Industrial automation involves the use of control systems like programmable logic controllers (PLCs), human machine interface (HMI), machine vision systems, and industrial robots to handle different industrial processes and manufacturing facilities. Modern automation systems integrate several manufacturing processes and connect industrial machines, storage systems, and control devices. Such industrial automation solutions help improve productivity, reduce costs, and enhance product quality. Industrial control systems gather data from various points in an industrial plant or manufacturing facility and automate necessary actions.
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 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising adoption of automation across industries has been a major driver for the growth of industrial automation and control systems market. Automation significantly increases productivity and reduces costs for manufacturing companies. In addition, it minimizes human errors by integrating robotics and PLC controllers. Another driver has been the need for mass customization of products which requires flexible manufacturing techniques enabled by industrial automation solutions. However, high initial investment costs involved in installing automation systems could hinder the market growth during the forecast period. Nonetheless, drop in prices of automation components like sensors, robotics and adaption of cloud-based control systems enables increased affordability. Also, implementation of automation and plant digitization supports Industry 4.0 initiatives. Thus, the overall market outlook remains positive over the next few years.
SWOT Analysis
Strength: Industrial automation and control systems offer improved productivity and reduced labor costs for industrial processes. They allow real-time monitoring of plant operations and assets from remote locations. Adoption of industrial IoT and connectivity solutions helps gain insights for predictive maintenance and reduces downtime.
Weakness: Implementation of industrial automation requires high initial investments in equipment and systems integration. Retrofitting existing plants with advanced control systems also needs significant capital expenditures. Lack of skilled workforce for maintaining and operating sophisticated automation equipment poses operational challenges.
Opportunity: Growing demand for industrial robotics and cobots from manufacturing industries creates scope to automate repetitive and hazardous production tasks. Adoption of emerging technologies like AI, big data, and cloud computing opens up opportunities to enhance productivity, quality, and visibility across industrial value chains.
Threats: Rising raw material costs and supply chain disruptions due to geo-political tensions pose threats to profitability. Cyber security threats to industrial control systems can disrupt plant operations. Trade conflicts and economic slowdowns impact manufacturing output and reduce investments in automation.
Key Takeaways
The Global Industrial Automation And Control Systems Market Demand is expected to witness high growth over the forecast period. Rapid industrialization and the need to enhance productivity are driving increased adoption of advanced automation solutions across sectors. The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 174.53 billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis:
North America dominates the industrial automation and controls market currently due to high technology absorption and the presence of leading automation suppliers in the region. Asia Pacific is expected to offer the fastest growth opportunities with expanding manufacturing industries in countries like China, India, and Southeast Asian nations increasingly automating production processes.
Key players:
Key players operating in the Industrial Automation and Control Systems market are ABB Ltd., Emerson Electric Co., GE Co., Honeywell International Inc., Mitsubishi Electric Corp., Omron Corporation, Rockwell Automation, Schneider Electric, Siemens AG, Yokogawa Electric Corp. Leading automation providers are focusing on capabilities like AI, analytics, and connectivity in their offerings.
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