Yahoo Finance Global $288.93 Billion Industrial Automation and Control Systems Markets to 2028
Dublin, Sept. 22, 2021 (GLOBE NEWSWIRE) -- The "Global 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" report has been added to ResearchAndMarkets.com's offering.
The global industrial automation and control systems market size is expected to reach USD 288.93 billion by 2028, registering a CAGR of 8.9% from 2021 to 2028.
The proliferation of digitized industrial solutions is paving the way for the growth of the industry globally. Manufacturing and healthcare facilities are heavily investing in the deployment of automation technologies to streamline and simplify their everyday operations.
The discovery of new crude oil reserves and growing need for enhanced security and safety standards in oil refineries are driving the demand for Distributed Control System (DCS) in the oil and gas industry. Additionally, the manufacturing and water and wastewater industries are widely adopting SCADA systems owing to their benefits, such as scalability and reliability.
The prevalence of Industry 4.0 has given rise to substantial opportunities for market participants engaged in offering automation, robotics, intelligent control systems, and IIoT technologies to the manufacturing sector.
Leading automation control system companies incorporate advanced technologies in their product offerings to help users simplify their daily activities.
Additionally, companies are focused on innovating industry-specific customized solutions to reduce production costs, optimize efficiency with adequate resources, and standardize operations.
The spread of the COVID-19 virus had resulted in partial or complete closures of manufacturing facilities in several countries, halting the production for a prolonged duration.
The crippling impact of the pandemic highlighted critical gaps in the manufacturing sector. Nevertheless, companies are rebuilding their sustainability plans and re-inventing their supply chain models by exploring automation possibilities to reduce the future impact of the crisis on the production lines.
While in the pre-COVID era, automation was seen as a means to achieve cost reduction, innovation, and customer visibility, its purpose has now shifted to survival and damage limitation.
Industrial Automation And Control Systems Market Report Highlights
The market participants are primarily focused on implementing strategies such as partnerships, new product developments, mergers and acquisitions, and geographic expansions to stay competitive in the market
Growing investments and ongoing developments in the manufacturing sector are anticipated to propel the growth of the market. Industries such as automotive, aerospace, and heavy engineering are increasingly digitalizing and transforming their manufacturing processes
The market is witnessing a tremendous surge in the adoption of industrial robots to attain accuracy and precision in the production processes. The segment is expected to register a CAGR exceeding 11.0% from 2021 to 2028
End users across the Middle East and Africa are making continuous investments to upgrade their traditional manufacturing facilities and adopt advanced automation practices, driving the adoption of industrial automation across the region
Companies Mentioned
ABB
Emerson Electric co.
Honeywell International, Inc.
Kawasaki Heavy Industries, Ltd.
Mitsubishi Electric Corporation
OMRON Corporation
Rockwell Automation, Inc.
Schneider Electric
Siemens AG
Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/5hf9pt
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