Factory Automation and Industrial Controls Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Factory Automation and Industrial Controls market was valued at USD 202.19 billion in 2020 and expected to reach USD 337.02 billion by 2026 and grow at a CAGR of 9% over the forecast period (2021 - 2026). Digitization and Industry 4.0 revolution have significantly stimulated the growth of automation among various industries, by necessitating the use of smarter and automated solutions, such as robotics and control systems, to improve production processes.

• The increasing adoption of smart systems, components, and smart machinery and equipment, for the improvement of processes through automation and self-optimization, has resulted in the development of smart factories for planning, supply chain logistics, and product development. Increasingly, various manufacturing industries are striving to become smart factories.
• There has been an exponential rise in labor costs across various regions. In addition, the quality requirements are also getting more stringent. Against this backdrop, factory automation can cause a reduction in production, operation, and labor costs.
• Moreover, automotive manufacturers across the globe understand that the next generation of robotics and automation technologies is a revolutionary opportunity to upgrade automotive manufacturing, in terms of the productivity, quality, safety, and cost metrics. In addition, increased year-on-year robotic automation expenditure is projected to have a positive impact on the demand for robot automation systems.
• The high costs of automated systems are associated with effective and robust hardware and efficient software. Automation equipment requires higher capital expenditure, to invest in automation technologies (an automated system can cost millions of dollars to design, fabricate, and install). They also require a higher level of maintenance than a manually operated machine, and generally a lower degree of flexibility in terms of the possible products, as compared to a manual system, these factors are expected to act as a restraint to the market growth

Scope of the Report

The factory automation and industrial control is a rising trend in the manufacturing industry, which provides smart manufacturing infrastructure. Industrial control and factory automation facilitate cost efficiency, quality of production and standardize manufacturing, reliability, and flexibility in the process of manufacturing. Industrial control and factory automation offer a perfect mix of mechanical components and devices for the information technology market.

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Key Market Trends

Utilities is Expected to Register a Significant Growth

• Process automation paves the path for digital data and analytics that can reduce power system costs by reducing operations and maintenance costs, improving power plant and network efficiency, reducing unplanned outages and downtime and extending the operational lifetime of assets.
• The overall savings from these digitally enabled measures are expected to be about USD 80 billion per year during the of 2016 – 2040, or about 5% of the total annual power generation costs based on the enhanced global deployment of available digital technologies to all the power plants and network infrastructure. This has significantly driven the automation across energy and utility industry.
• According to a new report on Digitalization and Energy by the International Energy Agency (IEA), the digital technologies are set to transform the energy landscape globally by making it more connected, reliable, and sustainable, in order to have a profound impact on both energy demand and supply,

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