Factory Automation System Market Overview by Top Players Segments Demand and Forecast till 2028

The "Factory Automation Market" size is expected to grow to US$ 249.29 billion by 2028; it is estimated to grow at a CAGR of 8.2% from 2022 to 2028.

Government initiatives and policies supporting the digitization of manufacturing plants are the significant factors boosting the uptake of factory automation solutions in this region. For instance, under Made in China 2025, the Chinese government has released a five-year smart manufacturing development plan to digitize 70% of the country's large enterprises. Also, to automate manufacturing facilities, various countries are installing industrial robots. For instance, according to the International Federation of Robotics (IFR), in 2020, China installed 154,000 industrial robots. Similarly, South Korean robot installation increased by 2% to 31,083 units in 2021.

Get a Sample PDF of report @: https://www.premiummarketinsights.com/sample/TIP00025683?utm_source=OpenPr&utm_medium=10688

Companies Profiled in this report includes:

• ABB Ltd.
• Emerson Electric Co.
• Fanuc Corporation
• General Electric Company
• Mitsubishi Electric Corporation
• Honeywell International Inc.
• OMRON Corporation
• Rockwell Automation, Inc.
• Siemens AG
• Bosch Rexroth AG

Many companies are focusing on various strategic initiatives. They are expected to create a noteworthy business model and drive the market in the next few years.
- In 2022, Scania, a prominent worldwide transport solutions provider, signed a deal with ABB to supply a broad range of robotic solutions for Scania's new highly automated battery assembly factory in Sweden.
- In 2021, Rockwell Automation released new enhancements to its Allen-Bradley PowerFlex 755TL, TR, and TM AC drives, including new standard corrosive gas protection that is often critical in industries such as pulp & paper, automotive, tire & rubber, metals, and water/wastewater.

Impact of COVID-19 Pandemic on North America Factory Automation Market Growth
The growth of the North American factory automation market size is majorly attributed to the rise in investment by the industries such as manufacturing, automotive, and food & beverages to automate their manufacturing processes. Furthermore, the increasing government initiatives to promote the adoption of automation across production facilities is boosting the demand for automotive solutions in the market. The region consists of several key market players, such as Emerson Electric Co., Schneider, and Honeywell, which provide advanced automation, thereby boosting the growth of the factory automation market.

Get Full Report here @: https://www.premiummarketinsights.com/reports-tip/factory-automation-market

Factory Automation Market Segmentation:

By Component:
• Hardware
• Software

By Hardware:
• Sensors
• Controllers
• Robots
• Drives

By Type:
• Programmable Automation
• Fixed Automation
• Flexible Automation

By Technology
• PLC
• DCS
• SCADA
• HMI

By Industry Vertical:
• Automotive
• Food and Beverage
• Oil and Gas
• Manufacturing
• Mining
• Others

North America is segmented into the US, Canada, and Mexico. The US held the largest share of the factory automation market in 2021, whereas Mexico is projected to grow at the highest CAGR during the forecast period. North America has been a pioneer in adopting advanced technologies across all industry verticals since 2010. This rise in the adoption of advanced technologies across industries is catalyzed by the increasing benefits of automation across factories and rising awareness of automation among small & medium businesses. Automation is aiding the factories in reducing their overall operational cost and time taken for production and assembling processes, thereby increasing the production value year-on-year. Additionally, the rise in government initiatives to promote the adoption of advanced technology and industry 4.0 solutions across industries is also driving the North America factory automation market. The incentive schemes launched by governments include quality jobs tax credits and R&D tax credits to promote the adoption of robotics and the Qualified Facility for Refundable Tax Credits to boost the geographical expansion of manufacturing facilities across North America, including R&D and the adoption of blockchain. These investments are encouraging the major industries across the US to adopt automation, thereby contributing to the growth of the factory automation market.

Buy this research report @: https://www.premiummarketinsights.com/buy/TIP00025683?utm_source=OpenPr&utm_medium=10688

The growth of automotive and manufacturing industries in the Middle East & Africa and South & Central America is driving the factory automation market. Furthermore, an increase in initiatives by governments to automate manufacturing facilities in the region is fueling the market growth.

Other Reports:
Electronic Article Surveillance Market In-depth Research with Industry Rapidly Boost in Future Forecast To 2028- https://www.marketwatch.com/press-release/electronic-article-surveillance-market-in-depth-research-with-industry-rapidly-boost-in-future-forecast-to-2028-2023-03-29?mod=search_headline

Construction Accounting Software Market Emerging Growth Analysis, Future Demand and Business Opportunities 2028- https://www.marketwatch.com/press-release/construction-accounting-software-market-emerging-growth-analysis-future-demand-and-business-opportunities-2028-2023-03-30?mod=search_headline

Contact Us:

If you have any queries about this report or if you would like further information, please
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email: sales@premiummarketinsights.com

About Us:

Premium Market Insights is a one stop shop of market research reports and solutions to various companies across the globe. We help our clients in their decision support system by helping them choose most relevant and cost-effective research reports and solutions from various publishers.
The market research industry has changed in last decade. As corporate focus has shifted to niche markets and emerging countries, a number of publishers have stepped in to fulfil these information needs. We have experienced and trained staff that helps you navigate different options and lets you choose best research solution at most effective cost.
Premium Market Insights has an extensive coverage of industry reports, company reports and country reports across all industries. In case your research needs are not met by syndicated reports offered by leading publishers, we can help you by offering a customized research solution by liaising with different research agencies saving your valuable time and money.
We provide best in class customer service and our customer support team is always available to help you on your research queries. Our commitment to customer service is best exemplified by free analyst support that we offer to our clients which sets us apart from any other provider. We also offer enterprise subscriptions which provide significant cost savings to our clients.

This release was published on openPR.