According to the recent research report titled ‘Global Industrial Control & Factory Automation Market Size study, by Component (industrial sensors, industrial robots, industrial 3d printers, machine vision systems, process analyzers, field instruments, human machine interface, industrial PC, vibration monitoring) Solution (SCADA, PAM, PLC, DCS, MES, Industrial safety) Industry (Process industries, discrete industries) and Regional Forecasts 2021-2027’, available with Market Study Report, global industrial control & factory automation market was worth USD 123 billion in 2020 and is projected to record a CAGR of 8.2% over 2021-2027, subsequently amassing USD 213.5 billion by the end of the forecast period.
 

Growing adoption of new technologies such as artificial intelligence (AI) and Internet of Things (IoT) in industrial environments, along with surging demand for safety compliance automation solutions are fueling global industrial control & factory automation market growth.
 

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Notably, industrial control & factory automation is a growing trend in the manufacturing industry, that offers smart production infrastructure. It improves production quality, dependability, cost efficiency, standardization, and flexibility in the manufacturing process.
 

New applications such as human machine interface (HMI), electronic power distribution systems, and heating, ventilation, and air conditioning (HVAC) are anticipated to boost demand for industrial controls & automation in the forthcoming years. Further, technological advancements in process monitoring, industrial automation, and control have considerably increased the productivity of manufacturing industries worldwide.
 

Automation in industrial operations offers various benefits such as faster output, waste reduction, cost savings, decreased feedback, production monitoring, and management as compared to traditional human procedures. Various mechanical devices are coupled with IT systems to enhance automation outcomes.
 

Speaking of factors restraining global industrial control & factory automation industry expansion, lack of skilled workforce is likely to act as a major challenge for businesses in this vertical.
 

Regionally, Latin America, Asia Pacific, Europe, North America are the top contributors to the overall market remuneration. Of these, Asia Pacific industry is slated to grow substantially through 2027, creditable to rising construction sector, and increasing government attempts to regulate energy-efficient practices across the commercial sector. Growing environmental awareness and booming population are further boosting demand for industrial control & factory automation components and systems like DCS, SCADA, industrial robots, and industrial sensors in the region.
 

Considering the competitive terrain, Yokogawa Electric Corporation, Honeywell International Inc., Mitsubishi Electric Corporation, Siemens AG, Schneider Electric SE, Rockwell Automation Inc., General Electric Company (GE), Emerson Electric Co., Endress+Hauser AG, and ABB Ltd. are the prominent companies in global industrial control & factory automation market sphere.