INDUSTRIAL AUTOMATION AND CONTROL SYSTEMS MARKET ANALYSIS

Industrial Automation and Control Systems MarketSize and Trends

The global industrial automation and control systems market size was valued at US$ 160.12 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 9% from 2023 to 2030. The rapid industrialization in countries such as China and India are further boosting the demand for industrial automation and control systems market. Furthermore, the positive economic outlook of these regions is expected to drive the demand for these systems, as they enable greater production and support productivity in various sectors. A rise in demand for automation systems is also a major factor driving the market.

Europe is also expected to gain significant growth in the global industrial automation and control systems market over the forecast period. The implementation of the latest technological advances and digital transformation abilities are increasing in manufacturing unities in the region to obtain effective business processes as the competition in the regional market is increasing. Moreover, with increasing end user needs, the adoption of advanced technologies is increasing in the region, which is also expected to support growth of the market in the coming years.

Figure 1: Global Industrial Automation and Control Systems Market Share (%), By Region, 2022

Increasing use of industrial control systems in food and beverage sector is a recent trend

With increasing growth of economy and disposable incomes all over the world, the demand for the food and beverage industry is growing rapidly. Moreover, the rise in global population also adds into the growth of this industry. Thus, the industry is witnessing increased shift to automation. As a result, the use of industrial control systems is increasing in this industry. This trend is expected to boost growth of the global industrial automation and control systems market over the forecast period.

Growing focus of companies on R&D, and joint ventures, in modern technologies is another trend

Major players in the market are increasingly making heavy investments in joint ventures, R&D of modern technologies. For instance, in March 2021, Suez and Schneider Electric entered into partnership to develop a joint venture for delivering innovative digital solutions for management of water cycle. Such initiatives by market players are increasing in the market, which is a growing trend in the global industrial automation and control systems market.