According to the business intelligence report titled ‘Global Industrial Control and Factory Automation Market Size study with COVID-19 Impact, by Component (Industrial Robots, Machine Vision, Control Valves, Field Instruments, Human-Machine Interface, Industrial PC, Sensors and Industrial 3D Printing), by Solution (SCADA, PLC, DCS, MES, PLM, Functional Safety and PAM), by Industry (Process Industries and Discrete Industries) and Regional Forecasts 2020-2027’ available with Market Study Report, global industrial control and factory automation market was worth USD 139.8 billion in 2019 and is predicted to expand with 8.6% CAGR over 2020-2027, subsequently accounting USD 270.4 billion by  the end of the forecast period.
 

Favorable government initiatives aimed at promoting the adoption of industrial automation, ongoing technological advancements, and establishment of smart factories are the key factors stimulating global industrial control and factory automation market growth. Moreover, escalating adoption of robots in manufacturing industry, surging demand for mass manufacturing of products, and emergence of connected enterprises are enhancing the industry outlook.
 

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For the record, industrial control systems are adopted by enterprises for efficient integration of software and hardware with network connectivity devices to support the industrial infrastructure. They are mainly implemented for reducing operational costs as well as for enhancing the quality of products by standardizing the manufacturing processes. Hence, reduced labor requirements in factories and minimized cost of rework are encouraging the adoption of industrial control and factory automation solutions.
 

Elaborating on the latest developments in global industrial control and factory automation market sphere, the COVID-19 pandemic has compelled organizations across the globe to adopt the ‘work from home’ policy. This resulted in a lack of manpower and labor, thus, impelling the demand for the automation systems across the industrial sector.
 

On the contrary, high initial capital investments and reinvestments for the implementation of industrial control and automation systems is a major restraining factor for business development over the analysis timeframe.
 

Based on component type, global industrial control and factory automation market is split into industrial 3D printing, sensors, industrial PC, human-machine interface, field instruments, control valves, machine vision, and industrial robots.
 

With regards to solutions offered, the business space is segmented into functional safety & PAM, PLM, MES, DCS, PLC, and SCADA. Moving on, the end-user landscape of the market is categorized into discrete industries and process industries.
 

From a regional point of view, Asia-Pacific industrial control and factory market is anticipated to amass significant gains, registering a robust growth rate over 2020-2027. Technological advancements and high adoption of automation solutions across various industries are contributing to the regional industry expansion.

Top companies profiled in global industrial control and factory automation market analysis are Emerson Electric Co., ABB Ltd., Siemens AG, Mitsubishi Electric Corp., Schneider Electric SE, General Electric Co., Honeywell International, Inc., Rockwell Automation Inc., Omron Corp., and Yokogawa Electric Corp..