Industrial Automation & Control Systems Market Worth $223.0 Billion By 2025
The global industrial automation and control systems market size is estimated to reach USD 223.0 billion by 2025, according to the new report by Grand View Research, Inc. The market is expected to witness a CAGR of 8.6% over the forecast period. The growing adoption of the industrial automation systems such as SCADA, DCS, and PLCs to achieve operational excellence is expected to fuel the growth of the market. Factors such as rising labor costs, rapid expansion in the manufacturing industry, and the need for precise manufacturing methods and accuracy in end products are significantly driving the global market. However, high initial deployment costs of the control systems is expected to pose a significant challenge for the market’s growth in developing economies.
The governments across the globe are increasingly investing in research and development activities towards Industry 4.0 transformation. For instance, the U.S. government is planning to spend significant capital into the industrial internet of things (IIoT) and the digitization of manufacturing processes over the next five years. Through this, the country’s government aims at increasing the production and innovation strength while decreasing the international trade deficit. Whereas in China, the labor and material costs are continually increasing, thus the industries are actively focusing on digitization to transform the old production methods. The strategic plan of the government of China, Made in China 2025, aims at transforming the country into an advanced production nation by producing higher-value products and services. As such, the factories around China will increasingly adopt industrial automation and control systems over the forecast period.
The industrial automation and control systems include various components such as human-machine interface, industrial robots, control valves, sensors, industrial 3D printers, field instruments, machine vision systems, among others. These components have a high demand from end-use industries such as food and beverage, manufacturing, automotive, and oil and gas. The manufacturing industry has a high market for industrial automation as the adoption of automation and control systems for manufacturing applications is significantly increasing. This growing adoption is attributed to the boom in manufacturing industry and the increasing number of manufacturing plants across the world. Additionally, the automated machines are helping the companies to increase production throughput and achieve operational excellence. This, in turn, is reducing the overall costs of the manufacturing; thus, the industrial control and factory automation market is expected to grow at a steady pace over the forecast period.
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Further key findings from the report suggest:
- The industrial automation and control systems market is gaining traction on account of a rapid industrial shift towards digitization of the processes. The companies are actively investing in automated machines to reduce operational costs and increase their throughput
- The factors such as increased power generation capacities around the world and the increased use of nuclear and renewable energy for power generation is driving the growth of the DCS segment
- The U.S. is projected to dominate the global market over the forecast period owing to the presence of notable market players and the growth of industries such as healthcare, automotive, and manufacturing
- The market in China is expected to grow at a rapid pace, registering a CAGR of above 12.0% from 2019 to 2025
- The market is witnessing an increasing adoption of industrial robots to achieve accuracy and precision in the production, as well as to reduce the costs associated with labor and materials. The industrial robot component type segment is expected to grow at a rapid pace, with a growth rate exceeding 10.0% from 2019 to 2025
- The manufacturing industry segment held a significant share in the market in 2018 owing to the presence of a large number of manufacturing plants and a booming manufacturing sector across the globe.