Industrial Control and Factory Automation Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2154
Industrial Control and Factory Automation Market size consists different software and equipment that lessens human interface in carrying out diverse processes in varied industry. The computerization systems help in restructuring the methods, eradicating errors, growing productivity, and increasing the overall functional efficacy. Growing focus toward cost lessening and the increasing need for precision in several processes have directed to the rigorous demand of these systems.
Unremitting improvement in manufacturing internet associated technologies has stimulated the demand of manufacturing control systems. The necessity for smart engineering processes and linked supply chains has directed to the determined demand for computerization systems for industries. Substantial capital investment essential for mounting business machineries and the deficiency of proficiency in handling this equipment are expected to impede the development of the global industrial control and factory automation market to a recognizable extent.
Further, the market is driven by the augmented focus on improving process efficacies and eradicating the cost of manufacturing across numerous industry verticals. Coupled with it, the growing initiatives of the governments of many countries in the direction of the implementation of the automatic systems have boosted the growth of the global market.
Factors including limited fund generation for re-investment and lack of awareness owing to compact narrow geographical diversity, working capital cycle and absence of standardization are restraints for the market. Dispersed Control System (DCS) holds the complete control assembly of a plant as the single automatic system. The usage of DCS in the oil and gas industry has also improved drastically with the upsurge in exploration events in the oil fields triggering the overall market.
Industrial Internet of Things (IIoT) facilitating advantages including proactive and predictive maintenance, asset and resource optimization, remote diagnosis, and real-time monitoring will support the market through providing a real-time connectivity benefiting the production progression. Use of automated robots in production line diminishes the time, waste, and cost as well as aids in fabricating superior products with accuracy will play vital role in driving the growth of the market.
North America, led by U.S. and Europe are the foremost markets for industrial and factory autonetics. The development of the industry in these geographies is being driven by the demand for increasing operational efficacy and streamlining the manufacturing schedule across various industry verticals including pharmaceuticals, materials and chemicals, mining, pulp and paper, petrochemicals, power generation, and oil and gas.
Asia is swiftly evolving as a capable market for industrial automatism. The market in the Asia Pacific region is projected to inflate at a remarkable CAGR owing to the low manufacturing cost, enlarged mechanization in several countries such as Japan, China, and India, supportive policies of the regional governments and increase in cognizance of the assistances of automation.
Introduction of intuitive and user-friendly computerization system and varied cost-efficient models of accepting industrial control and factory automatic systems are probable to generate stimulating growth prospects for the market players. Moreover, the mass customization of the factory automation products is estimated to trigger the demand for the automation systems. Additionally, the initiatives for reduction of risks of revelation to diverse production threats for workforces are likely to offer motion to the market.
Key Players of industrial control and factory automation market includes Schneider Electric, ABB, Rockwell, Siemens, Yokogawa, Omron, Honeywell, Aspen Technology Inc, Ametek Inc, and Emerson Process Management. The market players are aggressively intricate in the standardization for volume of the products for reduction of adoption cost.
Leading developers and vendors of ERP solutions offer on-demand customization for meeting the precise necessities of diverse businesses. For bringing down the execution cost, developers are gradually providing mechanization solutions as the cloud-based offering. Global suppliers and manufacturers are collaborating with the regional players in developing regions, predominantly Asia Pacific, to take advantage of on the enormous prospects in the industrial control and factory automation market.
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