The global industrial control and factory automation market reached $160 billion in 2018

According to the latest market research report, the global industrial control and factory automation market is expected to reach $160 billion in 2018 and is expected to increase to $269.
5 billion by 2024, with a CAGR of 9.
08%
during the period.

The increase in this market can be attributed to the increasing use of technology in the manufacturing industry, especially the increasing adoption rate of industrial robots, supply chain upgrades, and mass production to meet the growing population, coupled with the measures taken by the government to promote the application of various industrial automation in various industries
.

According to the report, the industrial robotics segment is growing at a significant rate during the forecast period and has the highest component market share in the industrial control and factory automation market
.
Manufacturers are installing industrial robots to make production and distribution simple and efficient
.
The installation of industrial robots reduces human intervention in the production process, thereby reducing manufacturing costs while improving quality and production capacity
.
Articulating robots are expected to dominate the industrial robotics market
during the forecast period.

From a solution perspective, process automation and control in industrial manufacturing plants drives the development of
DCS (Data Control Systems).
DCS is expected to hold the highest market share in solutions in the industrial control and factory automation market
during the forecast period.
Developing countries have expansion and capacity increase plans related to the power sector, which will increase the demand
for DCS.
The advantages of using DCS systems in manufacturing plants are decision integrity, simplified operations, and increased productivity
.

Regionally, Asia Pacific is expected to be the largest regional market
for industrial control and factory automation.
Asia Pacific is the fastest growing region
in the industrial control and factory automation market due to technological innovation and increasing popularity of automation technology in various industries.
The major application industries in the industrial control and factory automation market in Asia Pacific are chemicals, oil and gas, water, semiconductors, electronics, food, and automotive
.
China is one of the
major players in the industrial control and factory automation market in the Asia-Pacific region.
By implementing automation technology in manufacturing, China has been committed to innovative industrial practices
.
In addition, research institutions and companies are collaborating to improve manufacturing processes
in China.
In China, industrial intelligence and information integration are still the main focus
of the government's industrial policy.
This initiative is expected to increase the demand
for industrial control and factory automation in the country.

From a business perspective, the major players in the industrial control and factory automation market include Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress + Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), Azbil (Japan), Fuji Electric (Japan), 3D Systems (US), HP (USA), FANUC (
。