Industry Controls and Factory Automation Market worth USD 272.17 billion by 2030, registering a CAGR of 9.30% - Report by Market Research Future (MRFR)
New York, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Industry Controls and Factory Automation Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Industry Controls and Factory Automation Market Research Report, Component, Solution and Region - Forecast till 2030”, the market is projected to be worth USD 272.17 billion by 2030, registering a CAGR of 9.30% during the forecast period (2022 - 2030). , The market was valued at USD 137.95 billion in 2021.
List of the companies profiled in the global industrial controls and factory automation industry report include –
- ABB
- Emerson
- Schneider Electric
- Siemens
- Mitsubishi Electric Corporation
- Rockwell Automation
- General Electric
- Honeywell
- Yokogawa
- Omron
- Endress+Hauser
- Fanuc
- Wika
- Dwyer
- Stratasys
- 3D Systems
- HP
- Among others.
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The global industry controls and factory automation market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
Market Research Future’s Review on Industry Controls and Factory Automation Market
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the industry controls and factory automation market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Browse In-depth Market Research Report (188 pages) on Industry Controls and Factory Automation
https://www.marketresearchfuture.com/reports/industry-controls-factory-automation-market-1869
Drivers
Adoption of AI and IoT in Industrial Environments to Boost Market Growth
The growing adoption of emerging technologies like artificial intelligence in industrial environments will boost the industry controls and factory automation market value over the forecast period.
Opportunities
Fiscal Policies to Keep Manufacturing Facilities Floating during COVID-19 Outbreak to offer Robust Opportunities
The various fiscal policies formulated by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis will offer robust opportunities for the market over the forecast period.
Restraints
High Capital Investments to act as Market Restraint
The significant initial capital investments as well as re-investments for maintenance coupled with absence of standardization in interfaces and industrial communication protocols may act as market restraints over the forecast period.
Challenges
Lack of Technical Expertise to Remain as Market Challenge
The lack of technical expertise coupled with increasing cyber threats may impact the global industry controls and factory automation market share in the forecast period.
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Market Segmentation
The global industry controls and factory automation market is bifurcated based on industry, solution, and component.
By industry, the mining & metals industry will lead the market over the forecast period for its relation to the extraction of metal reserves and mineral and also fabrication of metals.
By component, the industrial 3D printing segment will dominate the market over the forecast period for its increasing adoption in different industries like semiconductor and electronics, food and beverages, aerospace and defense, and automotive.
By solution, the PAM segment will spearhead the market over the forecast period and at the highest CAGR for the rising deployment of PAM solutions in discrete and process industries for building a comprehensive data repository associated to various equipment installed in such plants from their uptime performance to life cycle cost assessment.
Regional Analysis
APAC to Spearhead Industry Controls and Factory Automation Market
The APAC region will spearhead the industry controls and factory automation market over the forecast period. Booming manufacturing industry in China and India, growing production, increasing urbanization, competition among manufacturers, need for higher operational efficiency, developing industries such as chemicals, pharmaceuticals, food and beverage, and power generation, centrally controlled operation of such manufacturing facilities via industry controls & factory automation systems, growing adoption of industrial control and factory automation in the construction industry, growing population in developing countries of the region, and environmental awareness that is supporting the adoption of such solutions and components like industrial robots, industrial sensors, DCS, and SCADA are adding to the global industry controls and factory automation market growth in the region. Besides, the increasing adoption of green buildings, government initiatives for regulating energy-efficient practices amid the commercial sector, increasing adoption across industrial sectors in India and China, increase in factory automation in China for high labor wages and also the presence of a huge number of automotive manufacturing plants, increasing population, growing standards of living, developing economies, rising need for energy, and development of the energy sector such as power industries and oil & gas are also adding market growth.
Segmentation of Market covered in the research:
Industry Controls and Factory Automation Market Information Report: Information by Component (Industrial Robots, Machine Vision, Control Valves, HMI, Industrial PC, Industrial 3D Printing) Solution (SCADA, PLC, DCS, PAM, PLM, MES) Industry and by Region - Global Forecast to 2030
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