Industrial Control & Factory Automation Market worth $218.8 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 27, 2022 /PRNewswire/ -- Industrial Control & Factory Automation Market size is estimated to be USD 147.9 billion in 2022 and is projected to reach USD 218.8 billion by 2027, at a CAGR of 8.2%, according to a new report by MarketsandMarkets™. Increasing adoption of technologies such as AI and IoT in industrial environments, increasing number of government initiatives to promote industrial automation, and rising need for augmented reality and virtual reality technologies are major factors driving the growth of the industrial control & factory automation market. Additionally, growing adoption of smart manufacturing techniques across process and discrete industries is another key driver for the market.

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Industrial 3D printing to grow at the highest growth rate during the forecast period

Industrial 3D printing is used in tooling, robotics, and special machinery applications. The manufacturing of tools is an expensive and time-consuming process, but it can be simplified using industrial 3D printing. Tools with highly complex designs can be easily manufactured, thereby eliminating the need for an assembly line, and helping to reduce labor costs. The development of new materials is expected to contribute to the increased adoption of industrial 3D printing globally.

PAM is expected to register the highest growth rate and MES is expected to register the second highest growth rate during the forecast period

PAM solutions enable users to determine possible failures at the production level well in advance and provide them the required corrective actions to be taken in real-time. PAM solutions offer predictive and proactive maintenance approaches for predicting future failures with a high degree of accuracy, thereby increasing the adoption of PAM across sectors such as oil & gas and energy & power. MES enables cost-savings and improvements in operations and delivery of high-performance production assets across the supply chain of industries for local manufacturers. Demand for MES across different industries is expected to increase with quantifiable improvements in their production and efficiency. Potential improvements in supplier and inventory management are also expected to attract most industries toward implementing MES in their manufacturing units.

Among discrete industries, the medical device industry is expected to register the highest growth during the forecast period

The growth of the medical device industry is driven by continuous innovations and technological advancements in the field of healthcare. The industry has witnessed significant growth owing to the development of state-of-the-art medical devices equipped with novel technologies. Manufacturers operating in this industry are adopting innovative solutions to enhance their overall manufacturing processes and increase operational efficiency, thereby increasing the adoption of industrial control & factory automation solutions in this domain.

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The industrial control & factory automation market in Asia Pacific held the largest share and is expected to grow significantly from 2022 to 2027

The growth of the market in Asia Pacific can be attributed to the efforts being made to boost the region's manufacturing sector through the adoption of innovative practices and implementation of automation technologies. Research institutes and corporates in countries like China and Japan are collaborating to improve the manufacturing processes of different industries in the country. Industrial intellectualization and information integration remain the focus of the industrial policies formulated by the government. Owing to the rising competition from China and South Korea, Japan is focusing on the adoption of advanced and highly precise automation solutions in its industrial sector, especially in the consumer electronics, semiconductors, automotive, and food & beverage industries. Industries in the country are increasingly adopting manufacturing robots, sensors, wireless technologies, and machine vision systems to transform their factories into smart factories. This, in turn, is leading to the growth of the industrial control & factory automation market in Japan.

Major companies operating in the industrial control & factory automation market include ABB (Switzerland), Emerson (US), Siemens (Germany), Schneider Electric (France), Mitsubishi Electric (Japan), Yokogawa Electric Corporation (Japan), Endress+Hauser (Switzerland), Honeywell (US), Rockwell Automation (US), and General Electric (US).

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