The industrial control and factory automation market is expected to reach USD 229.3 billion by 2025 from USD 151.8 billion in 2020, at a CAGR of 8.6%. The growth of this market can be attributed to the emphasis on industrial automation and optimum utilization of resources, increased use of enabling technologies in manufacturing, a rise in the adoption of industrial robots in the manufacturing sector driven by collaborative robots, connected enterprise along with mass production to meet the demands of the growing population, and government initiatives toward the adoption of industrial automation in various industries.
Industrial robots are expected to be largest contributor in components of industrial control and factory automation during forecast period
Industrial robots are likely to hold the largest share of components of the industrial control and factory automation market during the forecast period. Manufacturers are installing industrial robots to make production and distribution easy and efficient. The installation of industrial robots is reducing human intervention in the production process, thereby reducing the cost of manufacturing with improved quality and increased production capacity.
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Mining and metals industry likely to show highest growth in process industries of industrial control and factory automation market during forecast period
The mining and metals industry is expected to witness the highest growth rate during the forecast period in process industries. The mining and metals industry is related to the extraction of mineral and metal reserves and the fabrication of metals. The metal industry offers metal working processes such as grinding, milling, spinning, and forging. Mining operations are difficult to execute and manage in remote and hazardous locations. Machinery used in metal processing requires quick and efficient movement of metals with accuracy that is driven by drives and PLCs. Drives provide precise speed and torque control (e.g., cranes), while PLCs provide flexibility to the process. Due to the adoption of automation in this field, it provides better productivity, ensures safety, minimizes wear, enhances reliability, and improves quality.
APAC is expected to hold largest market size during forecast period
Among all regions, APAC is expected to continue to account for the largest share of the industrial control and factory automation market due to technological innovations and the high adoption of automation technologies in various industries. Key players operating in the industrial control and factory automation market in Asia Pacific are Mitsubishi Electric (Japan), OMRON (Japan), Yokogawa (Japan), Fanuc (Japan), Yaskawa (Japan), and Fuji (Japan). China has been working on an innovative industrial practice by implementing automation technologies in manufacturing. In addition, research institutes and corporates are collaboratively working to improve China’s manufacturing processes. Furthermore, in China, industrial intellectualization and information integration remain the main focus of the government industrial policy. This initiative is expected to increase the demand for industrial control and factory automation in this country. Companies such as Toyota (Japan), Honda (Japan), and Suzuki (Japan) are developing smart factories for manufacturing robots, sensors, wireless technologies, and machine vision systems. This demand is propelling the growth of the industrial control and factory automation market in Japan.
Key Market Players
Major players operating in the industrial control and factory automation market are Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), Azbil (Japan), Fuji Electric (Japan), 3D Systems (US), HP (US), FANUC (Japan), STRATASYS (US), Progea (Italy), Hitachi (Japan), Vega (Germany), Danfoss (Denmark), Tegan Innovations (Ireland), Krohne (Germany), Rockwell (US), Chaos Prime (US), and Dwyer (US).