Factory Automation & Industrial Controls Market Report Overview
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global factory automation & industrial controls market size was USD 114700 Million in 2022 and market is projected to touch 165042.7 Million by 2031, exhibiting a CAGR of 4.1% during the forecast period 2022-2031.
Factory automation refers to a combination of technologies and automatic control systems that improve product productivity and quality while lowering production costs. Also known as industrial automation, it reduces human intervention in the industry while providing greater performance to humans. It is the application of computers, robots, control systems, and information technology to industrial operations.
The industrial sector has been fast evolving as advanced technology such as robotics, artificial intelligence, and others have been introduced. Furthermore, automation facilitates rapid manufacturing and material handling activities through the use of intelligent industrial infrastructure. In order to boost production and cut labour costs, industries are installing industrial automation and control systems. Furthermore, with the introduction of Industry 4.0, the manufacturing sector has seen rapid adoption of new systems and improved networking architectures, which is expected to give considerable market potential prospects.
COVID-19 Impact: Emergence of COVID-19 has lowered the production and supply chain hence hindered market growth
The emergence of COVID-19 has had a substantial impact on the expansion of factory automation solutions in 2020, owing to a considerable impact on supply chain prime actors. The COVID-19 pandemic increased dependence on automation among key end-user businesses, lowering operational and other long-term economic repercussions. Manufacturers had to alter automated procedures to avoid foreclosures while workforces were unable to function owing to government-issued lockdowns. Market participants from all around the world began automating their processes to varying degrees on their own or through partnerships. For example, Epson Robots teamed with Air Automation Engineering (AEE) in March 2020 to provide technical support and servicing in the Midwest of the United States. However, one of the significant drivers driving market expansion during the COVID-19 pandemic is the increase in demand for industrial Internet of Things solutions across key manufacturing sectors. On the contrary, the market was primarily impacted by various challenges during the COVID-19 pandemic, such as a lack of qualified staff availability and project delays or cancellations due to partial or complete lockdowns globally.
Latest Trends
"Automotive is expected to grow significantly leading market expansion"
The automotive industry is one of the most important industries with a considerable percentage of global automated production facilities. It has been noted that numerous automakers' production facilities are automated in order to preserve precision and efficiency. Furthermore, the growing trend of replacing traditional vehicles with EVs is likely to boost demand in the automotive industry. Because of advancements in Industry 4.0 technology, the demand for automated solutions such as robots has surged in many industrial fields. Because of technological advancements, industries can run without human supervision 24 hours a day, 365 days a year. Assembly robots, for example, are easier to use than specialised equipment and can move faster and more precisely than humans. In auto manufacturing facilities, robotic arms can perform tasks such as screw driving, windscreen installation, and wheel mounting. They have a reputation for increasing production and efficiency while decreasing costs and risks to human workers.
Factory Automation & Industrial Controls Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into control systems, measurement & analytical products, switches & safety components, industrial robot, others. Control systems is anticipated to be the leading segment.
- By Application Analysis
Based on application, the market can be divided into general manufacturing, automotive, power industry, oil & gas, others. General manufacturing will be the dominating segment.
Driving Factors
"Rising demand for factory robotics and automated manufacturing equipment fueling market expansion"
Industrial IoT solutions, such as factory robotics and automated manufacturing equipment, evaluate machine data and gain insightful knowledge that can be used to maximise asset availability and productivity by utilising sophisticated analytics, edge computing, cloud computing, artificial intelligence (AI), and machine learning. Schmalz, a maker of hoover automation and ergonomic handling systems, uses the possibilities of Siemens Industrial IoT to enhance its extended analytics and customer maintenance offerings. As a result, the continuing spread of Industrial IoT across industries is likely to drive market growth throughout the forecast period.
"Development of 5G wireless technology fueling the market expansion"
Demand for industrial automation solutions is being driven by the development of 5G wireless technology and the adoption of Industry 4.0 in a range of industries, including fibre and textiles, infrastructure, plastics, pharmaceuticals, and others. The important trends in the factory automation industry are expected to be digitalization, industrial IoT, and digital twin expansion. The Internet of Things (IoT) is critical to automation technology because it allows for the creation of efficient, cost-effective, and responsive system architectures. Solutions for the industrial Internet of things (IIoT) help connect industrial assets, produce transparency quickly and easily, and increase productivity. IIoT and edge computing solutions simplify the entire lifecycle of device management and shop floor software. Businesses use IIoT technologies to automate the manufacturing process and improve the consumer experience. IIoT solutions are expected to be adopted fast across industries, aiding market growth throughout the forecast period.
Restraining Factors
"Scarcity of specialists and security awareness and high cost restraining the market growth"
One of the primary issues limiting the growth of the factory automation market is the scarcity of specialists and security awareness, as well as the high costs of implementing factory automation systems. During the forecast period, a surge in automation demand in Asian nations such as China and Japan is expected to give a lucrative opportunity to boost the factory automation market. Global oil consumption declined by 9.1 million barrels per day (b/d), or 9.3%, to its lowest level since 2011. Oil demand declined in major economies such as the United States, the European Union (EU), and India. Global oil production fell by 6.6 million barrels per day. As a result, refinery utilisation dropped by a record 8.0 percentage points to 74.1%, the lowest level since 1985.
Factory Automation & Industrial Controls Market Regional Insights
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"Asia Pacific region will dominate the market during forecast period "
The Asia Pacific region dominated the market in 2022, accounting for more than 37% of total revenue, and is predicted to maintain its dominance from 2023 to 2031. The presence of significant market players and growing enterprises in the region is credited to the region's robust growth. Furthermore, rising need for better solutions to manage industrial plants in India and China is propelling market expansion in the area. The conversion of conventional production facilities to smart production facilities is a common trend, and it contributes to the general acceptance of industrial automation, which drives market growth in the region.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Siemens (Germany)
- Mtsubishi Electric (Japan)
- ABB (Switzerland)
- Emerson (U.S.)
- Rockwell Automation (U.S.)
- Schneider Electric (France)
- Keyence (Japan)
- Bosch Rexroth (Germany)
- Honeywell (U.S.)
- Fanuc (Japan)
- Omron (Japan)
- Yokogawa Electric (Japan)
- Fuji Electric (Japan)
- KuKa (Germany)
- Inovance Group (China)
- General Electric (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 114700 Million in 2022 |
Market Size Value By |
US$ 165042.7 Million by 2031 |
Growth Rate |
CAGR of 4.1% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
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By Application
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Frequently Asked Questions
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What value is the Factory Automation & Industrial Controls Market expected to touch by 2031?
Based on our research the Factory Automation & Industrial Controls market is expected to reach USD165042.7 Million in 2031. .
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What CAGR is the Factory Automation & Industrial Controls Market expected to exhibit by 2031?
The Factory Automation & Industrial Controls market is expected to exhibit a CAGR of 4.1% by 2031.
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Which are the driving factors of the Factory Automation & Industrial Controls Market?
The increased demand for mass/bulk production in the manufacturing sector, as well as the increasing deployment of industrial robots for production automation, are key drivers driving the industrial automation & control systems market growth.
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Which are the top companies operating in the Factory Automation & Industrial Controls Market?
The top key players in the Factory Automation & Industrial Controls market are Siemens, Mtsubishi Electric, ABB, Emerson, Rockwell Automation, Schneider Electric, Keyence, Bosch Rexroth, Honeywell, Fanuc, Omron, Yokogawa Electric, Fuji Electric, KuKa, Inovance Group, General Electric.