The global factory automation and industrial controls market is projected to reach a value of USD 216.65 billion by 2032, growing at a moderate CAGR of 5.2% during the forecast period from 2022 to 2032. Valued at approximately USD 130.84 billion in 2022, this market is significantly driven by the increasing demand for enhanced productivity. Factory automation and industrial controls play a vital role in standardizing manufacturing processes, improving quality, and lowering operational costs, fostering growth within the sector.
The swift adoption of automation across various industry verticals is a key growth factor for the factory automation and industrial controls market. Numerous sectors are eager to implement advanced technologies, leading to a heightened demand for these systems.
These solutions not only enhance quality but also optimize production processes and reduce operational expenses, thereby increasing overall profitability. Factors such as energy efficiency, the need for higher production yields, labor shortages, and the demand for accuracy and efficiency further support the uptake of factory automation and industrial controls.
With automation rapidly becoming integral to industries such as power, mining, manufacturing, oil and gas, railway, and shipping, the opportunities for growth in this market are expected to multiply. As these industries continue to expand and adapt, they create lucrative prospects for the factory automation and industrial controls sector. Additionally, governments worldwide are implementing initiatives to facilitate the adoption of new technologies, which is anticipated to positively impact the market throughout the forecast period.
Key Takeaways:
- High initial installation cost of the product may stunt the market growth.
- North America will likely exhibit significant market growth over the assessment period, accounting for 32% of the market share in 2022.
- Europe is expected to hold 21% of the market share in 2022.
- By product type, the industrial control systems segment will dominate the market.
- Growing FDI investments to drive the market growth in Asia Pacific.
- Start-ups in the market are focusing catering to on consumer demands.
Competitive Landscape
Honeywell International Inc., ABB Ltd, Siemens AG, Aspen Technology Inc., Emerson Electric Company, Bosch Automation, Rockwell Automation Inc., Schneider Electric, General Electric Co., Mitsubishi Electric Corporation, and Yokogawa Electric Corporation among others are some of the major players in the factory automation and industrial controls market profiled in the full version of the report.
Leading market players are concentrating on tactics like mergers and acquisitions to expand their product portfolios and improve their existing products.
Key Players:
- Honeywell International Inc.
- ABB Ltd
- Siemens AG
- Aspen Technology Inc.
- Emerson Electric Company
- Rockwell Automation Inc.
- Schneider Electric
- General Electric Co.
- Mitsubishi Electric Corporation
Key Segments Covered in the Factory Automation and Industrial Controls Industry Analysis
Factory Automation and Industrial Controls Market by Product:
- Field Devices
- Industrial Control Systems
- Manufacturing Execution Systems
- Enterprise Resource Planning
- Product Lifecycle Management
Factory Automation and Industrial Controls Market by End Use:
- Automotive
- Oil & Gas
- Plastic
- Power
- Chemical & Petrochemical
- Mining & Metals
- Others
Factory Automation and Industrial Controls Market by Region:
- North America Factory Automation and Industrial Controls Market
- Latin America Factory Automation and Industrial Controls Market
- Europe Factory Automation and Industrial Controls Market
- Asia Pacific Factory Automation and Industrial Controls Market
- Middle East & Africa Factory Automation and Industrial Controls Market
Report Preview: https://www.futuremarketinsights.com/reports/factory-automation-and-industrial-controls-market
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