Industrial Control For Process Automation Market Key Insights 2024-2033: Growth Rate, Trends And Opportunities
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The industrial control for process automation market size has grown strongly in recent years. It will grow from $34.53 billion in 2023 to $37.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to the demand for operational efficiency increased, the complexity of industrial processes, the need for real-time monitoring, increased focus on safety, and labor costs. The industrial control for process automation market size is expected to see rapid growth in the next few years. It will grow to $55.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to increasing adoption of the Internet of Things, rising demand for edge computing, growing emphasis on cybersecurity measures, rising importance of digital twins, and growing need for autonomous systems. Major trends in the forecast period include automation, wearables, integration of AI, technological advancements, cybersecurity, and adoption of edge computing.
The increasing adoption of cloud-based solutions is expected to propel the growth of industrial control in the process automation market going forward. Cloud-based solutions are services or applications hosted and supplied via the Internet rather than on local servers or personal devices. The increasing adoption of cloud-based solutions is due to scalability, cost-efficiency, and security. Adopting cloud-based solutions in industrial control for process automation offers numerous benefits, including scalability, cost-effectiveness, remote accessibility, advanced analytics, integration with IoT technologies, and enhanced security and compliance. For instance, in December 2023, Eurostat, a Luxembourg-based governmental organization of the European Union operating as the statistical office, reported that in 2023, the adoption rate of cloud computing services among small and medium-sized enterprises grew to 59%, up from 53% in 2021. Therefore, the increasing adoption of cloud-based solutions is driving the growth of the industrial control for the process automation market.
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What Are The Key Trends That Influence Industrial Control For Process Automation Share Analysis?
Major companies in the industrial control for process automation market are concentrating on developing software-centric automation systems for remote monitoring and management of industrial processes. Such systems use modern platforms for data analysis and real-time decision-making. For example, in December 2022, Schneider Electric, a France-based automation company, launched EcoStruxure Automation Expert. This software-centric system allows for the isolation of automation software from hardware, offering a new approach to developing, constructing, running, and maintaining industrial automation systems. It features expanded libraries, enhanced user experience, and robust cybersecurity measures.
Which Market Players Are Driving Growth In The Industrial Control For Process Automation Market?
Major companies operating in the industrial control for process automation market are Siemens AG, General Electric Company, Honeywell International Inc., Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Danaher Corporation, Johnson Controls International plc, Emerson Electric Co., Rockwell Automation Inc., Fuji Electric Co. Ltd., Danfoss A/S, Keyence Corporation, Bosch Rexroth AG, Omron Corporation, Fanuc Corporation, Dassault Systemes SE, Endress+Hauser Group, Phoenix Contact GmbH & Co. KG, Rittal GmbH & Co. KG, B&R Industrial Automation GmbH, Pilz GmbH & Co. KG, Aspen Technology Inc., Wago Kontakttechnik GmbH & Co. KG, Yokogawa Electric Corporation.
How Is The Global Industrial Control For Process Automation Market Segmented?
1) By System: Supervisory Control And Data Acquisition System; Distributed Control System; Programmable Logic Controller; Machine Execution System; Product Lifecycle Management; Enterprise Resource Planning; Human Machine Interface; Other Systems
2) Mode of Automation: Semi-Automation; Fully-Automation
3) By Applications: Chemical And Petrochemical; Metals And Mining; Pulp And Paper; Water And Wastewater; Food And Beverage; Power; Oil And Gas; Other Applications
Read The Full Industrial Control For Process Automation Market Report Here
The Industrial Control For Process Automation Global Market Report 2024 provides an overview of the industrial control for process automationmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The industrial control for process automation market forecast analyzes industrial control for process automation market size, industrial control for process automation market share, leading competitor and their market positions.
The Table Of Content For The Industrial Control For Process Automation Market Include
1. Industrial Control For Process Automation Market Executive Summary
2. Industrial Control For Process Automation Market Segments
3. Industrial Control For Process Automation Market Size And Template Market Growth Rate
4. Key Industrial Control For Process Automation Market Trends
5. Major Industrial Control For Process Automation Market Drivers
……
25. Key Mergers And Acquisitions In The Industrial Control For Process Automation Market
26. Top Industrial Control For Process Automation Companies
27. Industrial Control For Process Automation Market Opportunities And Strategies
28. Industrial Control For Process Automation Market, Conclusions And Recommendations
29. Appendix
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