Nov 11, 2022   SOURCE: BusinessWire

Industrial Control & Factory Automation Global Market Report 2022: Adoption of Industry 4.0 Principles for Manufacturing Presents Opportunities - ResearchAndMarkets.com

The "Industrial Control & Factory Automation Market by Component, Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Industry (Process Industry and Discrete Industry) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The industrial control & factory automation market size is expected to grow from USD 147.9 billion in 2022 to USD 218.8 billion by 2027; it is expected to grow at a CAGR of 8.2% from 2022 to 2027. The key factors driving the growth of the industrial control & factory automation market are increasing number of government initiatives to promote industrial automation and increasing integration of technologies such as IoT and AI with various industrial control & factory automation solutions. Growing use of automation in process and discrete industries is another major factor contributing to the growth of the industrial control & factory automation market.

Industrial sensors held the largest share and industrial robots held the second largest share in 2021

Sensor technology has developed tremendously over the past decade. The increasing requirement for connectivity in manufacturing plants has encouraged manufacturers to adopt advanced sensors to capture data at various data points. Sensor manufacturers are continuously focusing on developing advanced solutions to help end users improve production efficiency. Industrial robots are reshaping the manufacturing industry by decreasing the need for physical work. They are used in industrial plants to increase productivity and eliminate errors. These robots are suitable for use in remote locations. Using automated robots in the industrial production line reduces time, cost, and wastage and leads to the development of high-quality and precise products.

DCS accounted for the dominating share and PLC accounted for the second largest share of the industrial control & factory automation market in 2021

DCS enables process automation and control in industrial manufacturing plants. it facilitates decision integrity, simplified operations, and increased productivity. The major application areas of DCS are in the oil & gas, automotive, chemical, food & beverage, and pharmaceutical industries. Among process industries, the food & beverage industry is projected to account for the largest size of the industrial control & factory automation market for PLC during the forecast period. The growth of this segment can be attributed to the implementation and adherence to strict standards to respond to changing market requirements.

Metals & mining industry is expected to register the highest growth rate in the process industry segment of the industrial control & factory automation market during forecast period

The metal industry includes various metalworking processes, such as grinding, milling, spinning, and forging. The machinery used in metal processing requires quick, accurate, and efficient movement of metals, which is carried out by drives and PLCs. The adoption of automation in the mining & metals industry has improved productivity, increased safety, minimized wear, and enhanced reliability and quality of products. The safety of the workforce is always the top priority in mining operations. Hence, regulatory authorities across the world have set stringent rules and regulations for mine owners to ensure the safety of mines. These strict regulations force mining companies to adopt industrial control & factory automation technologies, which can help them predict and try to prevent a mishap in advance.

Market Dynamics

Drivers

  • Emergence of Connected Enterprises
  • Government Initiatives to Promote Industrial Automation
  • Adoption of IoT and AI in Industrial Environments
  • Emphasis on Optimum Utilization of Resources and Improved Efficiency
  • Increasing Integration of Machine Vision Systems with Deep Learning

Restraints

  • Significant Initial Capital Investment and Subsequent Investment for Maintenance
  • Fluctuations in End-Use Industries
  • Inability of Components to Achieve Human-Like Performance
  • Lack of Awareness of Benefits

Opportunities

  • Adoption of Industry 4.0 Principles for Manufacturing
  • Increased Demand for Safety Compliance Automation Solutions
  • Rising Need for Augmented Reality and Virtual Reality Technologies

Challenges

  • Absence of Standardization in Industrial Communication Protocols and Interfaces
  • Lack of Skilled Workforce to Operate Industrial Automation Devices and Systems
  • Rising Instances of Automated Cyberattacks
  • Less Precise Systems due to Differences Between Simulations and Real Life
  • Complexity in Deployment of Industrial Control & Factory Automation Solutions

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industrial Control & Factory Automation Market, by Component

7 Industrial Control & Factory Automation Market, by Solution

8 Industrial Control & Factory Automation Market, by Industry

9 Industrial Control and Factory Automation Market, by Region

10 Competitive Landscape

11 Company Profiles

12 Adjacent & Related Markets

13 Appendix

Companies Mentioned

  • ABB
  • Emerson
  • Siemens
  • Schneider Electric
  • Mitsubishi Electric
  • General Electric Co.
  • Rockwell Automation
  • Honeywell
  • Yokogawa Electric Corporation
  • Omron Corporation
  • Endress+Hauser
  • Fanuc Corporation
  • Wika GmbH
  • Dwyer Instruments
  • Stratasys
  • 3D Systems Corporation
  • Fuji Electric
  • Hitachi
  • Krohne
  • Azbil Corporation
  • Vega Grieshaber
  • Danfoss
  • Tegan Innovations
  • Win- Software
  • Pinpoint Information Systems
  • Progea
  • Chaos Prime
  • Inxpect S.P.A.
  • Algolux
  • Inuitive
  • Eave
  • Canaria
  • Fuelics
  • Ultimaker
  • Nano Dimension
  • Deep Learning Robotics
  • Pick-It D
  • Onrobot
  • Trivision
  • Clevest

For more information about this report visit https://www.researchandmarkets.com/r/ps1904