Industrial Control & Automation Market Forecast to Hit USD 286.8 Billion by 2030

NEW YORK - Oct. 30, 2024 - PRLog -- According to a market expert at P&S Intelligence, the industrial control and factory automation market is expected to expand at a CAGR of 9.5%, reaching USD 286.8 billion by 2030. In 2022, sensors accounted for more than 24% of the market share. These components play a vital role in smart manufacturing, gathering critical data to support intelligent systems.

The adoption of IoT and Industry 4.0 technologies is fueling the use of sensors in automation. Upgraded smart sensors are enhancing industrial internet terminals by collecting environmental and infrastructure data for real-time adjustments. In 2022, the automotive sector contributed the second-largest revenue share, following healthcare, as consumer preferences evolve and technology advances reshape mobility behaviors.

The automotive sector's demand for automation stems from rapid globalization and economic growth in emerging markets, such as Brazil and India, where rising living standards boost automobile demand. Automotive has long been a significant user of industrial robots, accounting for approximately 20% of global installations in 2020.

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China and India are driving the automation market in the APAC region, which held over 39% of the revenue share in 2022. The transition to smart production facilities supports regional market dominance, enhanced by major industry players and emerging firms. Notably, India's automotive sector is growing rapidly, bolstered by the rising popularity of EVs and autonomous vehicles, establishing it as a key manufacturer of auto components globally.

Among automation components, industrial robots are forecasted to expand at the highest rate, around 10% annually. Robots are increasingly utilized in the automotive, pharmaceutical, electronics, and food and beverage sectors. In 2021, the U.S. automotive industry achieved a record robot density, with 1,000 units per 10,000 workers.

The ongoing growth of predictive analytics, AI, and 5G technologies will continue to drive demand for industrial control and automation solutions across industries in the coming years.

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