The industrial automation market will grow at a healthy CAGR between the forecast period 2017- 2023, states the recent Market Research Future (MRFR) analysis. Industrial controls and factory automation system includes process control systems, networks and other forms of automation components which control physical assets as well as many processes. Industrial automation has wide applications in the process industry and discrete industry.
Various factors are propelling the industry controls factory automation market growth. According to the recent MRFR report, such factors include growing adoption in the manufacturing sector, increasing government initiatives, adoption in different industries, increasing use in connected enterprise, mass production to suffice the rising population, focus on industrial automation and optimum utilization of resources, growing population, and the initiatives by the government for the usage of industrial automation in different industries.
On the flip side, lack of awareness, absence of standardization, narrow geographical diversity, limited fund generation for reinvestment, and the ongoing COVID-19 pandemic are factors that may limit the global industry controls factory automation market growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global industry controls factory automation market based on component, solution, and end use.
By region, the industry controls factory automation market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). Of these, the APAC region will have the lions share in the market over the forecast period. Rise in utility, quick urbanization, rise in industrialization, growing concerns about energy conservation, growing need to offer uninterrupted electricity supply, growing adoption in India and China, rise in labor wages, and presence of a huge number of automobile manufacturing plants are adding to the global industry controls factory automation market growth in the region.
In Europe, the global industry controls factory automation market is predicted to have healthy growth over the forecast period for the extensive applications in the auto industry.
In North America, the global industry controls factory automation market is predicted to have sound growth over the forecast period. Need to offer uninterrupted electricity supply, presence of high count of factory automation system providers, rising adoption in different industries to automate different processes, increasing focus on operational expenditure in the US over capital expenditure, and rising use of smart manufacturing that helps manufacturers to improve their production efficiency & decrease their operational expenditure are adding to the global industry controls factory automation market growth in the region.
In South America and the MEA, the global industry controls factory automation market is predicted to have steady growth over the forecast period.
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Key contenders profiled in the global industry controls factory automation market report include
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