Industrial Control and Factory Automation Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Poland, Belgium, Netherlands, Russia, Japan, China, India, South Korea, Malaysia, Sri Lanka, Brazil, Argentina, UAE, South Africa, Saudi Arabia), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026
Report ID: GMI2154
Industrial Control and Factory Automation Market size is anticipated to grow at a healthy CAGR during the coming years. Rising need for accuracy in industrial processes alongside the strong focus on cost-efficiency is contributing to the market growth.
Industrial control & factory automation comprises various equipment and software designed to reduce human intervention in various industrial processes. Eradication of errors, high functional efficacy and method restructuring are among the key factors driving market penetration.
Rising adoption of IIoT (Industrial Internet of Things), including smart components and systems, smart equipment and machinery as well as robots is a major trend propelling industrial control and factory automation market expansion. Industrial robots are being adopted extensively across the industrial landscape over the years.
In manufacturing, these robots are deployed in order to make the manufacturing and distribution process efficient and easy. Furthermore, the installation of these robots is allowing for lesser human efforts in the production process, which in turn helps reduce cost, improve production quality and enhance capacity. Therefore, myriad benefits such as remote diagnosis, proactive and predictive maintenance, real-time monitoring and asset and resource optimization, among others are the main contributors to industry growth over the forecast spell.
APAC is set to emerge as a lucrative revenue source for the industrial control & factory automation market, given rapid technological evolution and integration of automation technology in diverse industries. Furthermore, the strong presence of major industry players including Mitsubishi Electric and OMRON, among others is likely to add impetus to regional industry expansion.
The global industrial control & factory automation market share consists of prominent players including Ametek Inc, Rockwell Automation, Schneider Electric, Aspen Technology Inc, Siemens, ABB, Yokogawa, Honeywell, Omron, and Emerson Process Management.
Strategic partnerships and mergers are among the key initiatives being undertaken by industry players to maintain a competitive position in the business landscape.
For instance, Aveva and Schneider Electric entered a partnership for the efficient operation and maintenance of hyperscale data centers, using Aveva’s unified operation center’s industrial software as well as Schneider’s control& monitoring system EcoStruxure, designed especially for data centers.
Likewise, Rockwell Automation, Inc. and Industry X.0 of Accenture inked a collaboration to jointly develop digital offerings, designed to aid industrial clients in transcending the existing manufacturing solutions and advance the entire connected business.
Most of the world is still continuing to bear the brunt of the ongoing crisis brought on by the recent coronavirus outbreak. Varying degrees of lockdowns, as well as closure of several public entities such as businesses, schools, restaurants, malls & cinemas, etc. as well as increased restrictions on air travel are still prevalent in many nations across the globe. Despite consistent efforts to develop a suitable vaccine for the virus, there is still a degree of uncertainty regarding the true long-term effects of the ongoing pandemic, which has taken a tremendous toll on the industrial control & factory automation market landscape.
The manufacturing industry is among the hardest hit, with widespread closures and capacity reductions at production plants, mines and warehouses. Major production businesses have drastically reduced capital expenditures in order to adapt to the decrease in material and consumer demands during the crisis.
However, the potential benefits that could arise from the COVID-19 crisis is that factories could become more attuned to how robotics and automation can support their companies, both from the point of view of increased productivity and labor force. This, in turn, could prompt recovery of the industrial landscape, including the industrial control and factory automation industry, in the post-pandemic era.
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