Industrial Control and Factory Automation Market Will Reach USD 286.8 Billion by 2030, Says P&S Intelligence

NEW YORK, April 26, 2023 /PRNewswire/ -- The industrial control and factory automation market is projected to be worth USD 286.8 billion by 2030, growing at a CAGR of 8.60%, according to P&S Intelligence.

Industrial automation needs a range of control systems, including data acquisition tools and robots, for governing several processes and equipment in diverse industries. Furthermore, such products play a vital role in reducing manufacturing expenses and refining the standard of items, thereby resulting in better incomes.

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The growth of the market can essentially be credited to digitalization, which has enhanced the industrial sector significantly and compelled businesspersons to follow this pathway.

Automation eases supervision by leveraging computers, robots, and other control arrangements. Moreover, it aids industrial establishments in decreasing prices, advancing productivity, improving communication, and optimizing supervising systems.

Governments' Steps to Encourage Industrial Automation

To guarantee rapid economic growth, governments in nearly all nations are helping industries. The growth of the manufacturing industry in today's world relies upon enhanced automation and communication technologies.

For example, the Government of Singapore is joining forces with the Food Innovation Resource Centre and Singapore Food Manufacturing Association to introduce progressive automation solutions, including PLC, DCS, SCADA, and robots, in the food and beverage sector.

Acceptance of IoT and AI in Industrial Production

IoT is a method where several devices, including wearables, home appliances, and manufacturing equipment, are linked to the web, sharing information with each other and a control system. Such linked smart devices allow for automation across numerous industries.

Sensor Sales Generate Significant Revenue

In 2022, the sensors component category held a considerable revenue share, of more than 24%. This can be credited to the fact that sensors play an important role in smart engineering by gathering information and offering essential data support.

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Furthermore, the significant growth in the acceptance of the internet of things and other Industry 4.0 technologies is boosting the utilization of sensors. Smart sensors, which gather operational data from the surroundings and numerous pieces of infrastructure, are quickly being advanced, thereby fueling the smart revolution of industrial internet terminals.

APAC Has Accepted Factory Automation Most Extensively 

The increasing demand for enhanced solutions in order to handle industrial plants in China and India is credited for APAC's leadership in the industry. In 2022, the region held a revenue share of more than 39%, and it is projected to be in the top spot in the future as well.

The robust development rate is also credited to the existence of major and emerging market players in the region.

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence