"The industrial control and factory automation market expected to exhibit significant growth between 2017 and 2023"
The industrial control and factory automation market is expected to be valued at USD 239.11 billion by 2023 from USD 155.26 in 2017, at a CAGR of 7.4% between 2017 and 2023. The key driving factors for the growth of the industrial control and factory automation market are extensive use of enabling technologies in manufacturing, continuous innovation in industrial robotics boosting its adoption in manufacturing, need for mass production and connected supply chain to cater to the growing population, and government initiatives toward the adoption of industrial automation in various industries. However, high capital investment and limited re-investments and declining oil and gas prices affecting infrastructure-related investments are considered to be the major restraints.
"Industrial control and factory automation market for MES expected to grow at highest CAGR during forecast period"
The market for manufacturing execution system (MES) is expected to grow at the highest CAGR between 2017 and 2023. MES integrates all the activities from planning to automation in the manufacturing automation plants. The activities include resource allocation and status, operation scheduling, dispatching, document control, management of resources, quality management, maintenance management, tracking and tracing of product, and performance analysis. The manufacturers are adopting MES because it saves costs, provides operational efficiency, and delivers high performance in production.
"Industrial control and factory automation market for discrete industry to grow at highest CAGR during forecast period"
The market for the discrete industry is expected to grow at the highest CAGR between 2017 and 2023. The discrete industry is expected to be driven by the rapid adoption of advanced manufacturing solutions by manufacturers to improve visibility, operational excellence, and quality while reducing the lead-time. The discrete industry includes automotive, machine manufacturing, semiconductor & electronics, aerospace & defense, medical devices, and others that use automation as it improves consistency of processes, increases throughput, improves quality, reduces operation and work handling time, reduces manual work, and provides a high degree of safety.
"Industrial control and factory automation market in APAC to grow at highest CAGR during forecast period"
The industrial control and factory automation market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2017 and 2023. China is one of the major countries supporting the growth of industrial control and factory automation in this region. China has been working on innovative industrial practices by implementing automation technologies in manufacturing companies. Moreover, the research institutes and system integrators are collaboratively working to improve the manufacturing processes in China. Furthermore, in China, industrial intellectualization and information integration is the main focus of the government industrial policy. These initiatives are expected to increase the demand for industrial control and factory automation in this country.
Following is the breakdown of the profiles of primary participants for the report:
- By Company Type: Tier 1 - 48%, Tier 2 - 32%, and Tier 3 - 20%
- By Designation: C-Level Executives - 42%, Directors - 35%, and Others - 23%
- By Region: North America - 52%, Europe - 23%, APAC - 18%, and RoW - 7%
The key players in the industrial control and factory automation market are Siemens (Germany), ABB (Switzerland), Emerson (US), Mitsubishi (Japan), and Schneider (France), Rockwell (US), General Electric (US), Yokogawa (Japan), Omron (Japan), and Honeywell (US)..