Global Industrial Control For Process Automation Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Definition Of The Global Industrial Control For Process Automation Market?
Industrial control for process automation refers to the use of control systems and technologies to monitor, regulate, and optimize industrial processes automatically. It is critical in optimizing industrial processes, enhancing operational efficiency, and ensuring safety and reliability in diverse industrial sectors. Industrial control for process automation enables organizations to achieve greater flexibility, agility, and competitiveness in today's dynamic business environment.
Industrial Control For Process Automation Global Market Report 2024 provides data on the global industrial control for process automation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Industrial Control For Process Automation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Industrial Control For Process Automation Market Size And Annual Growth Rates?
The industrial control for process automation market size has grown strongly in recent years. It will grow from $34.53 billion in 2023 to $37.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to the demand for operational efficiency increased, the complexity of industrial processes, the need for real-time monitoring, increased focus on safety, and labor costs. The industrial control for process automation market size is expected to see rapid growth in the next few years. It will grow to $55.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to increasing adoption of the Internet of Things, rising demand for edge computing, growing emphasis on cybersecurity measures, rising importance of digital twins, and growing need for autonomous systems. Major trends in the forecast period include automation, wearables, integration of AI, technological advancements, cybersecurity, and adoption of edge computing.
Which Key Drivers Are Propelling The Industrial Control For Process Automation Market's Growth?
The increasing adoption of cloud-based solutions is expected to propel the growth of industrial control in the process automation market going forward. Cloud-based solutions are services or applications hosted and supplied via the Internet rather than on local servers or personal devices. The increasing adoption of cloud-based solutions is due to scalability, cost-efficiency, and security. Adopting cloud-based solutions in industrial control for process automation offers numerous benefits, including scalability, cost-effectiveness, remote accessibility, advanced analytics, integration with IoT technologies, and enhanced security and compliance. For instance, in December 2023, Eurostat, a Luxembourg-based governmental organization of the European Union operating as the statistical office, reported that in 2023, the adoption rate of cloud computing services among small and medium-sized enterprises grew to 59%, up from 53% in 2021. Therefore, the increasing adoption of cloud-based solutions is driving the growth of the industrial control for the process automation market.
Get Your Free Sample of the Global Industrial Control For Process Automation Market ReportWhat Are The Key Segments Within The Global Industrial Control For Process Automation Market?
The industrial control for process automation market covered in this report is segmented –
1) By System: Supervisory Control And Data Acquisition System, Distributed Control System, Programmable Logic Controller, Machine Execution System, Product Lifecycle Management, Enterprise Resource Planning, Human Machine Interface, Other Systems
2) Mode of Automation: Semi-Automation, Fully-Automation
3) By Applications: Chemical And Petrochemical, Metals And Mining, Pulp And Paper, Water And Wastewater, Food And Beverage, Power, Oil And Gas, Others Applications
How Are New Trends Impacting The Size Of The Industrial Control For Process Automation Market?
Major companies in the industrial control for process automation market are concentrating on developing software-centric automation systems for remote monitoring and management of industrial processes. Such systems use modern platforms for data analysis and real-time decision-making. For example, in December 2022, Schneider Electric, a France-based automation company, launched EcoStruxure Automation Expert. This software-centric system allows for the isolation of automation software from hardware, offering a new approach to developing, constructing, running, and maintaining industrial automation systems. It features expanded libraries, enhanced user experience, and robust cybersecurity measures.
Which Region Drives The Highest Growth In The Industrial Control For Process Automation Market?
Asia-Pacific was the largest region in the industrial control for process automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial control for process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.