Understanding the Industrial Automation And Control Systems Market’s Growth Prospects from 2024 to 2033
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2024-2033 Forecast: What is the Projected Growth Rate for the Industrial Automation And Control Systems Market?
In recent times, there has been a swift expansion in the market size for industrial automation and control systems. It is projected to balloon from $194.38 billion in 2023 to $215.78 billion in 2024, marking a compound annual growth rate (CAGR) of 11.0%. This significant rise during the historical period is connected to factors such as cost-cutting measures, heightened efficiency needs, regulatory compliance, globalization of supply chains, and the emergence of PLCs (programmable logic controllers).
The market for industrial automation and control systems is set for a significant upswing in the near future, with an anticipated worth of $334.49 billion by 2028, growing at a compound annual growth rate (CAGR) of 11.6%. This surge during the prediction period can be associated with factors such as the incorporation of industry 4.0 and IoT, demand for adaptability and customization, concerns regarding cyber security, the necessity for energy efficiency, and the introduction of robotics. The forthcoming period will see major trends such as digital transformation, improved cybersecurity, the advent of edge computing, the integration of cloud computing, the use of collaborative robots, and the application of digital twins for virtual modeling.
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What Are the Main Drivers Behind the Growth of the industrial automation and control systems Market?
The rise in the acceptance of automation is predicted to stimulate the expansion of the industrial automation and control systems market in the future. Automation comprises technical applications requiring minimal human intervention. Examples include home automation, business process automation (BPA), and IT automation for personal purposes. Industrial automation and control systems enhance precision and overall factory functioning, harnessing computer software and robotics to handle machinery and operations. This negates the necessity for human participation in executing specific tasks. For instance, in November 2021, it was reported by the Association for Advancing Automation that robot orders had surged by 67% in the second quarter of 2021 against the same timeframe in 2020, indicating a resurgence to pre-COVID-19 pandemic levels of automation demand in manufacturing. Data shows that in Q2 2021, 9,853 robots were ordered by North American firms for $501 million, a rise from 5,196 sold in Q2 2020. Consequently, the escalating acceptance of automation is spurring the development of the industrial automation and control systems market.
What Are the Primary Segments of the Industrial Automation And Control Systems Market?
1) By Component: HMI (Human-Machine Interface), Industrial Robots, Control Valves, Sensors, Other Component
2) By Control System: DCS (Distributed Control System), PLC (Programmable Logic Controller), SCADA (Supervisory Control And Data Acquisition)
3) By End-User Industry: Aerospace and Defense, Automotive, Chemical, Energy and Utilities, Food and Beverage, Healthcare, Manufacturing, Mining and Metal, Oil and Gas, Transportation
Which Trends Are Revolutionizing the Industrial Automation And Control Systems Market?
The rise of technological innovations is a primary trend observed in the industrial automation and control systems sector. Major players in this field are concentrating on developing state-of-the-art solutions to secure their market position. Take for example Honeywell International Inc, a multinational corporation based in the U.S., which in September 2021 launched a smart flexible depalletizer – a novel robotic technology intended to enhance productivity and minimize injuries in industrial automation warehouses. This technological solution employs cutting-edge machine learning and gripping technologies, enabling pallet unloading without the need for pre-programming or operator involvement.
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Which Geographical Regions Are Pioneering Growth in the Industrial Automation And Control Systems Market?
Asia-Pacific was the largest region in the industrial automation and control systems market in 2023 and is expected to be the fastest-growing region in the industrial automation and control systems market during the forecast period. The regions covered in the industrial automation and control systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Industrial Automation And Control Systems Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the industrial automation and control systems market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Industrial Automation And Control Systems Market Include
1. Industrial Automation And Control Systems Market Executive Summary
2. Industrial Automation And Control Systems Market Segments
3. Industrial Automation And Control Systems Market Size And Template Market Growth Rate
4. Key Industrial Automation And Control Systems Market Trends
5. Major Industrial Automation And Control Systems Market Drivers
……
25. Key Mergers And Acquisitions In The Industrial Automation And Control Systems Market
26. Top Industrial Automation And Control Systems Companies
27. Industrial Automation And Control Systems Market Opportunities And Strategies
28. Industrial Automation And Control Systems Market, Conclusions And Recommendations
29. Appendix
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