DELRAY BEACH, Fla., Oct. 21, 2024 /PRNewswire/ -- The global industrial control & factory automation market is anticipated to grow from USD 255.88 billion in 2024 to USD 399.12 billion by 2029, at a CAGR of 9.3% during the forecast period according to a new report by MarketsandMarkets. Several key factors are driving the industrial control and factory automation market, including increased IoT and Al integration in industrial environments, a growing emphasis on operational efficiency and productivity, and significant and ongoing government investments in 3D printing technologies, all of which are contributing to market growth. With the emergence of new technologies in firms, regulatory compliance regarding industrial solutions of immense significance is also involved. There is a growing need for innovative techniques to reduce production downtime and waste. For instance, the use of real-time data analytics in factories help companies optimize operations hence efficiency while reducing production waste.
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Industrial Control & Factory Automation Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 255.88 billion |
Estimated Value by 2029 | $ 399.12 billion |
Growth Rate | Poised to grow at a CAGR of 9.3% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Technology, Component, Solutions, Industry and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexity in deployment of industrial control & factory automation solutions |
Key Market Opportunities | Increased demand for safety compliance automation solutions |
Key Market Drivers | Increased adoption of IoT and AI in industrial environments |
Distributed control system (DCS) segment is expected to account for the largest share of the Industrial control & factory automation market during the forecast period.
The industrial control system further segmented into Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), Programmable Logic Controller (PLC), Industrial PC, Human Machine Interface. A distributed control system (DCS) is expected to account for the largest share, which is an industrial automation solution primarily deployed in process industries to facilitate plant control through a distributed network of supervisory and control elements. DCS systems are vital for optimizing operational processes by distributing control across various plant sections. The market for DCS is driven by the need for operational efficiency, integration of advanced technologies, regulatory compliance, and the expansion of industrial infrastructure.
Aerospace industry segment to exhibit highest CAGR in the forecast year.
As the need for both commercial and defense aircraft grows, manufacturers are turning to enhanced automation to reach production targets more effectively. Automated systems enhance safety and precision in vital activities such as navigation and propulsion, greatly decreasing human error. Furthermore, automation is critical for cost management, speeding production processes like as assembly and testing, and maximizing the usage of innovative materials such as composites. The use of Al-driven digital twins improves real-time monitoring by increasing reliability and minimizing downtime.
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Asia Pacific is expected to hold the largest market share of the industrial control & factory automation market during the forecast period.
The growth of industrial control & factory automation industry in Asia Pacific can be attributed to rapid industrialization, commercialization of IIoT applications and increasing adoption of industrial robot. Asia Pacific is a manufacturing hub; hence, motor vehicle suppliers, such as Toyota (Japan), Renault-Nissan (Netherlands), and Daimler (Germany), Volkswagen (Germany), and local manufacturers, such as Tata Motors (India) and Hyundai Motors (South Korea), invest heavily in the smart factory market in Asia Pacific. The majority of prominent manufacturers from various industries have relocated their manufacturing operations to Asia Pacific due to the region's low labor costs and availability of trained workers. Furthermore, governments across the area are encouraging Industry 4.0 and Industrial control & factory automation efforts through laws, incentives, and subsidies. Programs such as Made in China 2025 and make in India are encouraging industries to adopt advanced automation technologies like robotics, AI, and IoT to enhance competitiveness and productivity.
The key companies in the industrial control & factory automation companies include ABB (Switzerland), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), and Siemens (Germany).
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