensors are other critical components of the market.

Geography Overview

The industrial sector in APAC is experiencing significant growth in automation, driven by countries such as China, Japan, South Korea, and India. Robotics and artificial intelligence (AI) are key components of this automation, with material handling seeing increased productivity due to decreasing labor costs. Networking architectures, analytics, cloud, mobility, and Internet of Things (IoT) technologies are transforming industrial processes in manufacturing. Industrial automation is also expanding into sectors like healthcare, transportation, mining and metal, aerospace and defense, with 5G wireless technology and IoT technology playing crucial roles. Automation Technologies, including AI, machine learning, sensors (temperature, humidity, torque), Programmable Logic Controllers, Input/Output Sensors, and Human Machine Interface, are essential for efficiency and safety compliance. Strategic partnerships and technological advancements continue to shape the future of industrial automation.

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• Industrial automation solutions, driven by robotics, AI, and IoT, monitor and control manufacturing plants. Open platforms enable OEMs to enhance product functionality and connectivity, offering flexibility to use various runtime platforms and third-party tools. Key industries include manufacturing, healthcare, transportation, mining, and aerospace. Technological advancements include 5G, AR, VR, and machine learning, focusing on efficiency, productivity, and safety compliance.
• The Industrial Controls and Factory Automation market is experiencing significant challenges due to the integration of IIoT, or Industry 4.0. This technology brings benefits like real-time communication and increased efficiency. However, it introduces complexities at the control level. Key technologies include AI, machine learning, sensors, IoT, 5G, AR/VR, robotics, software, and advanced sensors. Partnerships and digital technologies are crucial for addressing these challenges and ensuring safety compliance and technological advancement.

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Research Analysis

The Industrial Controls and Factory Automation Market is experiencing significant growth due to the integration of advanced technologies such as robotics, artificial intelligence, and automation in the industrial sector. This includes material handling processes in manufacturing, healthcare, transportation, mining and metal, aerospace and defense, and other industries. The implementation of these technologies leads to increased productivity and reduced labor costs. Networking architectures, analytics, cloud, mobility, and the Internet of Things (IIoT) are key components of modern automation processes. Sensors, including temperature, humidity, and torque sensors, play a crucial role in collecting data for AI and machine learning applications. The adoption of 5G wireless technology is expected to further accelerate the growth of the market by enabling real-time data transfer and analysis.

Market Research Overview

The Industrial Controls and Factory Automation Market encompasses a range of technologies and solutions designed to optimize manufacturing processes. These include Motors, Actuators, and Control Systems, as well as Sensors and Instrumentation. The sector is driven by the need for increased efficiency, productivity, and quality in manufacturing processes. Producers of these technologies strive to provide advanced solutions, such as Programmable Logic Controllers (PLCs), Human-Machine Interfaces (HMIs), and Robotics. The market is further propelled by the adoption of Industry 4.0 and the Internet of Things (IoT), which enable real-time monitoring, predictive maintenance, and remote control capabilities. The global market for Industrial Controls and Factory Automation is projected to grow significantly in the coming years, with key regions including Asia-Pacific, Europe, and North America.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio