Factory Automation Market Competitive And Growth Analysis 2024 | Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc

"The new report published by The Business Research Company, titled Factory Automation Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the factory automation market size has grown strongly in recent years. It will grow from $244.33 billion in 2023 to $264.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The factory automation market size is expected to see strong growth in the next few years. It will grow to $362.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.

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Impact Of Artificial Intelligence On The Growth Of The Factory Automation Market
The adoption of artificial intelligence is expected to propel the growth of the factory automation market. Artificial intelligence refers to the simulation of human intelligence processes by machines, typically through computer systems, enabling them to perform tasks that traditionally require human intelligence, such as learning, reasoning, and problem-solving. The rising adoption of AI is driven by advancements in technology, increased data availability, industry demand for automation and efficiency, and growing investment and research. Integrating artificial intelligence into factory automation systems enables manufacturers to achieve higher efficiency, productivity, quality, flexibility, and safety levels, leading to competitive advantages and improved business outcomes. For instance, in January 2022, according to the Department for Digital, Culture, Media, and Sport, a UK-based government department, with 267,000 more UK enterprises utilizing AI in their operations, the AI adoption rate rose from 15.1% in 2020 to 22.7% in 2025. By 2040, the overall adoption rate will reach 34.8%, with 1.3 million businesses using AI in the central scenario. Therefore, the adoption of artificial intelligence is driving the growth of the factory automation market.

Innovative Ballbar Devices By Market Leaders In Factory Automation For Enhanced Metrology And Process Accuracy
Major companies operating in the factory automation market are developing innovative products, such as ballbar devices, to sustain their position in the market. Ballbar devices, also known as ballbar systems or ballbar testers, are precision measurement tools used in the fields of metrology and precision engineering. In factory automation, these devices are used to ensure the quality and precision of machined parts by detecting errors and deviations in the machine's motion and positioning. For instance, in May 2023, Renishaw plc, a UK-based engineering company, launched an RCS product line that includes three products: RCS L-90, RCS T-90, and RCS P-series, all supported by a dedicated software suite. The RCS L-90 is a ball-bar device that uses simple processes managed by its companion software suite to monitor robot health, save deployment times, and increase robot system accuracy. The tri-ballbar RCS T-90 system helps users of robots pinpoint the underlying reasons for subpar performance. It also conducts extensive tests to gather vital robot data, including master-recovery procedures, plotting 3D path performance, and remastering joint offsets to calculated positions. The RCS P-series applies in-process metrology and automatic recovery to automation processes by integrating a permanent Renishaw probing solution within a robot cell.

The factory automation market covered in this report is segmented -

1) By Component: Sensors, Controllers, Switches and Relays, Industrial Robots, Drives, Other Components
2) By Factory Automation Technology: Supervisory control And data acquisition (SCADA), Programmable Automation Controller (PAC), Programmable Logic Controller (PLC), Distributed Control System (DCS), Human Machine Interface (HMI)
3) By End-user: Manufacturing, Automotive, Packaging And Processing, Energy And Power, Semiconductor And Electronics, Printing And Converting, Other End-Users

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Major companies operating in the factory automation market are Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Eaton Corporation, Parker Hannifin Corporation, Emerson Electric Co., Danfoss, Rockwell Automation Inc., Bosch Rexroth AG, Omron Corporation, Keyence Corporation, Fanuc Corporation, SMC Corporation, Yaskawa Electric Corporation, Festo, KUKA Robotics, Phoenix Contact, Endress+Hauser Group, Beckhoff Automation, Yokogawa Electric Corporation, Advantech Co. Ltd., WAGO GmbH & Co. KG, Pepperl+Fuchs GmbH, Pilz GmbH & Co. KG, HIMA Paul Hildebrandt GmbH

Contents of the report:
1. Executive Summary
2. Factory Automation Market Report Structure
3. Factory Automation Market Trends And Strategies
4. Factory Automation Market - Macro Economic Scenario
5. Factory Automation Market Size And Growth
…..
27. Factory Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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