Integration of information technology (IT) with mechanical systems to standardize various production and manufacturing processes is called as factory automation. Automation provides advantages such as optimization of production and manufacturing process, effortless process monitoring, waste reduction, quality maintenance and standardization of products, and safety.
Increasing deployment of smart factories across the globe coupled with increasing adoption of automated process in various sectors such as oil & gas, food & beverages, pharmaceuticals, etc. are major factors driving growth of the global industrial control and factory automation market. In addition, increasing penetration of internet of things (IoT) technology and connected devices, increasing adoption of humanoid robots, and increasing adoption of automation analytic predictive analytic tools are other factors expected to drive growth of the global market to a significant extent over the forecast period. Major factors hampering the global market are high capital investments and low return on investment.
The global industrial control and factory automation market is segmented on the basis of product type, end-use industry, and region. The manufacturing execution system (MES) product type segment accounts for highest market share in the target market, and is expected to maintain its dominance over the forecast period.
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On the basis of region, the global industrial control and factory automation market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe industrial control and factory automation market is expected to account for highest revenue share in the global market by 2026, owing increasing adoption of automated solutions for automotive industry by major automotive manufacturers in countries in this region.
Key players in the global market include Rockwell Automation Inc., Honeywell International Inc., Robert Bosch GmbH, General Electric Company, Siemens AG, Emerson Electric Company, Dassault Systèmes, Mitsubishi Electric Corporation, Autodesk Inc., Aspen Technology Inc., Texas Instruments Inc., Johnson Controls International PLC, and other prominent players.