by Industrial automation systems leverage cutting-edge technologies including robotics, sensors, actuators, and cloud platforms, to automate industrial processes and operations, and improve productivity. These systems help facilitate predictive maintenance, reduce downtime, and optimize operations as performance metrics can be monitored in real-time.
The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 174.53 billion in 2024 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 increasing adoption of Industry 4.0 technologies is one of the major trends fueling the growth of the industrial automation and control systems market. Industry 4.0 refers to the integration of cyber-physical systems, Internet of Things (IoT), cloud computing, cognitive computing, and analytics that facilitate centralized monitoring and control over equipment and processes in an automated plant. Key components of Industry 4.0 such as remote access, predictive maintenance, and cloud-based platforms allow global connectivity between machines, enabling real-time decision-making and optimization of production processes. This has propelled many industries to invest in advanced automation technologies to improve operational efficiency and productivity.
SWOT Analysis
Strength: Industrial automation and control systems provide improved operational efficiency and productivity by automating industrial processes. They help reduce human errors and decrease production costs.
Weakness: High initial setup and installation costs of industrial automation control systems can be prohibitive for small and medium enterprises. Rapid technological changes also necessitate frequent upgrades.
Opportunity: Growing adoption of industrial IoT and integration of advanced technologies like AI, machine learning, cloud computing provides new opportunities for innovation and revenue generation. Demand for remote monitoring and predictive maintenance is on the rise.
Threats: Cybersecurity threats due to growing complexity of networked systems. Delays or budget overruns in implementation projects could affect return on investment calculations. Trade barriers and geopolitical tensions are some macroeconomic threats.
Key Takeaways
The Global Industrial Automation And Control Systems Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America dominates currently due to early adoption of automation. However, Asia Pacific is expected to showcase highest growth led by countries like China, India with increasing manufacturing activities.
Key players operating in the Industrial Automation and Control Systems market are ABB Ltd, Emerson Electric Co., General Electric Co., Honeywell International Inc., Mitsubishi Electric Corp., Omron Corporation, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
