Factory Automation Market Expected to Reach $558.8 Billion by 2031

As per the report published by Allied Market Research Titled "Factory Automation Market by Component (Sensors, Controllers, Switches and Relays, Industrial Robots, Drives, Others), by Control and Safety System (Distributed Control System (DCS), Supervisory Control and Data Acquisition System (SCADA), Manufacturing Execution System (MES), Systems Instrumented System (SIS), Programmable Logic Controller (PLC), Human Machine Interface (HMI)), by Industry Verticals (Automotive Manufacturing, Food and Beverage, Oil and Gas Processing, Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031"

The global factory automation market was valued at $242.5 billion in 2021 and is projected to reach $558.8 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031

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Some of the prime drivers of the factory automation industry are surge in penetration of the aging infrastructure is further anticipated to drive the factory automation market growth. The market for factory automation would be driven by investing in new technology aimed at increasing system life. Another key factor driving the growth of the factory automation market is the increased focus on infrastructure throughout the world.

Factory automation provides monitoring technology to alert maintenance workers when outdated and overused equipment is about to fail, allowing them to make better decisions by providing real-time data on problems and possibilities for improvement. Aside from the limits listed above, there are others, such as environmental factors such as temperature and humidity, as well as groundwater seepage, which can have an influence on the operation of switchgear electrical networks, particularly those situated outside. The changing times necessitate changes in the fundamentals as well. In this situation, even small and medium-sized organizations (SMEs) are taking advantage of collocation data hubs' immense potential and the internet's enormous capacity.

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Businesses can evaluate the Porter's Five Forces Analysis to determine the structure, level of competition, and industry's strengths and weaknesses. The report also contains information and statistics, tables and figures that are used in strategic planning for the company's success. The report will be remarkable in its ability to provide worldwide investors with the information they need to make informed judgments about the market. Also, these research report provides accurate economic, global, and country-level predictions and analysis.

Competitive Analysis:
The factory automation industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

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Some of the major key players of the global factory automation market include:
• Schneider Electric
• Danaher
• OMRON Corporation
• Siemens AG
• General Electric
• Mitsubishi Electric Corporation
• Honeywell International Inc
• Rockwell Automation Inc
• Emerson Electric Co
• ABB Ltd
• Yokogawa Electric Corporation

Top Impacting Factors
Due to the rising demand for automation for high-quality and dependable production, the factory automation market is anticipated to expand significantly over the course of the forecast period. Additionally, industry participants are concentrating on enhancing the manufacturing process efficiency to achieve low-cost and high-quality production outputs, which significantly fuel the factory automation market size. The future of manufacturing industries is also expected to be influenced by the increased use of industry 4.0 revolutions, which will standardize operations. One of the main constraints limiting the growth of the factory automation market is the lack of professionals, lack of security awareness, and high implementation costs for factory automation systems. The rise in automation demand in Asian nations like China and Japan will present lucrative opportunities for prime vendors operating in this region.

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Key Benefits for Stakeholders:
• This study comprises analytical depiction of the global factory automation market growth along with the current trends and future estimations to depict the imminent investment pockets.
• The overall factory automation market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current factory automation market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
• Porter's five forces analysis illustrates the potency of the buyers and the factory automation market share of key vendors.
• The report includes the market trends and the factory automation market opportunity of key vendors.

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