The total revenue generated by the industrial control & factory automation market was USD 148.3 billion in 2022, and it will power at a rate of 8.60% by the end of this decade, for reaching USD 286.8 billion by 2030.
IoT is a method where many devices, for example wearables, home appliances, and even manufacturing machines, are associated to the internet, data sharing with each other and a control center. These interrelated smart devices allow automation across numerous industries.
Presently, organizations are advancing in IoT and manufacturing automation for their business development powered by tech progressions.
As per Oxford Economics, 34% of the producers said investments in AI were their precedence, while 27% said they arrange predictive analytics and 19% were resolutely absorbed on initiatives including ML.
Amongst all components, the industrial robots category will grow at the highest rate, of about 10%, in the years to come. The usage of robotics has seen a stable increase across industries for example electronics, automotive, pharma, and food & beverage recently.
For example, to stay in the competition and be future-ready for production requirements, manufacturing facilities in India are extensively employing robotic automation. For achieving the vision of Make in India, it is important to surge the usage of this technology to complement human operations.
This will surely allow a mix of accuracy, skill, speed and consistency. Furthermore, robots are extensively employed by the automotive sector in 2021, the robots density in the automotive sector of the U.S. automotive industry made a novel record of 1000 installed units per 10,000 employees.
Sensor components had a considerable revenue share, of more than 24%, in 2022, as stated by a market research institution, P&S Intelligence. Sensors have an important role to play in smart manufacturing by collecting data and delivering basic data support.
Furthermore, the exponential increase in the acceptance of IoT and other Industry 4.0 is powering the usage of sensors. Smart sensors, collecting statistics from the surroundings and numerous pieces of infra, are being upgraded fast, therefore powering the intelligent alteration of industrial internet terminals.
The increasing requirement for enhanced solutions for managing industrial plants in China and India is accountable for the region’s domination in the industrial control & factory automation market.
It had a share of more than 39% in 2022, and it will continue dominating by the end of this decade. The robust growth is also credited to the existence of main market players and developing companies in the APAC.
Because of the rise in predictive analysis AI and 5G, the demand for industrial control & factory automation solutions will continue to grow in the years to come.
