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The SNS Insider report forecasts the Automation and Control market Size to reach USD 1018.4 billion by 2031, exhibiting a significant CAGR of 10.8% from 2024-2031. This growth is driven by the Increasing demand for industrial automation in various manufacturing sectors. the government regulations promoting industrial automation and the increasing focus on worker safety are further Driving market expansion. The market is Driven by an increase in the adoption of edge computing and artificial intelligence (AI)-based automation solutions. These technologies offer real-time data processing and enhanced decision-making capabilities, leading to improved efficiency and productivity. The growing trend of Industry 4.0 adoption across industries is creating a lucrative environment for automation and control systems.
The high implementation costs associated with automation systems remain a restraining factor. Nevertheless, advancements in industrial robotics and the growing need for high-precision manufacturing are expected to create significant growth opportunities in the coming years. The automation and control market finds significant application in the utility sector. Utility companies are actively implementing these technologies to collect data, perform digital analytics, and optimize process and operation costs. Industry 5.0, with its focus on human-centric automation, is expected to accelerate the adoption of new automation systems and architectures, particularly within the manufacturing sector.
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Top Companies Featured in Automation And Control Market Report:
– ABB Group
– Emerson Electric
– General Electric Company
– KUKA
– Rockwell Automation
– Bosch Rexroth
– Fanuc Corporation
– Honeywell International
– SIEMENS AG
– Schneider Electric
Recent Developments
July 2022, Red Hat and ABB partnered to enhance flexibility and speed when supporting industry corporation platforms and application services built on Red Hat Enterprise Linux using ABB's process automation software. This collaboration also promotes simplicity of hardware deployment through Red Hat OpenShift.
March 2022, Emerson introduced an MTConnect driver for its industrial control platform. This facilitates the integration of Computer Numerical Control (CNC) equipment with modern data analysis automation systems, enabling comprehensive data collection and analysis for improved efficiency and output.
October 2022, Cognito, a provider of industrial data software, partnered with Rockwell Automation to integrate Cognito Data Fusion® with Rockwell's FactoryTalk® software suite. This collaboration aims to develop an industrial data hub for scalable operational management.
Automation And Control Industry Segmentation as Follows:
BY APPLICATION
Safety & Security
Lighting
HVAC
Others
The Safety & Security segment holds the largest market share approx. 52% in 2023, due to the inherent advantages of automation in reducing processing time and error rates. Automated systems with minimal human intervention are particularly beneficial for safety and security applications.
BY PRODUCT
PAC
HMI
DCS
PLC
SCADA
MES
In terms of products, the Distributed Control System (DCS) segment leads the market, capturing around 32% of the market share. This dominance can be attributed to the rapid industrialization in developing nations and the need for expanding plant capacities.
BY END-USE
Commercial
Hospitality
Retail
Residential
Industrial
Enterprise
Oil & Gas
Mining & Metals
Automotive & Transportation
Electrical & Electronics
Manufacturing
Aerospace & Defense
Others
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Impact of Global Events on the Automation and Control Market
The Russia-Ukraine war has disrupted supply chains and Resulted to a shortage of Important components Such as semiconductors, impacting the production of automation equipment. The growing energy costs and inflation are creating economic uncertainties, potentially hindering investments in automation technologies. The global economic slowdown, if it persists, could potentially lead to budget cuts and delays in automation projects. the long-term benefits of automation, such as increased efficiency and cost savings, are likely to remain attractive for companies seeking to maintain their competitive edge.
Automation And Control Market Size and Growth Report
Regional Developments
The Asia-Pacific region is expected to dominate the automation and control market throughout the forecast period. This dominance is growing with the burgeoning automotive industry and significant investments in automation across the region. China and India are witnessing rapid growth in their automation and control markets due to the need for modernized manufacturing systems.
North America holds the second-largest market share due to the high demand for semiconductor chips, a crucial component in automation technologies. Europe's automation and control market is also anticipated to experience significant growth driven by factors such as increasing automation adoption across various industries.
Key Takeaways
The report highlights the significant growth potential of the automation and control market, driven by factors like rising industrial automation, technological advancements, and government support.
It identifies key market segments and analyzes their growth prospects, providing valuable insights for market participants.
The report also explores the impact of global events and regional developments on the automation and control market, enabling informed business decisions.
Table of Content – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Automation And Control Market Segmentation, By Product
9. Automation And Control Market Segmentation, By Application
10. Automation And Control Market Segmentation, By End-Use
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
Continued....
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