The expected market size for the global industrial automation and control systems to reach USD 288.93 billion by 2028, 8.9% from 2021 to 2028 were just from registering a CAGR which is according to the report by Grand View Research, Inc. The growth of industry globally were paved by the proliferation of digitized industrial solutions. Deploying of automation technologies to the streamline and simplifying their everyday operations were being investigated by manufacturing and healthcare facilities.
Here are some key insights and findings:
- 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 exceed 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
A research report by Grand View Research “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“.
Distributed Control System (DCS) in the oil and gas industry has been given a demand for a need of enhanced security and safety standards in oil refineries when the new crude oil reserves were discovered. Adaptation of SCADA systems with scalability and reliability as it’s benefits are being used by the manufacturing, water and wastewater industries.
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.
Advanced technologies were incorporated into products of leading automation control system companies that offers to simplify the daily activity of the users. Innovating industry-specific customized solutions in reducing production costs, optimizing efficiency with adequate resources, and standardize operations which are the companies focused on doing.
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.
Manufacturing sectors were critically affected by the pandemic. The sustainability plan and re-inventing the supply chain models were being rebuild by the companies in were automation possibilities were being explored to reduce the future impact of the crisis on the production lines. A cost reduction, innovation, and customer visibility were seen in the automation industry as the pre-COVID era happened, the purposed has shifted to survival and damage limitation. The Indian oil & gas plant was greatly assisted by automation and digitization as it helped to recover from it’s daily production of 1.6 lakh barrels against 1.8 lakh barrels in a less than one-third of it’s workforce that is due to the stringent quarantine measures.
- Discrete Automation Market – Global discrete automation market is expected to witness significant growth over the forecast period owing to growing demand for manufacturing in emerging markets. Rising demand for custom configured products along with several asset lifecycle management initiatives.
- Robotic Process Automation Market – Global robotic process automation market size was valued at USD 1.57 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 32.8% from 2021 to 2028. A shift in company business operations due to the pandemic-induced work-from-home situation is expected to favour market growth.
- Industrial Internet Of Things Market – Global industrial internet of things market size was valued at USD 216.13 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.8% from 2021 to 2028. The aggressive rate of IIoT adoption in line with the advances in technology and the easing availability of affordable sensors and processors, which can facilitate real-time access to information, is expected to drive growth
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