Despite the looming recession, volatile raw material prices, and supply-chain disruptions, the industrial market is expected to grow in the long term due to the modernization of production processes. So, I think it would be wise to invest in quality industrial stocks Raytheon Technologies Corporation (RTX) and Illinois Tool Works Inc. (ITW), which pay stable dividends.
The industrial sector has been growing steadily over the years. The rising adoption of industrial automation in other sectors, such as pharmaceuticals, chemicals, and oil & gas, should bolster the industrial sector’s growth. The global industrial automation market is expected to grow at a CAGR of 7.2% to $81.40 billion by 2033.
