The industrial control & factory automation market size is expected to grow from USD 133.1 billion in 2021 to USD 197.8 billion by 2026; it is expected to grow at a CAGR of 8.2% from 2021 to 2026

The key factors driving the growth of the market include adoption of emerging technologies such as IoT and AI in industrial environments, emergence of connected enterprises and requirement of mass manufacturing of products, government initiatives to promote industrial automation, emphasis on industrial automation and optimum utilization of resources, and fiscal policies formulated by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis.

New York, July 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Control & Factory Automation Market by Solution, Component, Industry, Region - Global Forecast to 2026" - https://www.reportlinker.com/p05136806/?utm_source=GNW


Market for industrial sensors to account for largest market share in component during the forecast period
The industrial sensors segment is expected to hold the largest share of the industrial control & factory automation market. The growth of the industrial sensors segment is driven by the growing adoption of Industry 4.0 and IIoT, and the growing wireless sensors market. Predictive maintenance is expected to offer lucrative opportunities to the players in the industrial sensors market in the coming years. Predictive maintenance is enabled by 3 major solution enhancements over a traditional maintenance schedule: capturing sensor data, facilitating data communications, and making predictions. As sensors are an important part of predictive maintenance solutions, the demand for industrial sensors is expected to increase significantly in the coming years.

PAM solution to grow at the highest rate during the forecast period
The PAM segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing deployment of PAM solutions in process and discrete industries to build a comprehensive data repository related to different equipment installed in these plants, right from their uptime performance to their life cycle cost assessment.

Oil & gas process industry to account for largest market share during the forecast period
Industrial control & factory automation solutions can enable the oil & gas industry to monitor the facilities remotely and gain insights into daily inventory and equipment conditions.Remote monitoring can compensate for the shortage of skilled workforce for collecting equipment data.

It also reduces the risk to the lives of employees and improves the overall safety and efficiency of industrial workers.

Medical devices discrete industry to grow at highest CAGR during the forecast period
In the medical devices industry, industrial control & factory automation solutions help improve manufacturing processes, planning, technology assessment, third-party services, and remote support. Industrial control & factory automation technologies also help reduce recalls and wastes and increase the profitability of the companies engaged in the manufacturing of medical devices due to precision in manufacturing.

APAC is expected to capture largest market size during the forecast period”
The APAC industrial control & factory automation is projected to capture the largest market size, driven by the increasing adoption of automation technologies across industrial sectors in China and India.Factory automation is increasing in China, due to high labor wages and the presence of a large number of automotive manufacturing plants.

Growing population, rising standards of living, and developing economies have led to the rising demand for energy.It is estimated that APAC could drive approximately 65% of the global energy demand by 2035, with China and India collectively expected to fulfill 40% of the demand.

Oil and gas companies in North America and Europe have started investing in APAC to fulfill the growing energy demand.The increasing energy demand would lead to the development of the energy sector, including oil & gas and power industries.

This, in turn, would generate demand for automation products in the APAC region.

The break-up of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 = 40%, Tier 2 = 35%, and Tier 3 = 25%
• By Designation: C-Level Executives = 48%, Directors = 33%, and Others= 19%
• By Region: North America = 35%, Europe = 18%, APAC = 40%, and RoW = 7%

Major players operating in the industrial control & factory automation market include ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan).

Research Coverage:
The research report on the global industrial control & factory automation market covers the market based on component, solution.Industry, and region.

Based on component, the market has been segmented into industrial sensors, industrial 3D printers, industrial robots, machine vision systems, process analyzer, field instruments, human-machine interface, industrial PC, and vibration monitoring.Based on solution, the industrial control & factory automation market has been segmented into SCADA, PAM, MES, PLC, DCS, industrial safety.

Based on industry, the market has been segmented into process industry (oil & gas, chemicals, pharmaceuticals, energy & power, pulp & paper, food & beverages, metals & mining, others) and discrete industry (automotive, aerospace & defense, semiconductor and electronics, machine manufacturing, medical devices, others). The report covers four major regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Key Benefits of Buying the Report:
This report segments the industrial control & factory automation market comprehensively and provides the closest approximations of the overall market size, as well as that of the subsegments across different component, solution, industry, and regions.
The report helps stakeholders understand the pulse of the market, expected market scenario and provides information on key market drivers, restraints, challenges, and opportunities.
The report helps to understand the COVID-19 impact on the industrial control & factory automation market
Read the full report: https://www.reportlinker.com/p05136806/?utm_source=GNW

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