Industrial Control and Factory Automation Growth and Revenue opportunities by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 15, 2021 /PRNewswire/ -- According to the new market research report on the "Industrial Control & Factory Automation Market by Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Component (Industrial Robots, Industrial 3D Printing, Process Analyzer, Machine Vision, HMI), Industry, Region - Global Forecast to 2026", published by MarketsandMarkets™, the Industrial Control & Factory Automation Market size is expected to grow from USD 133.1 billion in 2021 to USD 197.8 billion by 2026; it is expected to grow at a CAGR of 8.2% from 2021 to 2026. The key factors driving the growth of the market are emphasis on industrial automation and optimum utilization of resources, emergence of connected enterprises and requirement of mass manufacturing of products, government initiatives to promote industrial automation, adoption of emerging technologies such as IoT and AI in industrial environments, and fiscal policies formulated by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis.
Browse 255 market data Tables and 59 Figures spread through 308 Pages and in-depth TOC on "Industrial Control and Factory Automation Market with COVID-19 Impact Analysis - Global Forecast to 2025"
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COVID-19 Impact on the Global Industrial control & factory automation Market
In 2020, COVID-19 had a negative effect on the industrial control & factory automation market, resulting in decreased shipments of component and solution of industrial control & factory automation and the revenues generated from them. As a result, a drop was witnessed in the growth trend of the market during the first half of 2020. This trend is expected to discontinue in the latter half of the year as the demand is expected to increase due to the growing concern for smart automation, energy and resource efficiency.
The COVID-19 pandemic has substantially impacted the value chain of the industrial control & factory automation market. The US, China, South Korea, and Japan, which have been adversely affected by the pandemic, account for a significant share of the global industrial control & factory automation manufacturing. The discrete industries and process industries are witnessing a low demand, which is expected to continue for the short term due to the global slowdown.
This research report segments the industrial control & factory automation market based on component, solution, industry, and region.
By Component:
- Industrial Sensors
- Industrial Robots
- Industrial 3D Printers
- Machine Vision Systems
- Process Analyzers
- Field Instruments
- Human-Machine Interface
- Industrial PC
- Vibration Monitoring
By Solution:
- SCADA
- PAM
- PLC
- DCS
- MES
- Industrial Safety
By Industry:
- Process Industries
- Oil & Gas
- Chemicals
- Pharmaceuticals
- Energy & Power
- Metals & Mining
- Pulp & Paper
- Food & Beverages
- Others (cement, glass, forging, water & waste water management, precision engineering, ceramics & stone, and wood industries)
- Discrete Industries
- Automotive
- Aerospace & Defense
- Semiconductor & Electronics
- Machine Manufacturing
- Medical Devices
- Others (printing, packaging, consumer goods & consumer electronics, jewelry, solar panel manufacturing, and textile)
By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- India
- Rest of APAC
- Rest of the World (RoW)
- Middle East and Africa
- South America
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Industrial 3D printers segment is projected to register the highest CAGR from 2021 to 2026
The industrial 3D printing segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption in industries such as automotive, aerospace & defense, food & beverages, and semiconductor & electronics. In the food & beverages industry, 3D printing technology is majorly used to manufacture molds for different types of food such as chocolates, hard candies, and cakes. This encourages the growth of the market for industrial 3D printing for the food & beverages industry. The ability of 3D printers to produce lightweight, cost-effective parts with high precision makes it a preferred choice for the aerospace & defense sector, increasing its use in the industry. For instance, NASA uses fused deposition modeling (FDM) technology for 3D printing of prototypes to test the form, fit, and function of parts to ensure that the machined parts have the best possible designs before committing to expensive tooling.
PAM solution is projected to register the highest CAGR from 2021 to 2026
The PAM segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing deployment of PAM solutions in process and discrete industries to build a comprehensive data repository related to different equipment installed in these plants, right from their uptime performance to their life cycle cost assessment.
"APAC to record highest CAGR from 2021 to 2026"
Most of the key manufacturers from different industries have shifted their manufacturing plants in APAC due to the low labor costs and the availability of skilled labor in the region. The increasing number of automation activities in process and discrete industries is one of the major factors driving the growth of the industrial control & factory automation market in APAC. In addition, countries such as China, Japan, South Korea, and India are contributing to the growth of the industrial control & factory automation market in the region. These countries account for considerable market size and hold a wide scope for the development of the industrial control & factory automation market in APAC.
Major players involved in the industrial control & factory automation market include ABB Ltd. (Switzerland), Mitsubishi Electric Corp. (Japan), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan).
Related Reports:
Industrial Automation Oil & Gas Market With COVID-19 Impact, by Component (Control Valves, HMI, Process Analyzers, Intelligent Pigging, Vibration Monitoring), Solutions (SCADA, PLC, DCS, MES, PAM), Stream and Region - Global Forecast to 2025
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