The global industrial control & factory automation market size is expected to reach USD 277.3 billion by 2030, according to a new study by Polaris Market Research. The report “Industrial Control & Factory Automation Market Share, Size, Trends, Industry Analysis Report, By Component; By Solution (SCADA, PLC, DCS, MES, PAM, Industrial Safety); By Industry; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The growing demand for industrial control & factory automation across various verticals is due to its better efficiency and higher productivity. Furthermore, the increasing adoption across end-use industries as it standardizes the manufacturing process and reduce operational cost without hindering quality.
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In addition, the potential for the target market is expected to increase over time as automation is growing day by day and becoming an important component of many industries like mining, manufacturing, railway, medical, and power. Moreover, governments across developing and developed nations are emphasizing and facilitating the adoption of cutting-edge technologies in many sectors, which are projecting market growth.
Asia Pacific is expected to showcase a significant surge over the forecast period due to major key players across developing nations. China is the hub for producing batteries and microchips, which are useful in automobile components and IoT systems. Additionally, Japan is the biggest producer of robots and factory automation systems supporting market growth.
The COVID-19 pandemic had a negative impact on the demand for industrial control & factory automation. Negligible operations around the manufacturing unit severely impacted the market growth. Moreover, the lack of raw materials and labor resulted in supply chain disruption, which harmed the production of the components. Additionally, less expenditure of consumers over the luxurious product impacted the market.
Industrial Control & Factory Automation Market Report Highlights
Polaris Market Research has segmented the industrial control & factory automation market report based on component, solution, industry, and region:
Industrial Control & Factory Automation, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Industrial Control & Factory Automation, Solution Outlook (Revenue - USD Billion, 2018 - 2030)
Industrial Control & Factory Automation, Industry Outlook (Revenue - USD Billion, 2018 - 2030)
Industrial Control & Factory Automation, Regional Outlook (Revenue - USD Billion, 2018 - 2030)