The global industrial control and factory automation market are anticipated to grow at a significant CAGR during the forecast period 2024-2031. Industrial automation is a trending solution that uses monitoring and control systems to enhance the processing and performance of machinery and reduce manual tasks by replacing them with computers, robots, and information technologies. This advanced automation can be delivered by wireless technology across the industrial verticals to integrate digitalization and modernization with the increasing advent in the industrialization process.
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The growing adoption of the internet of things (IoT) and artificial intelligence (AI) in various industrial verticals propel the demand for industrial control and factory automation and drive its market growth at a significant rate during the forecast period. The market growth for the global industrial control and factory automation market has been significantly driven by the rising adoption of robots, advanced technologies, and optimum utilization of resources in the industrial environment. Emphasizing industrial automation, increasing government initiatives to empower industrial automation, and fiscal policies generated by the regional financial institutions to maintain the productive capacity are some major factors that are anticipated to drive the growth of the global industrial control and factory automation market during the forecast period.
Furthermore, the key vendors present in the global industrial control and factory automation market include ABB Ltd., Emerson Electric Co., General Electric, among others. These vendors adopt various strategies to remain competitive in the market during the forecast period. The strategies include product launches, technological advancement, research & developments, partnership & collaboration, market expansion, and others. For instance, In February 2020, ABB Ltd. has formed a supply agreement with the automobile company Volkswagen Commercial Vehicles, under which the company has agreed to supply 800 industrial robots to manufacture new electric vehicles.
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Market Coverage
- Segment Covered
o By Component
o By Solution
o By Industry
- Competitive Landscape- ABB Ltd., Emerson Electric Co., General Electric, Siemens AG, Honeywell International Inc., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Industrial Control and Factory Automation Market by Segment
By Component
- Industrial Sensors
- Industrial Robots
- Industrial 3D Printers
- Machine Vision Systems
- Process analyzers
- Field Instruments
- Human-Machine Interface
- Industrial PC
- Vibration Monitoring
By Solution
- SCADA
- PAM
- PLC
- DCS
- MES
- Industry Safety
By Industry
- Process Industries
- Discrete Industries
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