Latin America Factory Automation And Industrial Controls Market Size

Latin America Factory Automation And Industrial Controls Market Analysis

The Latin American factory automation and industrial controls market was valued at USD 16.13 billion the previous year and is expected to register a CAGR of 7.54%, reaching USD 24.71 billion over the forecast period.

• Factory automation and control solutions facilitate the automation of entire manufacturing/production facilities by designing and building fully integrated intelligent control systems, including robots, sensors, industrial equipment, computers, and advanced data processing solutions.
• Some prominent factors driving the market include growing demand for the adoption of the Internet of Things (IoT) and Machine-to-Machine Technologies. Also, incremental technological advancement, coupled with a sustained increase in the development of manufacturing facilities, is expected to impact the market growth rate during the forecast period.
• Factory automation can aid manufacturing organizations in decreasing costs by eliminating waste, reducing errors, and enhancing efficiency. By automating routine tasks, manufacturers can save time and lessen the cost of labor-intensive manual processes. Due to automation, manufacturers can make better use of their resources. Automated systems can handle tasks like material handling, inventory management, etc., reducing the need for employees to complete these tasks manually. This can free up resources like labor, time, and equipment for other more critical tasks. Also, by avoiding overstocking or stockouts, factories can reduce carrying costs, inventory holding costs, and the risk of obsolete inventory.
• The increasing adoption of IoT in Latin America can be attributed to various factors like rapid digitalization, technological advancements, government initiatives, policies, and investments aimed at promoting digital transformation and Industry 4.0.
• The lack of skilled workforce in Latin America can be attributed to several factors. Inadequate access to quality education and training programs hinders the development of a skilled workforce. Limited resources, an outdated curriculum, and a lack of emphasis on practical skills contribute to a shortage of skilled professionals in the region. This is expected to hinder the market's growth.
• The COVID-19 pandemic forced manufacturing industries to re-evaluate their traditional production processes, primarily driving digital transformation and smart manufacturing practices across production lines. Manufacturers must also devise and implement multiple new and agile approaches to monitor product and quality control.