Factory Automation Market Likely to Accrue a Sum of $368,372.4 Million, Globally, by 2025, by Top Key Players ABB Ltd., Mitsubishi Electric Factory Automation, Siemens AG, Honeywell International Incorporation, Emerson Electric Corporation, Schneider Elec
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Allied Market Research’s report on “Factory Automation Market by Control and Safety System, Component, and Industry Verticals: Global Opportunity Analysis and Industry Forecast, 2017-2025,” states that the global factory automation market held a revenue of $190,882.2 million in 2017, and is expected to accrue a sum of $368,372.4 million by 2025, growing at a CAGR of 8.8% during the forecast period, 2018 - 2025.
The growth of the factory automation market is propelled by factors such as growing demand for mass production in manufacturing industries with reduced operational cost, and high adoption of Industry 4.0. Nevertheless, lack of professionals and awareness of security, increased cost for the implementation of factory automation systems, and limited inflow of funds act as restraints for the market growth. On the other hand, the growing demand for automation in Asian countries such as China and Japan is likely to offer lucrative growth opportunities for the industry growth.
Factory automation comprises a set of technologies and automatic control devices, which are used to enhance the productivity and quality of products and simultaneously decrease the production cost.
The supervisory control and data acquisition system (SCADA) segment accounted for the highest share of about 22.0% in the global market in 2017 and is expected to grow at a CAGR of 9.1% during the forecast period. Among the industry verticals, the automotive manufacturing sector is expected to be the leading revenue contributor in the coming years, owing to the increasing trend of automating processes to reduce human intervention, improve accuracy, reduce errors, and optimize redundant tasks. The industrial robots segment accounted for a major share of about 31.0% of the global market in 2017. The adoption of industrial robots has increased in in developing economies owing to factors such as rapid urbanization, technological advancements, availability of cheap labor, and low manufacturing costs.
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Asia-Pacific is one of the fastest growing regions in the global factory automation market. It is expected to witness higher growth rate during the forecast period, owing to supportive government policies, increased investment by key companies for expansion of business, and low manufacturing & labor cost.
Prominent players, such as ABB Ltd., Mitsubishi Electric Factory Automation, Siemens AG, Honeywell International Incorporation, Emerson Electric Corporation, Schneider Electric SA, Omron Corporation, Rockwell Automation, Inc., GE Company, and Yokogawa Electric Corporation, have focused on developing new products and acquiring small businesses to sustain the competition and expand their market presence.
Key Findings of the Factory Automation Market:
• In 2017, the automotive manufacturing segment dominated the global factory automation market, in terms of revenue, and is projected to grow at a CAGR of 9.5% during the forecast period.
• The supervisory control and data acquisition system (SCADA) segment is projected to grow at a CAGR of 9.1% during the forecast period.
• Asia-Pacific is projected as one of the fastest growing markets for factory automation and is expected to witness significant growth rate in the near future.
Factory automation enhances the efficiency of the industrial and manufacturing process by ensuring superior-quality, consistent products while decreasing human intervention. Nowadays, increasing adoption of the Industry 4.0 trend and enabling technologies among companies has augmented the demand for factory automation. Moreover, the rise in demand for mass production with reduced operational cost acts as the major driver of the factory automation market. But, the limited availability of industry professionals and the higher investment associated with implementation of factory automation systems are major deterrents to this market.
The leading players in this market have adopted various strategies to sustain the market competition. Some have innovated new technologies and systems to expand the portfolio of the factory automation systems and have witnessed significant market growth. Some major players acquired small businesses and expanded their offerings; for instance, ABB acquired Bernecker & Rainer Industrie-Elektronik (B&R), a provider of open-architecture solutions and software for machine and factory automation, to counteract Siemens’ prowess in the industry.
Industrial control systems are interconnected to monitor, control, and perform various industrial tasks and automate processes. Asia-Pacific is expected to witness higher growth during the forecast period, because of the mushrooming of manufacturing industries in this region.
The key players in the global factory automation market include ABB Ltd., Mitsubishi Electric Factory Automation, Siemens, Honeywell International Incorporation, Emerson Electric Corporation, Schneider Electric SA, Omron Corporation, Rockwell Automation, Inc., GE Company, and Yokogawa Electric Corporation. Market players have implemented product launch and acquisition as their key developmental strategies to keep pace with the demands of end users. This enables companies to develop efficient products and multiply their sales across different geographies.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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