Published Date: 30-Nov-2022
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According to a new report, published by KBV research, The Global Industrial Automation And Control Systems Market size is expected to reach $301.8 billion by 2028, rising at a market growth of 10.0% CAGR during the forecast period.
The Distributed Control Systems (DCS) segment acquired maximum revenue share in the Global Industrial Automation and Control Systems Market by Type in 2021 thereby, achieving a market value of $111.2 billion by 2028. A DCS is essentially a computerized control system developed for a plant or process that has multiple control loops. In this, autonomous controllers are spread across the system without supervising central operator control. The rise in the implementation of DCS is complemented by the rising preference of manufacturers for automated control systems.
The Sensors segment has shown the growth rate of 9.1 % during (2022 - 2028). Sensors are widely employed in various processes and functions related to control systems and automation. These offer accurate and instant readings and data that are important for automation and industrial processes. Numerous types of sensors are available based on their usage, like humidity sensors, proximity sensors, temperature sensors, torque sensors, etc.
The Manufacturing segment is generating highest revenue share in the Global Industrial Automation and Control Systems Market by Vertical in 2021 thereby, achieving a market value of $63.7 billion by 2028. The rising trend of autonomous processes in industries and factories has increased the segment's growth. Most manufacturers implement IACS systems to boost their production capabilities and streamline operations. This enables them to decrease time constraints and error rates.
The Asia Pacific market dominated the Global Industrial Automation and Control Systems Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $113.2 billion by 2028. The Europe market is exhibiting a CAGR of 9.3% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 9.5% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corporation.
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