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Industrial control and factory automation market expected to hit $239.11 billion by 2023

Industrial control and factory automation market expected to hit $239.11 billion by 2023

The Industrial Control and Factory Automation Market is expected to exhibit significant growth between 2017 and 2023. This report is an analytical guide providing information about the key company profiles, industry insights and market forecast.

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Complete report is now available on Industrial Control and Factory Automation Market by Solution (SCADA, PLC, DCS, MES, PLM, PAM, Functional Safety), Component (Industrial Robots, Industrial 3D Printing, Control Valves, Machine Vision, HMI), Industry and Geography - Global Forecast to 2023 at www.rnrmarketresearch.com/industri…rket-report.html

The market for manufacturing execution system (MES) is expected to grow at the highest CAGR between 2017 and 2023. MES integrates all the activities from planning to automation in the manufacturing automation plants.

The activities include resource allocation and status, operation scheduling, dispatching, document control, management of resources, quality management, maintenance management, tracking and tracing of product, and performance analysis. The manufacturers are adopting MES because it saves costs, provides operational efficiency, and delivers high performance in production.

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The industrial control and factory automation market is expected to be valued at USD 239.11 billion by 2023 from USD 155.26 in 2017, at a CAGR of 7.4% between 2017 and 2023. The key driving factors for the growth of the industrial control and factory automation market are extensive use of enabling technologies in manufacturing, continuous innovation in industrial robotics boosting its adoption in manufacturing, need for mass production and connected supply chain to cater to the growing population, and government initiatives toward the adoption of industrial automation in various industries.

However, high capital investment and limited re-investments and declining oil and gas prices affecting infrastructure-related investments are considered to be the major restraints.

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The market for the discrete industry is expected to grow at the highest CAGR between 2017 and 2023. The discrete industry is expected to be driven by the rapid adoption of advanced manufacturing solutions by manufacturers to improve visibility, operational excellence, and quality while reducing the lead-time.

The discrete industry includes automotive, machine manufacturing, semiconductor & electronics, aerospace & defense, medical devices, and others that use automation as it improves consistency of processes, increases throughput, improves quality, reduces operation and work handling time, reduces manual work, and provides a high degree of safety.

The industrial control and factory automation market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2017 and 2023.China is one of the major countries supporting the growth of industrial control and factory automation in this region. China has been working on innovative industrial practices by implementing automation technologies in manufacturing companies.

Moreover, the research institutes and system integrators are collaboratively working to improve the manufacturing processes in China. Furthermore, in China, industrial intellectualization and information integration isthe main focus of the government industrial policy.

These initiatives are expected to increase the demand for industrial control and factory automation in this country.

Break of primary participants in Industrial Control and Factory Automation Market was as mentioned below:

By Company Type: Tier 1–48%, Tier 2– 32%, and Tier 3– 20%

By Designation: C-Level Executives–42%, Directors–35%, andOthers–23%

By Region: North America–52%, Europe– 23%, APAC–18%, and RoW–7%

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Major players of Industrial Control and Factory Automation Market Report are:

The key players in the industrial control and factory automation market are Siemens (Germany), ABB (Switzerland), Emerson (US), Mitsubishi (Japan), and Schneider (France),Rockwell (US), General Electric (US), Yokogawa (Japan), Omron (Japan), and Honeywell (US).

Key Benefits of Industrial Control and Factory Automation Market Report

This report covers the following aspects that will benefit the client:

Market segmentation on the basis of type, application, and region

Market dynamics including drivers, restraints, and opportunities

Porter’s Five Forces analysis

Profile of key players in the global Industrial Control and Factory Automation market

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