PUBLISHER: The Business Research Company | PRODUCT CODE: 1500079
PUBLISHER: The Business Research Company | PRODUCT CODE: 1500079
Industrial control for process automation involves the utilization of control systems and technologies to monitor, regulate, and optimize industrial processes automatically. It plays a vital role in streamlining industrial operations, improving efficiency, and ensuring safety and reliability across various industrial sectors. This approach empowers organizations to achieve heightened flexibility, agility, and competitiveness in today's dynamic business landscape.
The primary systems of industrial control for process automation include supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), programmable logic controllers (PLC), machine execution systems, product lifecycle management (PLM), enterprise resource planning (ERP), human-machine interfaces (HMI), among others. SCADA systems function as centralized platforms overseeing industrial processes and infrastructure through remote terminals. Automation modes encompass both semi-automation and full automation, catering to applications in sectors such as chemical and petrochemical, metals and mining, pulp and paper, water and wastewater management, food and beverage, power generation, oil and gas, and others.
The industrial control for process automation research report is one of a series of new reports from The Business Research Company that provides industrial control for process automation market statistics, including the industrial control for process automation industry's global market size, regional shares, competitors with an industrial control for process automation market share, detailed industrial control for process automation market segments, market trends and opportunities, and any further data you may need to thrive in the industrial control for process automation industry. This industrial control for process automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The industrial control for process automation market size has grown strongly in recent years. It will grow from $34.53 billion in 2023 to $37.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The expansion witnessed during the historical period can be attributed to several factors, including heightened demand for operational efficiency, the growing complexity of industrial processes, the imperative for real-time monitoring, heightened emphasis on safety measures, and considerations related to labor costs.
The industrial control for process automation market size is expected to see rapid growth in the next few years. It will grow to $55.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be linked to several factors, including the expanding adoption of the Internet of Things (IoT), heightened demand for edge computing solutions, an increased focus on cybersecurity measures, the growing significance of digital twins, and a rising necessity for autonomous systems. Key trends expected in the forecast period encompass automation, wearables, the integration of artificial intelligence (AI), technological advancements, cybersecurity enhancements, and the widespread adoption of edge computing technologies.
The rising uptake of cloud-based solutions is poised to drive the expansion of the industrial control in the process automation market in the foreseeable future. Cloud-based solutions entail services or applications hosted and delivered over the Internet, rather than on local servers or personal devices. This increasing adoption of cloud-based solutions is driven by factors such as scalability, cost-efficiency, and security. Incorporating cloud-based solutions in industrial control for process automation brings forth a plethora of advantages, including scalability, cost-effectiveness, remote accessibility, advanced analytics, integration with IoT technologies, and heightened security and compliance. For example, in December 2023, Eurostat, a Luxembourg-based governmental organization of the European Union serving as the statistical office, revealed that in 2023, the adoption rate of cloud computing services among small and medium-sized enterprises surged to 59%, up from 53% in 2021. Hence, the growing adoption of cloud-based solutions is propelling the growth of the industrial control for process automation market.
Key players in the industrial control for process automation market are concentrating on developing automation software solutions, such as software-centric industrial automation systems, to facilitate remote monitoring and management of industrial processes. A software-centric industrial automation system underscores the significance of software in governing and overseeing industrial processes, leveraging modern platforms for data analysis, real-time monitoring, and decision-making. For instance, in December 2022, Schneider Electric, a France-based automation company, unveiled EcoStruxure Automation Expert, a software-centric industrial automation system that, by decoupling automation software from hardware, presents a novel approach to designing, constructing, operating, and maintaining industrial automation systems. It furnishes a comprehensive array of capabilities aimed at enhancing industrial automation processes. Its features encompass expanded libraries catering to segment functions and energy management devices, enhancing operational efficiency. The build time tool offers an enhanced user experience, streamlining workflows. The platform ensures robust protection against cyber threats through fortified built-in cybersecurity measures.
In June 2023, Honeywell International Inc., a US-based technology company, completed the acquisition of Compressor Controls Corporation for $670 million. This acquisition is geared towards broadening Honeywell International Inc.'s high-growth sustainability portfolio with new carbon capture control solutions. Compressor Controls Corporation is a US-based engineering company specializing in industrial control and process automation solutions for the oil and gas industry, particularly in turbomachinery control systems.
Major companies operating in the industrial control for process automation market are Siemens AG, General Electric Company, Honeywell International Inc., Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Danaher Corporation, Johnson Controls International plc, Emerson Electric Co., Rockwell Automation Inc., Fuji Electric Co. Ltd., Danfoss A/S, Keyence Corporation, Bosch Rexroth AG, Omron Corporation, Fanuc Corporation, Dassault Systemes SE, Endress+Hauser Group, Phoenix Contact GmbH & Co. KG, Rittal GmbH & Co. KG, B&R Industrial Automation GmbH, Pilz GmbH & Co. KG, Aspen Technology Inc., Wago Kontakttechnik GmbH & Co. KG, Yokogawa Electric Corporation.
Asia-Pacific was the largest region in the industrial control for process automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial control for process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial control for process automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial control for process automation market consists of revenues earned by entities providing services such as motion control systems integration, safety instrumented systems (SIS) implementation, asset management and condition monitoring, and industrial networking and communication. The market value includes the value of related goods sold by the service provider or included within the service offering. The industrial control for process automation market also includes sales of variable frequency drives, industrial sensors and actuators, and industrial ethernet switches. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Control For Process Automation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial control for process automation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial control for process automation ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial control for process automation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.