The latin america factory automation and industrial controls market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 8.5% during the forecast period, 2023–2031. The growth of the market is attributed to achieving the goal of zero waste generation.
The mix of digital and physical parts of production has always revolutionized the automation market, with the primary goal of offering maximum performance.
In addition, the region is seeing massive investments in transportation networks, agricultural produce businesses, and chemical industries, all of which have created significant prospects for establishing industrial control systems and enhancing industry productivity.
Sunnen Products Company increased its worldwide manufacturing presence in August 2019 by constructing a factory in Monterrey, Mexico. This will add to the company's existing operations in the United States, China, Switzerland, and Brazil.
The COVID-19 epidemic has wreaked havoc on the global economy, affecting small, medium, and big businesses equally. Adding to the problems, country-by-country lockdowns imposed by governments throughout the world to stem the spread of the virus have harmed the market.
According to Trading Economics, the manufacturing sector's GDP in Brazil was BRL 30,267.163 million in December 2019. Manufacturing GDP, on the other hand, fell to BRL 24,072.83 million in the second quarter of 2020 from BRL 27,686.97 million in the first. This drop-in manufacturing might be attributed to the current COVID-19 outbreak.
Latin America Factory Automation and Industrial Controls Market Trends, Drivers, Restraints, and Opportunities
- Growing need for automation solutions for the manufacturing industry is projected to fuel market growth in the coming years.
- Rising concerns owing to zero waste production and fast time to market is expected to boost the market expansion during the forecast period.
- Surge in R&D investments and technological advancements are expected to create opportunities for the market players.
Scope of Latin America Factory Automation and Industrial Controls Market Report
The report on the Latin America factory automation and industrial controls market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Factory Automation and Industrial Controls Market - Latin America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Industrial Control Systems and Field Devices) and End-user Industry (Oil and Gas, Chemical and Petrochemical, Power and Utilities, Food and Beverages, and Automotive)
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Country Scope
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Brazil, Argentina, Mexico, and Rest of Latin America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ABB Limited, Siemens AG, Schneider Electric SE, Honeywell International Inc., and Rockwell Automation Inc.
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Latin America Factory Automation and Industrial Controls Market Segment Insights
Type Segment Analysis
On the basis of types, the Latin America factory automation and industrial controls market is bifurcated into industrial control systems and field devices. The industrial control systems segment is expected to account for a key share of the market during the forecast period due to the growing advancement in AI and machine learning.
Data transfer between a central host system and a number of remote terminal units (RTUs), PLCs, and operator terminals is enabled by Supervisory Control and Data Acquisition (SCADA) - Industrial Control Systems. Furthermore, SCADA systems are critical for industrial operations since they assist companies in meeting current needs.
End-User Industry Segment Analysis
In terms of end-user industry, the Latin America factory automation and industrial controls market is segregated into oil and gas, chemical and petrochemical, power and utilities, food and beverages, and automotive. The chemical and petrochemical segment is expected to account for a key share of the market in the coming years owing to the opening up of a lot of possibilities for building industrial control systems and enhancing industry output.
Country Analysis
Based on country, the Latin America factory automation and industrial controls market is categorized as Brazil, Argentina, Mexico, and Rest of Latin America. The market in Brazil is anticipated to expand at a high CAGR during the forecast period. The growth of the market in these regions is attributed to a number of protectionist regulations that prevent US products from entering the market.
Furthermore, to assist the growth of domestic automation and industrial control enterprises, tariffs are imposed on many imported foreign-manufactured automation goods. As a result, more foreign corporate factories are established in the nation to meet product demand. Conversely, the market of Mexico is expected to expand at a rapid CAGR during the forecast period owing to the increasing adoption of automation technology.
Segments
The Latin America factory automation and industrial controls market has been segmented on the basis of
Types
- Industrial Control Systems
- Field Devices
End-user Industry
- Oil and Gas
- Chemical and Petrochemical
- Power and Utilities
- Food and Beverages
- Automotive
Country
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Key Players
Competitive Landscape
Key players competing in the Latin America factory automation and industrial controls market include ABB Limited, Siemens AG, Schneider Electric SE, Honeywell International Inc., and Rockwell Automation Inc. In 2019, Siemens debuted new SCADA solutions that demonstrated the integration of developing technology. Rockwell Automation Inc. and PTC announced Factory Insights as a Service, a turnkey cloud solution that enables manufacturers to achieve exceptional impact, speed, and scalability with their digital transformation activities, in June 2020.
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