Industrial Automation and Control Systems Market to be Worth $288.93 Billion by 2028: Grand View Research, Inc.
SAN FRANCISCO, Aug. 17, 2022 /PRNewswire/ -- According to a reliable study, the global industrial automation and control systems market is slated to amass USD 288.93 billion by 2028 advancing at a CAGR of 8.9% during the period in focus. The proliferation of digitized industrial solutions has paved the way for the expansion of the industry over the years. Manufacturing facilities are investing heavily in deploying automation technologies to streamline and simplify their everyday operations. Industrial automation includes the use of control systems like computers or robots, along with information technology to replace humans in various operations and machinery in industry.
One of the main benefits of industrial automation is that it ensures consistent production along with results. Computers, robots, and automated machinery work at a steady pace. This ensures that there is a better grip on the production rate. Along with rendering consistent production, it also ensures optimum work quality.
Key Industry Insights & Findings from the report:
Read 130-page full market research report, "Industrial Automation And Control Systems Market Size, Share & Trends Analysis Report By Component (Industrial Robots, Control Valves), By Control System (DCS, PLC, SCADA), By Vertical, By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.
Industrial Automation and Control Systems Market Growth & Trends
It is worth noting that the advent of Industry 4.0 has given rise to considerable opportunities for market participants engaged in automation, intelligent control systems, robotics, and IoT. Prominent industrial automation and control system companies incorporate advanced technologies in their product offerings to assist users simplify and enhance their daily activities. Moreover, companies are focusing on innovating industry-specific customized systems to reduce production costs, optimize efficiency, adequate resources, and standardized operations.
The onset of coronavirus outbreak led to the partial or complete closure of manufacturing facilities due to the measures taken by the governments to control the rising cases of the lethal virus, globally. The crippling impact of the virus highlighted the critical gaps in the manufacturing industry. In a bid to regain strength, companies are rebuilding their sustainability plans along with changing their supply chain strategies by adopting automation to reduce the future impact of the crisis on the scale of production.
Favorable Industry Trends
Considering the components, industrial robots have witnessed widespread adoption from various sectors of the economy worldwide supported by many incentives being offered by the governments to help the industrial sectors advance their operations in terms of quantity and quality. Surging demand fo collaborative robots across the industries is likely to promote the incorporation of automation in industries. These robots are developed for both small and medium-sized enterprises or SMEs and large companies. Industrial robots are also increasingly being used for new and existing applications and carry a wide-scale adoption due to their versatility. The aforementioned factors have been considerable in driving the popularity of industrial robots.
To sum up, industrial robots offer a high positive ROI to business owners and producers which is dispersed over a long duration escalating. The initial cost of buying the robots is very high and may prove to be expensive for businesses that buy these equipment in bulk when compared to a single-time or replacement purchase. However, the high cost of employing manual labour along with the need to provide benefits like promotions, health, and safety compensation and insurance, benefit packages, rising wages on a yearly basis, and paid leaves is a major factor supporting the use of industrial robots further positively influencing the global industrial automation and control systems market growth.
Role of Key Players
The rapid expansion in the industry may be accredited to the efforts taken by the market players to increase their global footprint and product portfolio over time. Industrial automation and control systems companies are entering into mergers, acquiring, and collaborating with other companies to increase their abilities. For instance, in August 2022, Graybar- an American distribution giant announced the acquisition of Walker Industrial Products, Inc. – a leading automation solutions provider. Similar efforts being taken by many other companies to include automation in their portfolio will continue to drive the business scope. Some of the notable industrial automation and control system companies include ABB, Mitsubishi Electric Corporation, Siemens, Honeywell International, Inc., and Schneider Electric, among various others.
Industrial Automation and Control Systems Market Segmentation
Grand View Research has segmented the global industrial automation and control systems market based on component, control system, vertical, and region:
Industrial Automation and Control Systems Market - Component Outlook (Revenue, USD Billion, 2018 - 2028)
Industrial Automation and Control Systems Market - Outlook (Revenue, USD Billion, 2018 - 2028)
Industrial Automation and Control Systems Vertical Outlook (Revenue, USD Billion, 2018 - 2028)
Industrial Automation and Control Systems Regional Scope (Revenue, USD Billion, 2018 - 2030)
List of Key Players in the Industrial Automation and Control Systems Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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