industrial control & factory automation market size expected to grow to usd 218.8 billion by 2027
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the industrial control & factory automation market size is expected to grow from usd 147.9 billion in 2022 to usd 218.8 billion by 2027; it is expected to grow at a cagr of 8.2% from 2022 to 2027.
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the key factors driving the growth of the industrial control & factory automation market are increasing number of government initiatives to promote industrial automation and increasing integration of technologies such as iot and ai with various industrial control & factory automation solutions. growing use of automation in process and discrete industries is another major factor contributing to the growth of the industrial control & factory automation market.
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sensor technology has developed tremendously over the past decade. the increasing requirement for connectivity in manufacturing plants has encouraged manufacturers to adopt advanced sensors to capture data at various data points. sensor manufacturers are continuously focusing on developing advanced solutions to help end users improve production efficiency. industrial robots are reshaping the manufacturing industry by decreasing the need for physical work.
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they are used in industrial plants to increase productivity and eliminate errors. these robots are suitable for use in remote locations. using automated robots in the industrial production line reduces time, cost, and wastage and leads to the development of high-quality and precise products.
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dcs enables process automation and control in industrial manufacturing plants. it facilitates decision integrity, simplified operations, and increased productivity. the major application areas of dcs are in the oil & gas, automotive, chemical, food & beverage, and pharmaceutical industries.
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among process industries, the food & beverage industry is projected to account for the largest size of the industrial control & factory automation market for plc during the forecast period. the growth of this segment can be attributed to the implementation and adherence to strict standards to respond to changing market requirements.
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the metal industry includes various metalworking processes, such as grinding, milling, spinning, and forging. the machinery used in metal processing requires quick, accurate, and efficient movement of metals, which is carried out by drives and plcs. the adoption of automation in the mining & metals industry has improved productivity, increased safety, minimized wear, and enhanced reliability and quality of products.
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the safety of the workforce is always the top priority in mining operations. hence, regulatory authorities across the world have set stringent rules and regulations for mine owners to ensure the safety of mines. these strict regulations force mining companies to adopt industrial control & factory automation technologies, which can help them predict and try to prevent a mishap in advance.
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major players 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), among others.
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