Factory Automation And Industrial Controls Market To Reach US$ 216.65 Billion By 2032: Future Market Insights, Inc.

The global factory automation and industrial controls market is expected to be valued at US$ 130.84 Billion in 2022. The overall demand for Factory Automation and Industrial Controls is projected to grow at a CAGR of 5.2% between 2022 and 2032, totaling around 216.65 Billion by 2032.

Automation is the use of mechanical and informational technologies in conjunction with manufacturing processes to build a productive and intelligent manufacturing infrastructure. The operational costs of manufacturing can be reduced with the aid of industrial control systems and factory automation. In order to increase quality, they also aid in standardising the manufacturing process. The setup comes with a high upfront cost.

However, in the long run, investment in automation can help any firm save on manpower costs by reducing labor in factories and quality control and auditing and minimizing the cost of rework as robots are highly effective and low on errors. The use of automation also improves the company’s reputation because the finished product almost always has a high level of finish.

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According to a report from Future Market Insights, the global demand for factory automation and industrial controls is anticipated to grow at a CAGR of 5.2% between 2022 and 2032, reaching a total of US$ 216.65 billion in 2032. (FMI). Sales increased significantly between 2017 and 2021, with a CAGR of 4.8%.

The industrial automation market has undoubtedly undergone some novel developments over the last few years. Such as the development of programmable logic controller (PLC) developed by Dick Morley and others – was designed to replace relay logic; it generated growth in applications where custom logic was tough to execute and change. The PLC was a lot more dependable than relay contacts and much easier to program.

Competitive Landscape:

• In December 2021, Honeywell announced it has agreed to acquire privately held US Digital Designs, Inc., a Tempe, Ariz.-based company, for a purchase multiple of ~14X EBITDA in an all-cash transaction. The company delivers alerting and dispatch communications solutions, which enhance first responders’ efficacy and enable faster emergency response times.
• In July 2021, ABB announced it will acquire ASTI Mobile Robotics Group (ASTI), a leading global autonomous mobile robot (AMR) manufacturer with a broad portfolio across all major applications enabled by the company’s software suite. This will expand ABB’s robotics and automation offering, making it the only company to offer a complete portfolio for the next generation of flexible automation.
• In May 2022, Emerson Electric completed its massive merger deal with publicly traded Aspen Technology to create a new company focused on industrial software.

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Key Segments Covered in the Factory Automation and Industrial Controls Industry Analysis

Factory Automation and Industrial Controls Market by Product:

• Field Devices
• Industrial Control Systems
• Manufacturing Execution Systems
• Enterprise Resource Planning
• Product Lifecycle Management

Factory Automation and Industrial Controls Market by End Use:

• Automotive
• Oil & Gas
• Plastic
• Power
• Chemical & Petrochemical
• Mining & Metals
• Others