Factory Automation Market Size, Global Trends, Latest Techniques, Key Segments and Geography Forecasts Till 2028

According to the new research report published by The Insight Partners on "Factory Automation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), Type (Programmable Automation, Fixed Automation, and Flexible Automation), Technology [Programmable Logic Controller (PLC), Distributed Control System (DCS), Supervisory Control and Data Acquisition System (SCADA), Human Machine Interface (HMI), and Others], and Industry Vertical (Automotive, Food and Beverages, Oil and Gas, Manufacturing, Mining, and Others)" consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The factory automation market is expected to grow from US$ 154.99 billion in 2022; it is estimated to grow at a CAGR of 8.2% from 2022 to 2028.

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Leading factors boosting the growth of the factory automation market are the rise in the adoption of IoT, constant improvement in industrial robotics, and the emergence of the 5G technology. Further, the demand for safety compliance automation products is expected to provide significant growth opportunities to the factory automation market in the near future. However, the need for substantial capital investment to establish an error-free automation system is anticipated to pose a big challenge to the market's growth during the forecast period.

Europe has been a pioneer in adopting advanced technologies in the nascent stages. The growing demand for automation solutions and robotics in the automotive and manufacturing industries is fueling the market's growth in the region. Western European countries such as Germany, Italy, France, and the UK are highly advanced and economically self-sufficient, equipped with advanced technology infrastructure. The automotive industry is among the key pillars of the region's economy, heavily supporting the economic growth of Europe.

Rising Adoption of Factory Automation Across the Automotive Industry

The growing demand for automobiles is leading to the need for an automation system as it helps manufacturers increase outputs while decreasing the cost and risk on human workers. In the current scenario, collaborative robots, robotic arms, and the Internet of Things coupled with AI are widely adopted in the automotive industry, making the manufacturing process faster and more accurate. According to the report by the International Federation of Robotics, in 2019, the robot density in the US automotive industry was 1,287 installed units per 10,000 employees, making the country ranked seventh worldwide.

Further, KUKA and Universal Robots produce and supply cobots to automotive companies such as Tesla to build cars. Tesla has developed driverless car hardware called "Autopilot," which uses AI technology. Companies such as IBM and BMW are combining cognitive computing and IoT to invent autonomous cars, which can communicate while linking driving patterns with the human driver's emotional response in all possible scenarios. In addition, automakers such as Ford Motor Co. and BMW AG are working on deploying 3D printer technology. Moreover, various other automakers are also utilizing virtual and augmented reality to address manufacturing issues. Thus, the aforementioned advanced automation technologies ease the automotive manufacturing process at nearly every stage of vehicle production, in turn, catalyzing the factory automation market growth.

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The report includes the segmentation of the global Factory Automation market as follows:

Based on country, the South & Central America factory automation market is segmented into Brazil, Argentina, and the Rest of South & Central America. South & Central American countries have been slow adopters of technologies. Among all countries in South & Central America, Brazil is estimated to be the most significant contributor to the revenue of the South & Central America factory automation market during the forecast period. The factory automation market growth can largely be attributed to the development of the manufacturing industry in this country. Brazilian business leaders are deploying Industry 4.0 for all sizes of organizations. The growing awareness regarding digitization is prompting the development of new business models, income streams, and operational processes. For instance, in March 2021, acquired Pollux, a Brazilian company specializing in industrial robotics and automation systems, to strengthen its digital manufacturing, operations, and supply chain. The firm's services are used by more than 1,000 companies in the manufacturing sector.

The List of Companies - Factory Automation Market

ABB LTD.; Emerson Electric Co.; FANUC; General Electric Company; Honeywell International Inc.; Mitsubishi Electric Corporation; Omron Corporation; Robert Bosch GmbH; Rockwell Automation, Inc., and Siemens AG are the key factory automation market players profiled in the study.

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