Driven by Industry 4.0 and the quick transition of industries toward smart manufacturing have created enormous market prospects for the Global Industrial Automation and Control Systems Market which is forecasted to Cross ~US$ 450 Bn by 2028 says Ken Research Study.
Industrial automation uses technology and control systems, such as computers and robots, to complete activities that were previously completed manually. These solutions reduce the need for operator engagement and supervision by automating industrial equipment operations. Industrial automation control system solutions require smart devices for data gathering as well as secure infrastructures to enable communications and data transfers.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study.”
1. Growing Demand for Automation, And Cutting-Edge, Integrated Technology Are Expected to Propel Market Growth
The ongoing need to increase profitability drives manufacturers to seek technologies that can increase productivity while requiring minimal resources. Industrial automation in this situation acts as a driver for improved dependability and efficiency and improves return on investment (ROI). Industrial automation reduces production costs while raising output rate and quality through the use of cutting-edge, integrated technology. It advances automation by replacing human work with computer programming and automation tools, producing a performance that is more efficient than manual operation.
According to Ken Research estimates, the Global Industrial Automation and Control Systems Market – valued at around ~US$ 150 billion in 2017 and estimated to reach nearly ~US$ 250 billion by 2022 – is further expected to grow to around ~US$ 450 billion opportunity by 2028.
2. The Demand for Automation and Industrial Controls Is Anticipated to Grow Due to The Increasing Need for Increased Productivity.
The increasing use of automation in industries is the primary driver of market growth for Industrial Automation and Control Systems. The market for industrial controls and factory automation is expanding as a result of an increasing demand to use higher technology equipment to achieve better results. Automation results in higher-quality products that are produced more economically, boosting the product’s overall profitability margin. Energy can also be saved through automation. Furthermore, the demand for high yield and production, skills shortages, and increased emphasis on improving efficiency and accuracy to attain high yield and productivity are some of the other factors driving the growth of the factory automation & industrial controls market. The Asia Pacific is the largest region, such systems are increasingly being adopted in nations like India, Japan, China, and South Korea.
According to the International Federation of Robotics (IFR), in 2022 reported that with 243,300 installations in 2021, an increase of 44% from the year prior, the industrial robot’s market in China experienced significant growth.
3. The Market Growth Could Be Hindered by The High Initial Cost of Setting Up Automation Control Units.
The worldwide factory automation & industrial controls market may be constrained by factors such as the high initial cost of installing factory automation & industrial controls systems and a lack of understanding regarding the quality of completed products produced employing automation. In addition to this, the market may be constrained by the scarcity of qualified individuals who can install automation and control processes.
Cost estimates for each collaborative robot system might be between ~US$3,000 and ~US$100,000. Prices for an industrial robotic system vary from ~US$ 15,000 to ~US$ 150,000, making them much more expensive.
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Industrial Automation and Control Systems Outlook
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