San Francisco, California , USA, Apr 21, 2023 — /PR Network/ —
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Increasing adoption of technologies such as AI and IoT in industrial environments, increasing number of government initiatives to promote industrial automation, and rising need for augmented reality and virtual reality technologies are major factors driving the growth of the industrial control & factory automation market. Additionally, growing adoption of smart manufacturing techniques across process and discrete industries is another key driver for the market.
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Industry Trends of the Global Industrial Control & Factory Automation Market:
1. Dwyer Instruments introduced the Series 685 differential pressure transmitter targeted for installers and maintenance professionals. They feature a user-configurable response time and can be mounted in any orientation. They do not require any separate calibration devices.
2. Yokogawa introduced the OpreX Vortex Flowmeter VY Series. These flowmeters are designed to handle a wider range of temperatures, fluid types, and pressure. They could perform precise temperature and pressure-compensated calculations by utilizing the data from pressure gauges and readings from a built-in temperature sensor.
3. Emerson launched MTConnect, an industrial control platform driver for enabling easy integration of computer numerical control (CNC) machines with modern data analysis automation environments. This allows collection of data from machines, robots, tools, and devices, which could not previously be cumulatively analysed in one platform. The new driver offers reduced downtime, improved efficiency, and increased productivity.
What are the Driving Factors of Evolution of technologies and consolidation of Industrial Control & Factory Automation Market?
The global industrial control & factory automation market size is estimated to be USD 147.9 billion in 2022 and is projected to reach USD 218.8 billion by 2027, at a CAGR of 8.2%.
Industrial 3D printing to grow at the highest growth rate during the forecast period
Industrial 3D printing is used in tooling, robotics, and special machinery applications. The manufacturing of tools is an expensive and time-consuming process, but it can be simplified using industrial 3D printing. Tools with highly complex designs can be easily manufactured, thereby eliminating the need for an assembly line, and helping to reduce labor costs. The development of new materials is expected to contribute to the increased adoption of industrial 3D printing globally.
Industrial Control & Factory Automation Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
Among discrete industries, the medical device industry is expected to register the highest growth during the forecast period
The growth of the medical device industry is driven by continuous innovations and technological advancements in the field of healthcare. The industry has witnessed significant growth owing to the development of state-of-the-art medical devices equipped with novel technologies. Manufacturers operating in this industry are adopting innovative solutions to enhance their overall manufacturing processes and increase operational efficiency, thereby increasing the adoption of industrial control & factory automation solutions in this domain.
Major players in the Industrial Control and Factory Automation Market are 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).
Industrial Control & Factory Automation Market - Geographical Regional Vision by MarketsandmarketsTM
Asia Pacific held the largest share of the industrial control & factory automation market
The industrial control & factory automation market in Asia Pacific held the largest share (35.9%) of the overall market in 2021. The growth of the market in this region can be attributed to the increasing adoption of industrial automation technologies, especially across China and India. The growth of the market in China stems from the increase in labor wages and the presence of numerous automobile manufacturing plants in the country.
Regions & Countries Covered:
North America - (U.S., Canada, Mexico)
Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)
Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
Latin America - (Brazil, Argentina, Rest Of Latin America)
The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)
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