Exclusive Report on Global Factory Automation Industry: to achieve a market size of $297.86 Billion as it excels

The global Factory Automation market size is expected to reach $297.86 Billion by 2028 growing at the CAGR of 8.95% from 2021 to 2028.

This growth is attributed to:
● The possibility of mass production with minimal human involvement, consistent, superior-quality results offered by factory automation which leads to minimum overall operational cost.
● Growing adoption of Industry 4.0 trend and IoT enabled smart technologies correlating into further growth of industry 4.0 marketplace.

Hurdles in the growth of the market are:
● Automated systems can be expensive to keep up and usually require a lot of upfront funding to be built.
● Automation equipment also takes time to design, fabricate, and install.
● Automated systems can require a higher degree of maintenance and generally a lower flexibility in terms of the possible products as compared to a manual system.

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The recently published research report on Global Factory Automation Market by Evolve Business Intelligence examines the industry in the context of major market aspects including market size & forecast, market shares in terms of revenues and volume, key players, and SWOT analysis. The market is analyzed based on 4 separate indications in the market dynamic chapter: Drivers, Restraints, Key Trends, and Challenges. The total sum of these sections will help you understand what strategies will be best to adopt in order to prosper through this industry over a few short years. The quantitative analysis includes our actual findings out of this research study where we provided additional insight into what our readers can do to embrace new opportunities or plan against threats that might hinder the market.

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the Factory Automation market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

The New Normal
As businesses recover from the COVID-19 pandemic, they have a new set of priorities to cope with. Throughout this crisis, they were forced to deal with shifting situations and often fell short of their ultimate goals. Now that a cure has been found and the pandemic is dying down, they will need to recuperate from this epidemic by setting forth new objectives to succeed in the future.

In terms of COVID 19 impact, the Factory Automation market report also includes the following data points:
● COVID19 Impact on Factory Automation market size
● End-User/Industry/Application Trend, and Preferences
● Government Policies/Regulatory Framework
● Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
● Opportunity in Factory Automation market

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Key Players
Some of the major Factory Automation players holding high market share include ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), and Emerson Electric Co. (US) These players use new product development and collaboration as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:
● ABB Ltd.
● Emerson Electric Company
● GE Company
● Honeywell International Incorporation
● Mitsubishi Electric Factory Automation
● Omron
● Rockwell Automation
● Schneider Electric
● Siemens
● Yokogawa Electric Corporation

Segmental Analysis
Market Segment By Control Systems with focus on market share, consumption trend, and growth rate of Factory Automation Market:
o Distributed Control System
o Supervisory Control and Data Acquisition System
o Manufacturing Execution System
o Other

Market Segment Component with focus on market share, consumption trend, and growth rate of Factory Automation Market:
o Sensors
o Controllers
o Switches & Relays
o Others

Market Segment By End-User with a focus on market share, consumption trend, and growth rate of Factory Automation Market:
o Automotive Manufacturing
o Food & Beverage
o Mining
o Others

For more information: https://www.evolvebi.com/product/factory-automation-market-analysis-and-global-forecast-2021-2028-with-covid-impact-analysis/

Key Region/ Countries Covered
● North America (US, Canada, Mexico)
● Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
● Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
● Rest of the World (the Middle East & Africa and South America)

The APAC region, especially in Japan, China, Thailand, Malaysia, Vietnam, and Indonesia are the major contributors towards the growth of this domain. The Chinese construction industry is growing at a rapid pace along with organizations adopting SCADA, DCS systems along with industrial control & factory automation components & solutions such as industrial sensors and industrial robots.

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This release was published on openPR.