Global Industrial Control and Factory Automation Market to Grow at 9.4% CAGR Through 2024: Autumn Market Research
Autumn new market research report “Global Market for Industrial Control and Factory Automation: 2018 – 2024” estimates that the global Industrial Control and Factory Automation market will reach $255.4 billion by 2024, growing at a CAGR of 9.4% over the forecast period (2019-2024). The market is driven by increasing applications across a wide range of industries such as aerospace & defense, transportation, electrical & electronics, manufacturing, food & beverages, oil & gas, pharmaceuticals, chemicals and water management to reduce time and cost. The technologies used for industrial control and factory automation has boosted and enabled the integration of control, operations and automation process.
Industrial control and factory automation can deliver significant business benefits as well as operational efficiency to business around the world. Adopting automation delivers overall control to the manufacturers to track, monitor and control the entire product process cycle. This allows for valuable benefits in terms of increased quality and productivity across the manufacturing unit.
The continuous technological advancement in industrial control and factory automation has revolutionized the existing solutions based on the very holistic integration of field devices, control systems as well as enterprise software. In terms of technology, such as MES and PLM, the trend is sharply gaining traction in the market by integrating different manufacturing software to reap higher benefits. Going forward, such integrations and further technological advancements will foster innovation and better planning by involving floor level operators in decision making processes.
As the organizations around the world are increasingly moving away from traditional systems of production and towards integrated networks, which include both automated software and hardware elements, shows a considerable potential to boost the market of global industrial control and factory automation over the forecast period.
Recent Developments:
- In 2017, China announced its “Made in China 2025” strategy with an aim to provide financial support for major projects to help upgrade the manufacturing sector in the country. The total funding for the projects is expected to exceed $1.5 billion. The projects associated with the sectors that are likely to bolster manufacturing innovation in the country such as the Internet of Things (IoT), smart appliances and high-end consumer electronics will be given priority for the funding.
- ABB, a leading automation solutions provider, announced its plan to acquire B&R, an industrial software and automation hardware provider, in 2017. The move was initiated to help integrate B&R with ABB’s Industrial Automation division as the new Machine & Factory Automation global business unit. Through this collaboration, ABB is expected to boost its existing installment base and its latest digital solutions portfolio.
MES (Manufacturing Execution System) will be the Fastest Growing Technology
MES is a control system for managing and monitoring work-in-process on a factory floor. An MES keeps track of all manufacturing information in real time, receiving up-to-the-minute data from robots, machine monitors and employees. Although it is used to operate as self-contained systems, they are increasingly being integrated with enterprise resource planning (ERP) software suites. By integrating MES with ERP software, factory managers can be proactive about ensuring the delivery of quality products in a timely, cost-effective manner.
The demand for MES technology type is estimated to grow at a CAGR of about 11% over the forecast period. The key benefits through the system such as reduction in production errors, decreased part lead-time, increased company-wide productivity, improved quality compliance and reduced quality losses is driving the demand for MES technology.
Process Industry to Account for Majority Market Demand Share
Process manufacturing involves the continuous stream of production to convert highly variable raw material into consistent quality finished products. The demand for industry control and factory automation technologies in process industry accounted for over 58% share of the market size in 2018.
Industrial control and factory automation technology helps in the procedure of manufacturing continuous stream of products including electric power generation; food & beverage; mining & metals; oil & gas; paper & pulp; pharmaceuticals; petrochemicals & fertilizers; and water & wastewater management by tracking, monitoring and having total control on the production.
Global Industrial Control and Factory Automation Market - Key Players
Some of the key vendors in the industrial control and factory automation market include General Electric, ABB Ltd., Siemens AG, Honeywell International, Emerson Electric Co., and Rockwell Automation.
Global Industrial Control and Factory Automation Market - Segmentation
By technology types: SCADA, PLM, PLC, DCS, HMI, MES, Safety, and Others
By component type: Cables, Control Devices, Control Valves, Enclosures, Field Instruments, Industrial Network, Industrial Robots, and Machine Vision
By industry type: Discrete and Process.
By region: North America, Europe, Asia-Pacific, South America, and ROW.
Intended Audience for Industrial Control and Factory Automation Industry Report:
- Market Vendors
- Service Providers
- Potential Investors
- Government Organizations
- Research and Consulting Firms
- Regional and Global Associations
Global Industrial Control and Factory Automation Market, Global Industrial Control and Factory Automation Market Size, Global Industrial Control and Factory Automation Market Price
Industrial Control and Factory Automation | Autumn
Autumn Market Research estimates that the Global Industrial Control & Factory Automation Market will reach $255.4 billion by 2024.