Industrial control and Factory Automation Market worth $301.9 Billion by 2020

Industrial control and Factory Automation Market worth $301.9 Billion by 2020

According to a new market research report of Industry Control and Factory Automation Market by Technology (ICS, MES, ERP, ITS), Field Devices (Industrial Network, RFID, Industrial Robotics and Control Devices), Application (Process, Discrete) - Global Forecast & Analysis to 2014 - 2020 published by MarketsandMarkets, the market is expected to grow at a CAGR of 8.53 per cent from 2014 to 2020.

The Industrial Control and Factory automation is an emerging trend in the manufacturing organisations, providing smart manufacturing set-up. It provides cost-efficiency, quality and standard production, reliability and flexibility in the production process. Also, it includes the perfect blend of mechanical components, devices and Information Technology. Emerging applications like Heating Ventilation Air Conditioning (HVAC) systems, Human Machine Interface (HMI) and electronic power distribution systems will further surge the demand of industrial controls and automation systems in the coming future.

Overall, the Industrial Control and Factory automation is segmented on the basis of: Technology, Field Devices, Applications and Geography markets. All major segments are further segmented into sub-segments, with separate classification. The Industrial control and Factory Automation market is expected to reach to $301.9 Billion by the year 2020, from $171.2 Billion in 2013, with a projected CAGR of 8.53 per cent.

The emphasis by market players on energy saving and efficiency improvement is driving the market, with other market driver factors like internet of things and services integrating manufacturing and engineering, country and government impetus to manufacturing activities and shifting manufacturing base.

Geographical split for the industrial control and factory automation market is included in the report. It presents the market size of different geographies. Additionally, Industrial Control and Factory automation market report divides the overall market based on four major geographical segments- The Americas, Europe, APAC, and Rest of the world (ROW). While the Americas region is the market leader in the Industrial Controls and Factory Automation market, the APAC region is projected to show the highest CAGR amongst other regions.

Source: MarketsandMarkets

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