Global Factory Automation and Industrial Controls Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Global Factory Automation and Industrial Controls Market is expected to grow by registering a CAGR of 8.8% during the forecast period. Automation and control systems decrease manufacturing errors, which saves time and money and increases customer satisfaction. The creation of smart factories for planning, product development, and supply chain logistics is a result of the increased adoption of smart systems, components, machinery, and equipment for the improvement of processes through automation and self-optimization. This is a key aspect influencing the market.
Key HighlightsThe Global Factory Automation and Industrial Controls Market is highly competitive and consists of several major players. The market appears to be moderately fragmented. The major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability. The companies operating in the market are also acquiring start-ups working on factory automation and industrial control systems to strengthen their product capabilities.
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