Industrial Control & Factory Automation Market worth $197.8 billion by 2026 - Exclusive Report by MarketsandMarkets

CHICAGO, July 19, 2021 /PRNewswire/ -- According to the new market research report on the "Industrial Control & Factory Automation Market by Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Component (Industrial Robots, Industrial 3D Printing, Process Analyzer, Machine Vision, HMI), Industry, Region - Global Forecast to 2026", published by MarketsandMarkets, the Industrial Control & Factory Automation Market size is expected to grow from USD 133.1 billion in 2021 to USD 197.8 billion by 2026; it is expected to grow at a CAGR of 8.2% from 2021 to 2026. The key factors driving the growth of the market are emphasis on industrial automation and optimum utilization of resources, 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, and fiscal policies formulated by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis.

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"Industrial sensors segment held the largest market size of the overall component segment of industrial control & factory automation market in 2020"

The industrial sensors segment is expected to hold the largest share of the industrial control & factory automation market. The growth of the industrial sensors segment is driven by the growing adoption of Industry 4.0 and IIoT, and the growing wireless sensors market. Predictive maintenance is expected to offer lucrative opportunities to the players in the industrial sensors market in the coming years. Predictive maintenance is enabled by 3 major solution enhancements over a traditional maintenance schedule: capturing sensor data, facilitating data communications, and making predictions. As sensors are an important part of predictive maintenance solutions, the demand for industrial sensors is expected to increase significantly in the coming years.

"PAM solutions to grow at the highest rate from 2021 to 2026"

The PAM segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing deployment of PAM solutions in process and discrete industries to build a comprehensive data repository related to different equipment installed in these plants, right from their uptime performance to their life cycle cost assessment.