Market Size of Mexico Factory Automation and ICS Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2020 |
| CAGR | 8.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Factory Automation and Industrial Controls Market Analysis
The Mexican Factory Automation and Industrial Controls Market was valued register a CAGR of approximately 8.5% over the forecast period (2021-2026). Attributed to the outbreak of coronavirus, the region witnessed supply chain disruption due to imposed global lockdown. On the other hand, there was an increase in demand for factory automation by various industry verticals including manufacturing to ensure efficient operation of facilities and maintain employee and worker's health.
- Also, the recent new coronavirus outbreak has impacted negatively on the Mexican economy, radically altering how numerous industries work on a daily basis. With work-from-home procedures in place and shelter-in-place orders on the rise, allied market players re-evaluated and changed their cyber-preparedness and reaction tactics. This is especially true for companies that have implemented industrial control systems (ICS) to monitor and control critical equipment and processes (DCS, SCADA, or PLS).
- The country is witnessing a significant boost in the automotive manufacturing industry, with Nissan, Honda, and Mazda, opening new high-volume facilities in the country, and a national vehicle production growth of over 7.5%. The exponential growth in the country’s manufacturing sector is the major driver for market growth.
- In 2020, nearly 17.2% of the country’s GDP came from manufacturing. Companies have witnessed a rise in the demand for catering to the manufacturing sector in the country, with the other countries in the region, like Brazil recovering from the economic crisis.
- The lower labor costs in the country are resulting in the rapid expansion of other industrial sectors, like consumer electronics manufacturing, pharmaceutical manufacturing, and metallurgical industries, which is expected to boost the Mexican fully automation and industrial controls market.
- The growing emphasis on energy conservation and efficiency is driving the Mexico Factory Automation and Machine Vision Market. The factory automation system's breadth is expanding due to the Internet of Things and the promising trend of cloud-based technologies and services. The number of people using the internet has risen dramatically in the last decade, nearly doubling in the last eight years.
