Industrial Controls and Factory Automation Market growth opportunity and industry forecast to 2026

Global Industrial Controls and Factory Automation Market by Product Types, End-user Vertical, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026 Report By

Global industrial controls and factory automation market was valued at USD 190.83 billion in 2019 and is expected to reach USD 315.29 billion by 2026, expanding at a CAGR of around 9% during the forecast period, 2020–2026. The major indicators accounting for the growth significant growth of the automation are the digitization and industry 4.0 revolution.

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Market Drivers, Restraints, Opportunities, and Trends: ● Rising adoption of smart systems, smart machinery etc. for improving the process with the help of automation and self-optimization are the driving factors which are boosting the growth of the market. ● Factory automation has led to a reduction in production, operation, and labor costs. ● Automation equipment are effective and robust, therefore requiring high capital expenditure for investment in automation technologies. This can be a restraining factor which can hinder the growth of the market in the forecasted period. ● Automotive manufacturers are constantly innovating in next generation robotics and automation industry as it is a revolutionary opportunity in the global market.

Ask for discount@ https://dataintelo.com/ask-for-discount/?reportId=93151 Competitive Landscape: Major companies in the global industrial controls and factory automation market include ABB, Emerson Electric, GE, Honeywell International, Rockwell Automation, Schneider Electric, and Siemens. The market is partially fragmented with many competitors entering in the market to make a significant impact. They are focusing on expanding their market share and attain a certain loyal customer base. The firms are also acquiring start-ups from automation factory and industry control systems to strengthen their product lines.

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