Industrial Control & Factory Automation Market bySolution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Component (IndustrialRobots, Industrial 3D Printing, Process Analyzer, Machine Vision, HMI), Industry, Region - Global Forecast to 2026
The IndustrialControl & Factory Automation Market size is projected to reach USD197.8 billion by 2026 from an estimated USD 133.1 billion in 2021, at a CAGR of8.2% from 2021 to 2026. Emergence of connected enterprises and requirement of mass manufacturing of products, government initiatives to promote industrial automation, adoption of emerging technologies such as IoT and AI in industrial environments, emphasis on industrial automation and optimum utilization of resources, and fiscal policies formulated by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis are among the factors driving the growth of the industrial control & factory automation market.
COVID-19Impact on the Global Industrial control & factory automation Market
In2020, COVID-19 had a negative effect on the industrial control & factoryautomation market, resulting in decreased shipments of component and solution of industrial control & factory automation and the revenues generated from them. As a result, a drop was witnessed in the growth trend of the market during the first half of 2020. This trend is expected to discontinue in the latter half of the year as the demand is expected to increase due to the growing concern for smart automation, energy and resource efficiency.
TheCOVID-19 pandemic has substantially impacted the value chain of the industrialcontrol & factory automation market. The US, China, South Korea, and Japan, which have been adversely affected by the pandemic, account for a significant share of the global industrial control & factory automation manufacturing. The discrete industries and process industries are witnessing a low demand, which is expected to continue for the short term due to the global slowdown.
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