Factory Automation Market Insights:
The global Factory Automation Market was valued at USD 205.0 million in 2023. Projections indicate robust growth, with the market size expected to increase from USD 224.1 million in 2024 to USD 403.8 million by 2032. This reflects a compound annual growth rate (CAGR) of 7.6% during the forecast period (2024-2032).
Factory automation encompasses the use of machines to reduce human labor in industrial processes. This includes the integration of mechanization technologies and control devices in the automation of machinery. The adoption of computer software and industrial robots is prevalent in various industries to enhance productivity and efficiency. Key sectors benefiting from automation include oil and gas, chemicals, textiles, medical facilities, and other critical industries.
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Key Players:
- ABB
- Emerson Electric Co.
- Mitsubishi Electric Corporation
- General Electric
- Rockwell Automation, Inc.
- Omron Corporation
- Honeywell International Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric,
are the notable vendors in the Factory Automation Market.
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Factory Automation Market Regional Analysis:
The geographic analysis of the Factory Automation market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America, by country, has been segmented into the US, Canada, and Mexico. North America accounts for the significant market share in 2021 due to key players such as Emerson Electric Co., General Electric, Honeywell, and Rockwell Automation, Inc. These companies are market leaders and continuously making significant investments in technological advancement. Additionally, increasing demand for factory automation is fueling the growth of the North American market. The growing need for increased operational efficiency, enhanced safety, and new technological breakthrough is expected to drive the demand for this market in the region. The growing adoption of IoT across industries contributes to the growth of the US factory automation market. Additionally, the increased adoption of Industry 4.0 in the country fuels the development of this market. The growing demand for IoT in various verticals is also expected to fuel the demand for factory automation in the US.
In Europe, growing automotive manufacturing plants and high demand for processed food in the food processing industry have been positively impacting the factory automation market. Furthermore, the increasing need to reduce manufacturing costs and the requirement for greater productivity and efficiency boosts the regional market's growth. Germany and the UK are the highest contributors to the factory automation market due to several automotive and aerospace companies such as ABB, Schneider Electric, and Siemens. The demand for new and improved products and services continues to push companies to adopt factory automation. The high demand for manufacturing process automation is further fuelling the growth of this market.
The Asia-Pacific factory automation market, based on country, has been segmented into China, Japan, India, South Korea, Taiwan, Malaysia, Indonesia, Thailand, and the rest of Asia-Pacific. Asia-Pacific is expected to create scope for the fasteners market due to increased focus on enhancing process efficiencies and reducing production costs across various industry verticals. The key influencing factors in the region are the increasing number of government initiatives for digitalization, the growing demand for workplace safety, and enhanced efficiency in industrial processes.
China is one of the significant revenue-generating countries in the Asia-Pacific factory automation market. The growing demand for automation in the Chinese automotive and manufacturing sector and the adoption of digital technologies are expected to drive the demand for factory automation in China. The end users of factory automation are aware of its application scope and are increasingly adopting factory automation to achieve better production management and improved power efficiency.
The Middle East & Africa region is expected to show significant growth in the factory automation market. There is a low internet penetration in the countries in this region. However, there has been considerable growth in the number of Internet users in the region in recent years, making the area a lucrative market for factory automation providers in the upcoming years.
Brazil, Argentina, and the rest of South America are exhibiting a rise in the adoption of factory automation. The factory automation solutions help manufacturers maximize profitability, productivity, and reliability.
Factory Automation Market Segmentation:
The Factory Automation Market has been segmented based on type, Technology, End User and region.
Based on type, the global Factory Automation market has been segmented into Fixed Automation, Programmable Automation, Flexible Automation, Integrated Automation.
By Technology, the Factory Automation market has been segmented into Supervisory control and data acquisition (SCADA), Programmable Automation Controller (PAC), Programmable Logic Controller (PLC), Distributed Control System (DCS), Human Machine Interface (HMI), Others.
Based on End User, the Factory Automation market has been segmented into Manufacturing, Automotive, Packaging & Processing, Energy & Power, Semiconductor & Electronics, Printing & Converting, Others.
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The factory automation market is poised for substantial growth, driven by technological advancements, environmental initiatives, and the need for increased productivity and cost efficiency. As industries continue to adopt automation solutions, the market is expected to expand significantly, offering numerous opportunities for innovation and development.
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