The global Industrial Automation and Control Systems Market Growth Accelerated by Adoption of Sustainable and Energy Efficient Solutions

 


Industrial automation and control systems are used for managing, controlling and operating various processes in industries through monitoring, regulating and controlling electromechanical processes. These systems help in improving operational efficiency, monitoring and controlling industrial processes remotely with minimum human efforts.

The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 201.06 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Adoption of sustainable and energy efficient solutions is one of the key trends driving growth of the Global Industrial Automation And Control Systems Market Size. Governments across the globe are encouraging industries to adopt energy efficient automation solutions to reduce carbon footprint as well as optimize energy consumption. Automation systems integrated with IoT and AI help industries monitor energy usage in real-time and take corrective actions. They also help optimize industrial processes with minimum wastage. Ongoing research and development in the area of sustainable automation is expected to further accelerate the adoption of such solutions going forward.

Segment Analysis

The global industrial automation and control systems market is segmented by component, system type and end-user industry. Based on component, the hardware sub-segment dominated the market in 2021 owing to high demand for programmable logic controllers (PLCs), drives and motors, pumps, switches, sensors etc. which form core components of industrial automation systems. The hardware segment is expected to continue its dominance over the forecast period on account of high demand for upgrading and replacement of aging hardware components across industries.

Key Takeaways

The global industrial automation and control systems market is expected to witness high growth over the forecast period of 2024-2031. The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 201.06 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031.

Regional analysis: Asia Pacific region holds the largest share in the global industrial automation and control systems market in 2021 and is expected to witness the highest growth over the forecast period. The growth in the region can be attributed to rising industrialization and adoption of industrial automation technologies across industries such as automotive, electronics and semiconductor in countries such as China, India and Japan. The increasing spending by governments in Asia to support industrial automation initiatives is further expected to drive the regional market growth.

- Key players: Key players operating in the industrial automation and control systems market are LG Chem, Hanmi Pharmaceutical Co., Ltd., Boryung Pharmaceutical Co., Ltd., Novartis AG, EirGenix, Inc., Biocon Limited, G.L. Pharma GmbH, Daewoong Pharmaceutical Co., Ltd., Sandoz International GmbH, Boryung Pharmaceutical Co., Ltd., VHB Life Sciences Limited, HanAll Biopharma, Taiba Healthcare, Huons Co., Ltd., Dong-A ST Co., Ltd. LG Chem holds the largest market share owing to its wide product portfolio and global presence. Boryung Pharmaceutical Co., Ltd. is another major player focusing on expanding its presence in Asia Pacific region.

Get More Insights On This Topic: https://www.pressreleasebulletin.com/industrial-automation-and-control-systems-market-size-share-analysis-2023-2030/

Comments

Post a Comment

Popular posts from this blog

Macrophage Marker Market Poised to Grow at a Robust Pace Due to Rising Demand in Medical Diagnostics

Image
  The macrophage marker market has witnessed significant growth in recent years owing to the growing applications of macrophage markers in medical diagnostics. Macrophage markers are proteins or cell surface receptors that are expressed by macrophages and are used to identify and study macrophages and their functions. Some of the key macrophage markers include CD14, CD68, CD163, CD206, and LAMP-3. These markers play a vital role in studying the functions of macrophages in various diseases like cancer, inflammatory disorders, and infectious diseases. The global macrophage marker market is estimated to be valued at US$ 295.15 million in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period of 2024-2030. The growing prevalence of various chronic and infectious diseases and increase in R&D spending for drug discovery are some of the key factors driving the demand for macrophage markers in recent years. Macrophage markers help in evaluating disease progression, d...
Read more

The global Cancer Diagnostics Market is growing at an accelerated pace

Image
  Cancer diagnostics involve various tests and procedures used to detect different types of cancers as early as possible to help improve treatment outcomes. From simple blood tests and imaging scans to biopsies and molecular testing, cancer diagnostics help doctors determine if an individual has cancer, where it is located in the body, if it has spread, and other important information. The growing incidences of various cancers like breast, lung, prostate and colorectal cancer globally have increased the demand for advanced and effective diagnostic procedures. Early detection is critical for cancers to treat them effectively and improve chances of survival. The global Cancer Diagnostics Market is estimated to be valued at US$ 59.1 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Immunohistochemistry is one of the key diagnostic trends gaining popu...
Read more

The Global Boat Accumulator Market Growth Is Accelerated By Increasing Consumer Spending

Image
  Boat accumulators or batteries are sealed lead acid batteries that provide starting power and deep cycle power for boats. They are essential for powering marine electrical systems, motors, navigation lights, bilge pumps and other onboard appliances. The growing marine tourism and recreational boating activities have increased the demand for boats and yachts over the years. This has propelled the boat accumulator market. The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Increasing consumer spending on recreational boating activities has been a major driver for the boat accumulator market over the past decade. The number of recreational boats sold globally has increased steadily with the rise in disposable incomes and leisure time among consumers. Countries like the United S...
Read more