Industrial automation and control systems are important components for manufacturing facilities used to monitor and control operations and processes. Automation control systems enable enhanced monitoring of plant assets and operations to optimize productivity, reduce downtime, and increase output. Industrial automation control systems include supervisory control and data acquisition systems, distributed control systems, and programmable logic controllers. These systems help integrate advanced manufacturing and real-time control of machinery across the plant floor for various processing industries including oil & gas, chemicals, energy, automotive, and others. With the adoption of digital technologies such as Internet of Things, data analytics, cybersecurity, and cloud computing as part of Industry 4.0 standards, plant operators are increasingly relying on automation control systems for remote monitoring and predictive maintenance of equipment.
The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 174.53 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the industrial automation and control systems market is the integration of advanced technologies like AI, IoT, and edge computing to enhance operational efficiency. Machine learning and predictive algorithms incorporated in industrial control systems can glean timely insights from sensor and production line data to optimize workflows. The use of distributed control systems architecture enables remote monitoring of industrial processes from any location. Edge computing deployment of automation controllers at the plant premises instead of centralized servers helps reduce latency and supports real-time analytics and decision-making. Integration of 5G connectivity for industrial control networks will further advance IIoT applications. Adoption of open source technologies, containers, and cloud-native architecture by automation solution providers is simplifying system implementation, updates, and scalability.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as large capital investments are required to manufacture industrial automation equipment. Also, being an established industry, major players enjoy economies of scale.
Bargaining power of buyers: The bargaining power of buyers is moderate. While large customers can negotiate on price, many buyers lack expertise and purchase automation equipment as per vendor recommendations.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitute components. Most suppliers also operate in a competitive environment.
Threat of new substitutes: The threat of new substitutes is high with the emergence of technologies like IoT, AI, cloud computing etc. These new technologies can disrupt conventional automation systems.
Competitive rivalry: The competitive rivalry is high among global players. Players compete based on product quality, technological innovations, and service offerings.
Key Takeaways
The Global Industrial Automation And Control Systems Market Size is expected to witness high growth.
The Asia Pacific region dominates the market currently due to large manufacturing activity in countries like China and India. Countries like China, Japan and South Korea are early adopters of industrial automation.
Key players operating in the Industrial Automation and Control Systems market are ABB Ltd, Emerson Electric Co., Siemens AG, General Electric Company, Rockwell Automation Inc. ABB Ltd is a major player providing hardware, software, and integrated automation solutions. Emerson Electric Co. offers industrial automation products and services including valves, actuators, and regulators.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
