MarketsandMarkets has recently published a research report titled "Industrial Control and Factory Automation Market by Technology (SCADA, PLC & RTU, DCS, MES, HMI and Safety), Component (Industrial Robot, MACHINE Vision, Valve, Control Device and Field Instrument), Industry, & Geography: Global Forecast to 2020." According to the market research firm, the industrial control and factory automation market is expected to hit $202.42 billion by 2020 at a CAGR of 6.73 per cent from 2015 to 2020.

The growing demand of automation in various processes of the manufacturing sector is mainly due to increasing need of operational efficiency and increase in productivity along with optimal usage of resources. Furthermore, with the adoption of IoT and advancement in M2M communication, the implementation of automation technologies in factories has increased tremendously. The industrial control and factory automation market is also driven by the adoption of various policy reforms by governments. Smart manufacturing policies released by China focuses on consolidation of relationship with government and industry associations, and enhanced R&D innovation.

In 2014, the total industrial control and factory automation market was valued at $135.28 billion. The top nine companies accounted for the largest share in total industrial control and factory automation market.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved