by The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 174.53 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial automation and control systems include computers, networking equipment, sensors and software used to monitor industrial processes and application specific function. Use of industrial automation and control systems helps enhance productivity, reduces downtime and improves overall operational efficiency.
Market key trends:
Adoption of industrial internet of things (IIoT) is one of the key trends seen in industrial automation and control systems market. IIoT facilitates integration of machines, physical infrastructure and systems with network connectivity which allows data collection from industrial devices. This data is then analyzed to gain valuable insights and improve operational efficiency. IIoT enhances the capability of industrial systems by providing real-time monitoring, predictive maintenance and remote management. IIoT also helps reduce operational costs through remote monitoring and optimal asset utilization.
SWOT Analysis
Strength: Industrial automation and control systems provide increased efficiency, productivity, and quality of production. They minimize human errors and maximize uptime.
Weakness: High initial investment requirements for setting up automation systems. Difficulty in integrating legacy systems with advanced technological solutions.
Opportunity: Rising demand from process and discrete industries for improved production optimization. Growing adoption of IoT, AI, and cloud technologies in industrial applications.
Threats: Vulnerability to cyber threats due to increased connectivity of industrial control systems. Strong competition from local and international automation solution providers.
Key Takeaways
The Global Industrial Automation And Control Systems Market Size is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing need for maximizing productivity and minimizing costs.
Regional analysis: North America dominates the global market currently due to heavy investments in factory automation by various manufacturing companies. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to rising industrialization in major economies like China and India.
Key players operating in the Industrial Automation and Control Systems are ABB, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., and Schneider Electric. These players are focusing on introducing innovative industrial automation solutions to gain a competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
