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Regionally, the US manufacturing industry performed strongly last year, with the Americas growth rate hitting 6.9% in 2022, compared to 3.3% for Asia Pacific and 2.6% for Europe.
Control software will remain the largest segment throughout the forecast period to 2027.
As consumer spending slows, retailers will likely tighten their purse strings and potentially postpone large scale automation projects until a more stable economic environment has been reached.
Strong unit sales in the Asia-Pacific (APAC) region increased growth in the low voltage ac drive market to more than $14 billion in 2022.
With steep drops in commodity and freight costs anticipated in 2023, falling prices will see 2022's rapid growth rate slow.