Industrial automation and control systems comprise hardware and software components that sense environmental changes in manufacturing plants and industrial facilities and automatically trigger responses from machinery and systems to maintain production and operational efficiency. Growing demand for industrial automation from manufacturing industries to enhance productivity and reduce production costs is driving the market. Along with increasing productivity and reducing costs, industrial automation and control systems also improve reliability and consistency of product quality.
The global Industrial Automation And Control Systems Market is estimated to be valued at US$ 174.53 Billion in 2023 and is expected to exhibit a CAGR Of 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rise of industrial internet of things (IIoT) has emerged as a major trend in industrial automation control systems market. IIoT provides industrial equipment with data connectivity which enables machine-to-machine communication and remote monitoring within industrial systems. This facilitates condition monitoring, predictive maintenance and real-time optimization of industrial processes. Leveraging technologies like edge computing, IIoT allows industrial data from connected assets to be analyzed locally for reducing downtime and enabling autonomous response. IIoT also improves transparency across industrial operations and supply chains for enhanced visibility and decision making. IIoT capabilities are driving adoption of advanced digitization initiatives in various process and discrete industries.
Segment Analysis
The global industrial automation and control systems market is dominated by the DCS (distributed control system) sub-segment. A distributed control system consists of computerized controllers, field devices like sensors, monitors etc that are connected through an open-architecture network. It has now become the most preferred automation solution among various industries like oil & gas, power, manufacturing etc due to its scalability, flexibility and ease of integration.
Key Takeaways
The Global Industrial Automation And Control Systems Market Demand is expected to witness high growth. Advancements in technologies like IoT, cloud computing, AI etc are driving more connectivity and intelligence in industrial automation infrastructure. The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 174.53 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regions like Asia Pacific and North America are expected to grow at a faster pace given their early adoption of advanced automation technologies. Asia Pacific region is forecasted to grow at the fastest rate during the forecast period. Countries like China, India, Japan etc are witnessing heavy investments in automation space which is supporting the market growth. Additionally, availability of skilled labor and dominance of manufacturing industry are some of the key factors contributing to the regional dominance.
Key players
Key players operating in the industrial automation and control systems market are Siemens, ABB, Honeywell, Emerson, Schneider Electric, Omron, Rockwell Automation and Yokogawa Electric Corporation. Siemens holds a significant share of the overall market due to its diverse portfolio and global presence.
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