Industrial Control Systems Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to industrial control systems market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Industrial Control Systems Market News

in Industrial Control Systems Market
  • Schneider Electric introduced EcoStruxure Automation Expert, an industrial automation system that is software-centric, in November 2024. The platform allows manufacturers to put in place modular and scalable automation with improved interoperability and open standards for fast deployment time and reduced operational costs. The platform can be combined with cloud and AI-based analytics for greater process optimization across industries.
  • Mitsubishi Electric's ME Innovation Fund invested, in October 2024, in Formic Technologies Inc., a United States-based startup firm that creates industrial robots offered in a subscription-based model. The investment aims to address labor shortages and upfront costs by providing small and medium-sized enterprises with access to automation solutions, such as deployment, installation, and maintenance services. Formic Technologies uses proprietary software for the delivery of optimized automation solutions tailored to customers' requirements.
  • Rockwell Automation launched FactoryTalk DataMosaix, an industrial data operations product line, in March 2024. The solution allows organizations to gain insights from industrial data at scale and with effectiveness, facilitating faster value realization with lower total cost of ownership. It is available in enterprise and standard versions with public cloud-deployment support to facilitate data-driven decision-making in manufacturing operations.
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Global Industrial Control Systems Market size was valued at USD 176.66 Billion in 2023 and is poised to grow from USD 190.92 Billion in 2024 to USD 353.69 Billion by 2032, growing at a CAGR of 8.07% in the forecast period (2025-2032).

The global industrial control systems market is highly competitive, with industry leaders competing for share through strategic alliances and innovation. To combine AI, cybersecurity, and IoT into their solutions, competitors are heavily investing in R&D. Collaborations with technology startups, mergers, and acquisitions increase capabilities and extend market reach. To gain a competitive advantage and higher market shares, the providers also focus on customer-oriented services such as cloud integration, predictive maintenance, and custom system design. 'Siemens AG', 'Honeywell International Inc.', 'ABB Ltd.', 'Schneider Electric SE', 'Emerson Electric Co.', 'Mitsubishi Electric Corporation', 'Rockwell Automation, Inc.', 'Yokogawa Electric Corporation', 'General Electric Company (GE)', 'Toshiba Corporation', 'Fuji Electric Co., Ltd.', 'Eaton Corporation', 'Bosch Rexroth AG', 'Hitachi, Ltd.'

A key trend driving the growth of the industrial control systems market is the increasing requirement for automation across the utilities, industrial, and energy industries. Industrial control systems enhance productivity and lower the risk of human error by allowing real-time monitoring, control, and optimization of processes. The adoption of ICS is spurred by the initiative towards Industry 4.0 and smart factories, which enhance productivity and reduce costs.

Synthesizing Machine Learning and Artificial Intelligence: Industrial Control Systems (ICS) solutions are quickly leveraging AI-driven analytics and machine learning algorithms to enhance predictive maintenance through exact predictions of equipment faults before they occur. Through automating complex decision-making processes and maximizing overall system effectiveness, this functionality reduces operating costs and downtime. Substantial investments by top-tier ICS vendors focusing on smart industrial automation and Industry 4.0 modernization are drawn to these advancements, which result in efficiency and reliability.

What Drives North America’s Leadership in Industrial Control Systems?

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Global Industrial Control Systems Market
Industrial Control Systems Market

Report ID: SQMIG20D2313

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