Industrial Transformation: $41.5 Billion Machine Automation Controller Market Forecast
With a projected value of USD 33.7 billion in 2019, the Machine Automation Controller Market has shown strong growth potential. According to projections, this market is growing steadily and is expected to reach USD 41.5 billion by 2024, representing a 4.3% compound annual growth rate (CAGR).
In order to increase productivity, efficiency, and overall operational performance, organisations are increasingly adopting automation technology across industries. The market for machine automation controllers is anticipated to experience stable growth in the years to come as demand rises, highlighting its crucial function in contemporary industrial automation.
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Machine automation controllers include a variety of essential automation control devices, such as distributed control systems (DCS), industrial PCs, and programmable logic controllers (PLC). These controllers have been built to endure the demanding and harsh industrial conditions in which they work. They are mostly used for automating particular procedures like batch processing and flow control, but they are also crucial for managing particular machine operations or entire production lines. The input/output (I/O), power supply, and central processing unit (CPU) modules are the three main parts of Machine Automation Controllers. The need to improve productivity in process industries, the rising integration of robots within the manufacturing sector, and a growing focus on operational cost reduction are all driving the market for these controllers.
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The Distributed Control Systems (DCS) market is predicted to grow quickly, with a faster Compound Annual Growth Rate (CAGR) than average over the forecast period. For the automation, management, and operation of industrial plants, DCS stands as a specialised platform that has been painstakingly designed. It sets itself apart by having the capacity to establish a high-speed communication network connection with numerous local controllers dispersed geographically around a plant or control region. Large-scale production facilities, where it is crucial to operate massive continuous control loops, are particularly well-suited for this technology. A key player in the development of industrial automation, DCS functions by integrating every control system in a plant into a single, cohesive automation system.
The market for IP20-rated controllers is predicted to experience a higher Compound Annual Growth Rate (CAGR) during the forecast period of 2019 to 2024. The IP20 rating category, which is commonly used in automation systems, includes a sizeable fraction of Machine Automation Controllers, especially in the form of Programmable Logic Controllers (PLCs). IP20-rated controllers are ideal for a variety of industrial applications because they are excellent at protecting electronic circuits from solid objects larger than 12 mm in size. This limitation is crucial to take into account for industries where exposure to moisture or liquids is a concern because IP20-rated controllers do not offer protection against the infiltration of liquids.
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The oil & gas sector is anticipated to experience the highest Compound Annual expansion Rate (CAGR) during the projected period, and the Machine Automation Controller Market is anticipated to experience significant expansion. The oil and gas industry is well-known for having high capital requirements because it requires major outlays for exploration, drilling, refining, and transportation. By 2050, it's predicted that there will be 10 billion people on the planet, which will increase demand for safe and affordable energy sources. This has pushed oil and gas businesses to prioritise the automation of their manufacturing processes, along with the instability of oil prices on the global market and a lack of trained labour. These businesses can reorganise their internal operations, increase productivity, and cut costs by replacing antiquated internal systems with cutting-edge automated alternatives. The Machine Automation Controller Market is anticipated to expand as a result of the oil and gas sector's recent wave of modernization.
In terms of market growth for machine automation controllers, the Asia-Pacific (APAC) region is anticipated to experience the fastest expansion between 2019 and 2024. There are many significant economies in APAC, with China and India leading the way. Due to strong domestic demand and promising commercial opportunities, this region has witnessed the creation of manufacturing facilities in a variety of industries, including automotive, chemicals, food & beverage, semiconductor & electronics. However, businesses in the APAC area are now using automation technology as an effective way to deal with these issues due to rising labour costs, the dynamic evolution of industrial processes, and rising operational costs. As a result, the APAC area is where Machine Automation Controllers are most widely used and growing.
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