by The Industrial Automation and Control Systems Market is estimated to be valued at US$ 174.53 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial automation and control systems comprise hardware components such as sensors, controllers, electrical and pneumatic devices that enable monitoring, controlling and automation of various processes in industries. They help enhance productivity and quality of industrial processes by minimizing human errors and interventions. Adoption of these systems optimizes resource utilization, reduces downtime and helps comply with regulatory guidelines.
Market key trends:
One of the major trends driving the growth of industrial automation and control systems market is growing adoption of Industrial Internet of Things (IIoT). IIoT involves connecting industrial equipment, machines and other assets to internet to enable remote monitoring and control. This allows industries to improve operational efficiency, minimize downtime and enhance productivity by analyzing real-time data collected from machines and assets. For example, predictive maintenance using IIoT helps schedule maintenance activities in advance based on machine performances to avoid unexpected breakdowns. IIoT also enables capabilities like remote troubleshooting and diagnosis using augmented reality. Growing popularity of IIoT among industries is expected to drive significant adoption of industrial automation and control systems over the forecast period.
Porter’s Analysis
Threat of new entrants: The high initial investments required in R&D, innovation and building infrastructure act as a barrier for new players.
Bargaining power of buyers: Large industrial firms have significant bargaining power due to bulk purchasing power.
Bargaining power of suppliers: Major IAC system manufacturers have integrated capabilities which reduces dependency on suppliers.
Threat of new substitutes: Adoption of IoT and AI technologies can disrupt conventional systems.
Competitive rivalry: Intense competition exists between global players to expand market share through product innovations.
SWOT Analysis
Strength: IAC systems enhance productivity, efficiency and optimize operations.
Weakness: High initial investment costs and dependence on skilled workforce for maintenance.
Opportunity: Growing process automation requirements across industries.
Threat: Vulnerability to cyber threats due to integration of IT systems with operational technologies.
Key Takeaways
The Global Industrial Automation And Control Systems Market Size is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing demand for operational efficiency and productivity.
The Asia Pacific region is anticipated to dominate the market over the forecast period owing to rapid industrialization and presence of manufacturing hubs in China, India, Japan and South Korea.
Key players operating in the Industrial Automation and Control Systems are ABB, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., and Schneider Electric.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
