The Factory Automation and Industrial Controls market was valued at USD 202.19 billion in 2020 and expected to reach USD 337.02 billion by 2026 and grow at a CAGR of 9% over the forecast period (2021 - 2026)

Digitization and Industry 4. 0 revolution have significantly stimulated the growth of automation among various industries, by necessitating the use of smarter and automated solutions, such as robotics and control systems, to improve production processes.

New York, June 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Factory Automation and Industrial Controls Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06079785/?utm_source=GNW


- The increasing adoption of smart systems, components, and smart machinery and equipment, for the improvement of processes through automation and self-optimization, has resulted in the development of smart factories for planning, supply chain logistics, and product development. Increasingly, various manufacturing industries are striving to become smart factories.
- There has been an exponential rise in labor costs across various regions. In addition, the quality requirements are also getting more stringent. Against this backdrop, factory automation can cause a reduction in production, operation, and labor costs.
- Moreover, automotive manufacturers across the globe understand that the next generation of robotics and automation technologies is a revolutionary opportunity to upgrade automotive manufacturing, in terms of the productivity, quality, safety, and cost metrics. In addition, increased year-on-year robotic automation expenditure is projected to have a positive impact on the demand for robot automation systems.
- The high costs of automated systems are associated with effective and robust hardware and efficient software. Automation equipment requires higher capital expenditure, to invest in automation technologies (an automated system can cost millions of dollars to design, fabricate, and install). They also require a higher level of maintenance than a manually operated machine, and generally a lower degree of flexibility in terms of the possible products, as compared to a manual system, these factors are expected to act as a restraint to the market growth

Key Market Trends
Utilities is Expected to Register a Significant Growth

- Process automation paves the path for digital data and analytics that can reduce power system costs by reducing operations and maintenance costs, improving power plant and network efficiency, reducing unplanned outages and downtime and extending the operational lifetime of assets.
- The overall savings from these digitally enabled measures are expected to be about USD 80 billion per year during the of 2016 – 2040, or about 5% of the total annual power generation costs based on the enhanced global deployment of available digital technologies to all the power plants and network infrastructure. This has significantly driven the automation across energy and utility industry.
- According to a new report on Digitalization and Energy by the International Energy Agency (IEA), the digital technologies are set to transform the energy landscape globally by making it more connected, reliable, and sustainable, in order to have a profound impact on both energy demand and supply,

China is Expected to Hold a Major Share in Asia-Pacific

- Despite China accounting for 25% of the world’s manufacturing activities, its manufacturing productivity is a mere one-fifth of that of the developed economies. Companies in the country are, thus, embracing Industry 4.0 to improve productivity.
- A strong indicator of automation uptake in the country was the 58% increase in robot density in 2017 as compared to 2015. Further, the Chinese government’s programs, such as the Made in China 2025 plan, are promoting the use of R&D in factory automation and technologies and their investments.
- Also, as most of the automation equipment is imported from Germany and Japan, the ‘Made in China’ initiative aims to expand the country’s domestic production of automation hardware and equipment.
- Further, increasing costs are driving many manufacturing companies to strategize their manufacturing processes by adopting automation across their production sites to be more competitive.

Competitive Landscape
The factory automation and industrial control systems market is highly competitive and consists of several major players. The market appears to be moderately concentrated. The major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability. The companies operating in the market are also acquiring start-ups working on factory automation and industrial control systems to strengthen their product capabilities.

- May 2018 - Texas Instruments announced the mass production of its highly integrated, ultra-wideband AWR1642 and IWR1642 mmWave sensors. These sensors support frequencies from 76 to 81 GHz and deliver three times more accurate sensing and the smallest footprint at a fraction of the power of competing for sensor technologies.
- August 2018 - Yokogawa electric corporation developed WG51S2 infrared sensor for the WEBFREX NV online thickness gauge. This sensor enables the WEBFREX NV online thickness gauge to measure and control the thickness of sheets and films with greater accuracy than ever before.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06079785/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________

CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001