Factory Automation Market Size, Share, Growth Trends, Value and Report 2023-2030

Factory Automation Market Size:
The Global Factory Automation Market is estimated to reach a CAGR of 8.1% during the forecast period 2023-2030.

Automation refers to the use of machines to reduce human labor. Industrial robotization involves mechanization innovations and control devices, which are used to automate machines. Computer software and modern robots are increasingly being used in various industries to handle different processes and boost productivity.

Some of the current sectors that are adopting automation techniques include the oil and gas industry, chemical industry, materials industry, medical sector, and other crucial industries. Increasing productivity with minimal manufacturing costs is the primary characteristic of factory automation technology, which is considered the driving factor for the Factory Automation Industry.
Several countries are investing in eco-friendly methods to reduce carbon emissions, particularly in end-user industries such as automobiles. Such factors are considered the significant driving forces behind the Factory Automation Industry.

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Market Drivers: Fourth Industrial Revolution to Embrace Partnerships and Collaborations in the Global Market
Industry 4.0 has changed digital supply chains across sectors. Customers want individualized and fast services; thus companies must adopt Industry 4.0. With fast technological advancement, market participants work with tech-savvy enterprises to provide innovative solutions based on established technologies.
Honeywell International Inc. and Tech Mahindra Limited collaborated in February 2020 to create digital "Factories of the Future". The cooperation empowers manufacturers to speed up digital transformation. Siemens worked with SAP SE to provide organizations with industry 4.0-enabled business processes. These steps will create a digital thread across the whole product lifetime.

These partnerships and collaborations are helping manufacturers scale up and achieve the promise of industry 4.0 technologies and solutions by leveraging 5G, industry 4.0, and digital transformation & software capabilities. We expect such partnerships and collaborations to increase industry demand for automation solutions in the future.

Market Trends:
Rising Adoption of Industrial IoT to Boost Market Value
The Internet of Things (IoT) has become an essential part of automation technology. It helps create and streamline effective, affordable, and responsive system architectures. Industrial IoT (IIoT) solutions connect industrial assets, increase transparency, and enhance productivity.

IIoT and edge computing solutions simplify device management and shop floor software across the entire lifecycle. This is why organizations deploy IIoT solutions to automate the manufacturing process and provide a better customer experience. As a result, the rapid adoption of IIoT solutions across industries is expected to foster market growth.

Market Segmentation Analysis:
The global factory automation market is segmented by component into industrial robots, vision machines, control valves, field instruments, human-machine interface (HMI), industrial PCs, sensors, others; by solutions into supervisory control and data acquisition (SCADA), programmable logic controllers (PLC), distributed control systems (DCS), manufacturing execution systems (MES), product lifecycle management (PLM), functional safety, plant asset management (PAM), others; by end-user into oil & gas, chemicals, paper & pulp, pharmaceuticals, mining & metals, food & beverages, energy & power, automotive, electronics & semiconductors, aerospace and defence, medical devices, others.

Based on the component, the Supervisory Control and Data Acquisition System (SCADA) segment dominated the factory automation industry in 2021 in terms of revenue and is expected to dominate the market during the forecast period.

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Factory Automation Market Geographical Analysis:
The global factory automation market is analyzed across North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
Factory automation in North America has increased as a result of rising investments to conserve energy through the adoption of new technologies, which contribute to the continent's reputation for early technological adoption. Anticipated growth factors for the North American factory automation market include the presence of major high-technology industries and an innovative culture.

Key Companies in the Factory Automation market include
1. ABB
2. Siemens
3. Schneider Electric
4. Honeywell
5. Rockwell Automation

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