Industrial Control and Factory Automation Market - Global Forecast to 2024: Focus on Industrial Robots, Industrial 3D Printing, Control Valves, Machine Vision, & HMI - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 18, 2019--The “Industrial Control and Factory Automation Market by Solution, Component, Industry and Geography - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The industrial control and factory automation market is expected to grow from USD 160.0 billion in 2018 to USD 269.5 billion by 2024, at a CAGR of 9.08%.
The growth of this market can be attributed to the increasing use of enabling technologies in manufacturing, rising adoption of industrial robots in manufacturing sector, connected supply chain along with mass production to cater rising population, government initiatives towards, the adoption of industrial automation in various industries. However, the fluctuating market trend observed in end-user industries is likely to hamper the demand for field instruments and significant capital investment required for automation solutions are the restraints for the market.
Among all regions, the market in APAC is expected to grow at the highest rate from 2018 to 2024. The growth of the market in this region is attributed to the technological innovation and increasing adoption of the automation technologies in various industries.
Key industries for the industrial control and factory automation market in APAC are chemicals, oil & gas, water, semiconductor, electronics, food, automotive, APAC is an auto-manufacturing hub, and hence motor vehicle suppliers such as Volkswagen (Germany), Toyota Motor Corporation (Japan), Renault-Nissan Alliance (Netherlands), Daimler (Germany), and local manufacturers such as Tata Motors (India) and Mahindra and Mahindra (India) have made investments in automating their production sites in the coming years.
DriversIncreasing Use of Enabling Technologies in Manufacturing Rising Adoption of Industrial Robots in Manufacturing Sector Driven By Collaborative Robots Connected Enterprise Along With Mass Production to Cater to Rising Population Government Initiatives Toward the Adoption of Industrial Automation in Various Industries Emphasis on Industrial Automation and Optimum Utilization of Resources
RestraintsSignificant Capital Investment Required for Automation Solutions Fluctuating Market Trend Observed in End-Use Industries Likely to Hamper the Demand for Field Instruments
OpportunitiesImmense Benefits Tendered By Industry 4.0 for Industrial Manufacturing Increasing Demand for Safety Compliance Automation Solutions
ChallengesLack of Standardization of Protocols for Industrial Communication Lack of Skilled Personnel Persistent Growth of Cyberattacks
Enabling TechnologiesArtificial Intelligence (AI) AI Enhances the Business Prospects Key Use Cases of AI in Industry AR and VR Increasing Investment Trends in AR Industrial Cyber Security Industrial Cyber Security is Vastly Implemented in Energy and Power Industry Big Data Analytics High Adoption Rate of Consulting and System Integration Services Due to Complexity of Big Data Software Solutions Industrial Internet of Things (IIoT) Growing Rate of Adoption of Industrial Internet of Things in Industries Blockchain Rising Demand for Faster Blockchain Across Industries
Company Profiles3D Systems ABB Azbil Chaos Prime Danfoss Dwyer Emerson Endress+Hauser FANUC Fuji Electric General Electric HP Hitachi Honeywell Krohne Mitsubishi Electric Corporation Omron Pinpoint Information Systems Progea Rockwell Automation STRATASYS Schneider Electric Siemens Tegan Innovations Vega Grieshaber WIKA Win-911 Software Yokogawa
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Related Topics:Industrial Automation
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SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 02/18/2019 05:27 AM/DISC: 02/18/2019 05:27 AM