Industry Controls and Factory Automation Market - Size, Share, Industry Trends, and Forecasts (2024 - 2031)

By Component:

Based on components, the market is segmented into hardware, software, and services.

Trends in the component:

• Increasing technological advancements associated with industrial control and factory automation devices such as robotics systems, sensors, actuators, controllers, and others.
• There is a rising trend towards utilization of industrial control and automation devices in industrial facilities for constant monitoring, optimization, and improved operational efficiency.

The hardware segment accounted for the largest revenue share of 55.41% of the total industry controls and factory automation market share in 2023.

• The primary hardware components used for industrial control and factory automation include controllers, industrial robots, sensors, actuators, motors, human-machine interfaces (HMIs), and others
• Industrial controllers are used to control machinery and processes automatically. Meanwhile, industrial robots are used for automating repetitive tasks in factories for increased precision and efficiency.
• Additionally, sensors are used for gathering data from the environment while actuators are utilized for performing the necessary actions based on control signals.
• Moreover, the aforementioned hardware components help in facilitating precise process control and automation within industrial facilities, in turn leading to improved efficiency, precision, and safety in industrial processes.
• For instance, in August 2024, Okuma America Corporation launched its new ORL series of robotics for facilitating automation within factories. The ORL series includes three products, which are optimized to seamlessly load and unload workpieces from both new and pre-existing Okuma machines for increasing productivity and aiding operators' efficiency.
• According to the analysis, the rising innovations associated with hardware components for facilitating improved industrial control and factory automation are driving the industry controls and factory automation market growth.

The software segment is anticipated to register the fastest CAGR growth during the forecast period.

• Industry control and factory automation software provides a centralized platform for monitoring and controlling the equipment and automation systems used within industrial facilities.
• The software has the ability to capture, organize, and analyze data to monitor industrial equipment and system performance.
• Moreover, the benefits of integrating industrial control and factory automation software include smarter maintenance and effective analysis of equipment performance within industrial facilities.
• In October 2022, Schneider Electric launched EcoStruxure Automation Expert v24, its next-generation industrial automation software. The upgraded industrial automation software is capable of supporting larger industrial plants and additional communication protocols.
• Therefore, the increasing advancements associated with industrial control and automation software are anticipated to boost the industry controls and factory automation market size during the forecast period.

By Technology:

Based on technology, the market is segmented into distributed control systems (DCS), supervisory control and data acquisition (SCADA), programmable logic controllers (PLC), programmable automation controllers (PAC), intelligent electronic devices (IED), and Others.

Trends in the technology:

• There is an increasing trend towards the adoption of programmable logic controllers within industrial facilities for real-time processing and operation while increasing operational efficiency.
• Rising adoption of distributed control systems (DCS) in industries such as oil & gas, power generation, and others.

The programmable logic controller (PLC) segment accounted for the largest revenue in the overall industry controls and factory automation market share in 2023.

• Programmable logic controllers (PLCs) are compact, robust digital computers that are specifically designed for controlling manufacturing processes or machinery. Programmable logic controllers utilize programmable software for executing various logic operations and controlling key industrial processes.
• Moreover, PLCs offer a range of benefits including real-time processing and operation, increased flexibility in accommodating different tasks and industrial processes, along increased reliability and durability while operating in harsh industrial environments.
• For instance, in February 2024, WEG launched its new PLC410 model of programmable logic controller. The newly launched PLC offers a versatile solution for industrial automation in several industries, including pharmaceuticals, pulp and paper, metallurgy, and others.
• Therefore, the rising developments associated with programmable logic controllers (PLCs) are driving the industry controls and factory automation market trends.

The distributed control system (DCS) segment is anticipated to register the fastest CAGR growth during the forecast period.

• Distributed control system (DCS) refers to a type of control system for a process or plant, where the control elements are distributed throughout the system instead of being centralized. DCS systems typically consist of multiple controllers, sensors, and actuators linked through a network.
• Moreover, a distributed control system provides numerous benefits including increased scalability, high reliability, flexibility, and real-time monitoring among others. A distributed control system can easily be expanded to accommodate additional processes, which makes it ideal for large-scale industrial installations.
• In April 2024, Valmet introduced its next-generation distributed control system (DCS), which is a completely web-based process control system that is optimized to improve efficiency, sustainability, productivity, and safety in industrial operations. The DCS represents a key milestone in process automation and offers a reliable platform for moving towards more digitalized and autonomous operations.
• Therefore, the increasing advancements associated with distributed control systems (DCS) are anticipated to boost the market growth during the forecast period.

By Application:

Based on the application, the market is segmented into manufacturing, oil & gas, automotive, chemical, energy & utilities, food & beverage, electronics & semiconductor, and others.

Trends in the application:

• Industrial facilities have witnessed a growing trend in the utilization of industrial control and factory automation systems for optimizing and streamlining industrial processes.
• The prevalence of favorable government initiatives for industrial automation is driving the growth of the manufacturing segment.

The manufacturing segment accounted for the largest revenue share of the total market share in 2023, and it is anticipated to register a significant CAGR during the forecast period.

• This dominance is attributed to the rising adoption of industrial control and automation systems in manufacturing facilities for optimizing manufacturing processes and operations with minimal human intervention.
• Additionally, the increasing development of smart factories and technological advancements in manufacturing equipment such as artificial intelligence (AI), industrial internet of things (IIoT), and others has further propelled the market expansion.
• For instance, in December 2023, Mitsubishi Electric India introduced its new smart manufacturing facility for advanced factory automation systems in the state of Maharashtra, India. The new manufacturing facility is optimized to deliver products with the highest quality and reliability while strengthening its business in India and addressing the increasing demand for advanced automation and smart manufacturing solutions.
• According to the analysis, the rising developments associated with smart factories and the adoption of automation in manufacturing facilities are driving the industry controls and factory automation market.