February 25, 2024

The Global Industrial Automation And Control Systems Market Driven By Rising Digitalization And Connectivity Is Estimated To Exhibit Substantial Growth

Industrial automation and control systems are extensively being utilized across various industries to enhance productivity and efficiency of industrial processes. These systems integratehardware controllers, sensors, intelligent electronic devices such as programmable logic controllers (PLCs), distributed control systems (DCS), and supervisory control and data acquisition (SCADA) systems. PLCs are widely used for medium-scale automation as they are flexible, robust, and compact in size. On the other hand, DCS are suitable for large-scale complex processes owing to their high performance and reliability. SCADA systems are employed to monitor and control entire plants or industrial complexes spread over large areas. The increasing emphasis on predictive maintenance, remote access to live plant data, and cloud-based services are augmenting the demand for networking solutions.

The global Industrial Automation And Control Systems Market is estimated to be valued at US$ 174.53 Billion in 2023 and is expected to exhibit a CAGR Of 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

 

One of the prominent trends shaping the industrial automation and control systems market growth is increasing adoption of cybersecurity solutions amid rising incidences of cyber threats. Manufacturing facilities are deploying firewalls, antivirus software, identity and access management tools to protect critical processing systems, software, and machinery from advanced malware, ransomware, and supply chain attacks. Industrial control system-specific solutions including encryption, intrusion detection/prevention, VPNs, and authentication are witnessing high demand. Standardization initiatives such as ISA/IEC 62443 are supporting integration of security practices across OT environments. This is helping companies address vulnerabilities and safeguard production against costly downtime, while gaining consumer confidence.

Porter’s Analysis

Threat of new entrants: High capital requirements and economies of scale required for production create significant barriers for new entrants in this market.

Bargaining power of buyers: Large buyers have significant bargaining power due to the availability of substitutes and their ability to play providers against each other.

Bargaining power of suppliers: A few large multinational companies dominate the supply landscape for components and software, giving them strong bargaining power.

Threat of new substitutes: Substitutes from different automation technologies pose a moderate threat as some functions can be replaced by alternative solutions.
Competitive rivalry: Intense competition exists among major players to offer innovative and integrated solutions driving the need for R&D and M&A activities.

Key Takeaways

The Global Industrial Automation And Control Systems Market Demand  is expected to witness high growth. The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 174.53 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.

Regional analysis:

 

North America dominates the market currently due to rapid industrialization. However, Asia Pacific is expected to grow at the fastest pace due to increasing manufacturing activities in countries such as China and India. Investments in smart factory initiatives will support regional growth.

Key players:

 

Key players operating in the Industrial Automation and Control Systems market are ABB Ltd., Emerson Electric Co., Honeywell International Inc., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, General Electric Co., Yokogawa Electric Corporation, Omron Corporation, and Mitsubishi Electric Corporation. Investments in developing integrated solutions and expanding into growing verticals will be the focus of these players over the forecast period.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it