Dublin, Aug. 20, 2021 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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 include adoption of emerging technologies such as IoT and AI in industrial environments, emergence of connected enterprises and requirement of mass manufacturing of products, government initiatives to promote industrial automation, emphasis on industrial automation and optimum utilization of resources, and fiscal policies formulated by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis.
Market for industrial sensors to account for largest market share in component during the forecast period
The industrial sensors segment is expected to hold the largest share of the industrial control & factory automation market. The growth of the industrial sensors segment is driven by the growing adoption of Industry 4.0 and IIoT, and the growing wireless sensors market.
Predictive maintenance is expected to offer lucrative opportunities to the players in the industrial sensors market in the coming years. Predictive maintenance is enabled by 3 major solution enhancements over a traditional maintenance schedule: capturing sensor data, facilitating data communications, and making predictions. As sensors are an important part of predictive maintenance solutions, the demand for industrial sensors is expected to increase significantly in the coming years.
PAM solution to grow at the highest rate during the forecast period
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.
Oil & gas process industry to account for largest market share during the forecast period
Industrial control & factory automation solutions can enable the oil & gas industry to monitor the facilities remotely and gain insights into daily inventory and equipment conditions. Remote monitoring can compensate for the shortage of skilled workforce for collecting equipment data. It also reduces the risk to the lives of employees and improves the overall safety and efficiency of industrial workers.
Medical devices discrete industry to grow at highest CAGR during the forecast period
In the medical devices industry, industrial control & factory automation solutions help improve manufacturing processes, planning, technology assessment, third-party services, and remote support. Industrial control & factory automation technologies also help reduce recalls and wastes and increase the profitability of the companies engaged in the manufacturing of medical devices due to precision in manufacturing.
APAC is expected to capture largest market size during the forecast period
The APAC industrial control & factory automation is projected to capture the largest market size, driven by the increasing adoption of automation technologies across industrial sectors in China and India. Factory automation is increasing in China, due to high labor wages and the presence of a large number of automotive manufacturing plants. Growing population, rising standards of living, and developing economies have led to the rising demand for energy.
It is estimated that APAC could drive approximately 65% of the global energy demand by 2035, with China and India collectively expected to fulfill 40% of the demand. Oil and gas companies in North America and Europe have started investing in APAC to fulfill the growing energy demand. The increasing energy demand would lead to the development of the energy sector, including oil & gas and power industries. This, in turn, would generate demand for automation products in the APAC region.
Major players operating in the industrial control & factory automation market include ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan).
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
Emphasis on Industrial Automation and Optimum Utilization of Resources
Fiscal Policies Formulated by Regional Financial Institutions to Keep Manufacturing Facilities Floating Amidst COVID-19 Crisis
Significant Initial Capital Investments and Re-Investments for Maintenance
Fluctuations in End-Use Industries
Lack of Skilled Professionals
Adoption of Industry 4.0 Principles for Industrial Manufacturing
Increased Demand for Safety Compliance Automation Solutions
Absence of Standardization in Industrial Communication Protocols and Interfaces
Lack of Skilled Workforce to Operate Industrial Automation Devices and Systems
Rise in Instances of Automated Cyber Attacks
Lockdowns and Social Distancing May Restrict Commercial Trade Growth in Coming Months
Woodside Energy Used Exr-1 Robots to Enhance Safety of Employees and Operations at Hazardous Locations
Ins Helped Arb Midstream Deploy Scada Solutions for a New Pipeline
Renishaw Helped Hieta Move Metal Additive Manufacturing (Am) from Prototype Manufacture into Commercial Production for Its Specialist Range of Heat Exchangers
Emerson Helped Crude Oil Producer to Reduce Operational Costs Using Pressure Transmitters
Aveva Helped City of Barcelona Effectively Manage Resources and Integrate New Processes and Facilities
Optimizing Steel Production with Ai
Augmented Reality in Industrial Control and Factory Automation
Blockchain in Factories of Future
5G and Multi-Access Edge Computing (Mec) Will Help Keep Factory Workers Informed
Maximum Utilization Using Predictive Maintenance
Energy Management for Smart Factories
Transformation of Smart Factories Requires Edge Computing
Predictive Supply Chain in Factory Automation
Protecting Smart Production Lines
Digital Twin as Foundation of Industry 4.0
IoT Connectivity for Industrial Control and Factory Automation
Emerson Electric Co.
General Electric Co.
Yokogawa Electric Corporation
3D Systems Corporation
Pinpoint Information Systems
Deep Learning Robotics
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