Factory Automation Market to Touch USD 240 billion at 8% CAGR by 2022 | Know COVID-19 Analysis | Top Companies (Omron Corporation, ABB Ltd, Yokogawa Electric Corporation)

Factory automation or industrial automation is the use of computer aided devices for running various processes of factories. It reduces production time and steps up quality in end products. The need for mass production and the large demand by consumers have led to adoption of the process. The global factory automation market report by Market Research Future (MRFR) takes a look at various drivers and hurdles to be faced by leaders during the period of 2016 to 2022 (forecast period). The sudden outbreak of the COVID-19 virus and the resulting shutdown of activities for curbing its spread have been noted in the report and its impact analyzed with respect to growth and revenue.

Market Scope
The global factory automation market is expected to grow to USD 240 billion by 2022 at 8% of CAGR over the forecast period. Rising adoption of automation across industries of chemicals, automotive, and utilities is expected to drive the market demand. According to the International Federation of Robots, there are 2.7 million robots operational as of 2019. Benefits of deployment of robots at manufacturing sites for reducing workplace injuries and enhancing production can bode well for the market.

Rise in developments of industrial automation, computer aided systems, and engineering technologies are expected to drive market demand exponentially. Government initiatives encouraging automation and rapid rate of industrialization are likely to drive the demand for programmable logic controllers (PLCs) for communicating with major processes. The evolution of voice recognition technology and ability of robots in understanding speech can lead to verbal programming of the machines through instructions.

But implementation costs, security concerns, and lack of standards pertaining to industry 4.0 can impede market growth.

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Competitive Outlook
Omron Corporation, ABB Ltd, Yokogawa Electric Corporation, Rockwell Automation, Emerson Electric Corporation, Mitsubishi Electric Corporation, Rexroth Bosch Group, Schneider Electric, Honeywell International Inc., and Siemens AG are key players of the global factory automation market.

Segmentation
• By type, it is segmented into integrated automation, programmable automation, flexible automation, and fixed automation. The fixed automation segment is expected to reach a value of USD 120 billion by 2022.
• By technology, it is segmented into human machine interface (HMI), programmable logic controller (PLC), distributed control system (DCS), supervisory control and data acquisition (SCADA), and programmable automation controller (PAC). The SCADA segment is projected to exhibit 10% CAGR during the forecast period. The fall in robot prices and a large pool of robotic engineers for maintenance of machines can drive segment growth.
• By end user industries, it is segmented into printing & converting, packaging & processing, semiconductor & electronics, energy & power, automotive, manufacturing, and others. The manufacturing industry is slated to reach a value of USD 50 billion by 2022. The identification of quality issues during manufacturing to save on costs can drive the segment growth in the global Factory Automation market.

Regional Analysis
The regional analysis of the global Factory Automation market is being studied for regions of Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).

The ongoing global trend towards Factory Automation is being reflected in an increase in the number of industrial robots in the U.S. market. Currently, there has been news in Japan that Factory Automation has paved a way for establishment of robot training centers. There has been an upward trend in Factory Automation in the Asia pacific nations including Vietnam. It is proved that using industrial robots helps saving time and increasing product quality and production capacity leading to improve the competitiveness.

TABLE OF CONTENTS:
1. Market Introduction
2. Research Methodology
3. Market Dynamics
4. Executive Summary
5. Market Factor Analysis
6. Factory Automation Market, By Segments
7. Competitive Analysis
Continued…

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This release was published on openPR.