The industrial control and factory automation market is expected to grow from US$160.0 billion in 2018 to US$269.5 billion by 2024, at a CAGR of 9.08%.
The growth of this market can be attributed to the increasing use of enabling technologies in manufacturing, rising adoption of industrial robots in the manufacturing sector, connected supply chain along with mass production to cater rising population, government initiatives towards, the adoption of industrial automation in various industries.
However, the fluctuating market trend observed in end-user industries is likely to hamper the demand for field instruments and significant capital investment required for automation solutions are the restraints for the market.
Industrial 3D printers optimise end-use parts manufacturing and prototype production for a wide range of products
The market for 3D printers in components is expected to grow at a high rate from 2018 to 2024. Industrial 3D printing comprises scanning and printer software.
Scanning software has a huge potential owing to its use at various stages of product development, such as concept phase, design, prototype, engineering, production, and quality control.
Capturing physical measurements of any physical object to add or improve the parts through CAD and comparison of parts at different phases of development are key factors expected to drive the market for scanning software.
Scanning software allows the manufacturing of tools by 3D printing without working on the design by simply scanning the tool that has already been developed using traditional methods.
Cost-saving and operation optimisation drive the market for MES
The industrial control and factory automation market for MES solution is likely to grow at the highest rate from 2018 to 2024.
Manufacturers are adopting MES technology to reduce cost and provide opportunities in the operation and deliverance of high-performance production assets across the supply chain. This is leading toward a high growth rate for the MES segment.
APAC to be fastest-growing market for industrial control and factory automation during the forecast period
Among all regions, the market in APAC is expected to grow at the highest rate from 2018 to 2024. The growth of the market in this region is attributed to the technological innovation and increasing adoption of the automation technologies in various industries.