Press release
Factory Automation Market size is Expected to Reach $558.8 Billion by 2031 | Registering a CAGR of 8.7%
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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The report includes a detailed analysis of the dynamic factors such as drivers, restraints, challenges, and opportunities. The drivers and opportunities help to comprehend the rapidly changing industry trends and how they can impact the growth of the market. Moreover, the challenges and restraints analyzed in the report help recognize profitable market investments. The global Factory Automation report provides quantitative and qualitative analysis of the market from 2021 to 2030.
Factory automation implies to a set of technologies & automatic control devices that enhance the productivity & quality of products and simultaneously decrease the production cost. Also known as industrial automation, it minimizes human intervention in the industry and ensures superior performance as compared to humans. It comprises the use of computers, robots, control systems, and information technologies to handle industrial processes.
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Factory Automation provides monitoring technology to alert maintenance workers when outdated and overused equipment is about to fail, allowing them to make better decisions by providing real-time data on problems and possibilities for improvement.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.
Key Segmentation
Industry Verticals
• Automotive Manufacturing
• Food and Beverage
• Oil and Gas Processing
• Mining
• Others
Component
• Sensors
• Controllers
• Switches and Relays
• Industrial Robots
• Drives
• Others
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)
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The market study further promotes a sustainable market scenario on the basis of key product offerings. On the other hand, Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. The report provides an explicit global market breakdown and exemplifies how the opposition will take shape in the new few years to come. Rendering the top ten industry players functional in the market, the study emphasizes on the policies & approaches integrated by them to retain their foothold in the industry.
The analysis highlights the highest revenue generating and fastest growing segments. These insights are helpful in devising strategies and achieving a sustainable growth. The Factory Automation market is studied on the basis of different segments including type, applications, and region. This makes the study well organized and resourceful along with promoting easy understanding. The report a comprehensive data based on each segment of the Factory Automation market.
The Factory Automation market is analyzed on the basis of geographical penetration along with a study of market influence in the various regions such as North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa).
Key Players Mentioned in the Global Factory Automation Market Research Report:
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
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Industrial IoT solutions such as factory robotics and automated manufacturing equipment use sophisticated analytics, edge computing, cloud computing, artificial intelligence (AI), and machine learning to evaluate machine data and gain insightful knowledge that can be used to maximize asset availability and productivity. For instance, IndustrialEdge, MindSphere, and Mendix from Siemens are industrial IoT solutions that deliver insights from industrial data using cutting-edge technologies such as AI, edge computing, cloud, and advanced analytics. Schmalz, a manufacturer of vacuum automation and ergonomic handling solutions makes use of Siemens Industrial IoT's capabilities to improve its extended analytics and customer maintenance offerings. Therefore, this continued growth of Industrial IoT across industries is expected to drive market expansion during the forecast period.
Key Questions Answered in the Report:
(1) What are the growth opportunities for the new entrants in the industry?
(2) Who are the leading players functioning in the Global Factory Automation marketplace?
(3) What are the key strategies participants are likely to adopt to increase their share in the industry?
(4) What is the competitive situation in the Global Factory Automation market?
(5) What are the emerging trends that may influence the Global Factory Automation market growth?
(6) Which product type segment will exhibit high CAGR in future?
(7) Which application segment will grab a handsome share in the Global Factory Automation industry?
(8) Which region is lucrative for the manufacturers?
Contact:
David Correa
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Delaware 19801 USA.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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