The global factory automation market is witnessing rapid growth as industries embrace advanced technologies to optimize manufacturing processes. Automation solutions enhance efficiency, precision, and reliability, leading to improved product quality and reduced production costs. Key drivers include the rising demand for automation in qualitative and reliable manufacturing, the adoption of Industry 4.0 initiatives, and the increasing number of automation companies worldwide. Asia-Pacific shows lucrative growth due to technological advancements and increasing demand for automation in various industries.
According to Data Bridge Market Research, the Global Factory Automation Market is to rise up to USD 1,00,9725 million by 2029 and to grow at a CAGR of 9.60% in the forecast period of 2022 to 2029.
“Rising demand for automation for qualitative and reliable manufacturing processes facilitate market growth”
The rising demand for automation for qualitative and reliable manufacturing processes serves as a key driver of the global factory automation market. Automation technologies offer improved precision, consistency, and accuracy, leading to higher product quality and reliability. Manufacturers are increasingly adopting automation to reduce human errors, enhance productivity, and ensure consistent output. Automation also enables streamlined production processes, shorter lead times, and better resource utilization, leading to cost savings and increased competitiveness. As industries seek to optimize operations and meet rising consumer expectations, the demand for automation solutions continues to grow, driving the expansion of the global factory automation market.
What restraints the growth of the global factory automation market?
“High investment cost of factory automation systems”
The high investment cost of factory automation systems acts as a significant restraint on the global factory automation market. Implementing automation technologies requires substantial upfront capital investment, which may deter small and medium-sized enterprises (SMEs) from adopting these systems. Additionally, the cost of integrating automation with existing infrastructure and training employees to operate and maintain the systems adds to the financial burden. As a result, many businesses might hesitate to invest in automation, hindering the widespread adoption of factory automation solutions and potentially limiting the overall growth of the market.
Segmentation: Global Factory Automation Market
The factory automation market is segmented on the basis of control systems, component, and end- user.
- On the basis of control systems, the factory automation market is segmented into distributed control systems, supervisory control and data acquisition system, manufacturing execution system, safety instrumented system, programmable logic controller, and human machine interface.
- On the basis of component, the factory automation market is segmented into sensors, controller, switches and relays, industrial robots, drives, and others.
- On the basis of end- user, the factory automation market is segmented into automotive manufacturing, food and beverage, oil and gas processing, mining, and others.
Regional Insights: North America dominates the Global Factory Automation Market
North America dominates the factory automation market. This is attributed to the increasing number of factory automation companies in the region, fostering innovation and competition. Moreover, the rising adoption of Industry 4.0 initiatives by manufacturers to enhance productivity and efficiency further drives the market growth in North America.
The Asia-Pacific region is projected to experience significant growth in the factory automation market. The region benefits from rapid technological advancements, particularly in emerging economies like China and India. The increasing demand for automation in various industries, such as automotive, electronics, and manufacturing, is a key driver. Additionally, factors like cost-effective labor, growing industrialization, and supportive government initiatives for automation adoption contribute to the region's lucrative growth prospects in factory automation.
To know more about the study visit, https://www.databridgemarketresearch.com/ar/reports/global-factory-automation-market
Recent Developments in Global Factory Automation Market
- In April 2021, Mitsubishi Electric Corporation unveiled seven new X-Series power semiconductor modules, comprising two HVIGBTs and five HVDIODEs, adding to a total of 24 X-Series products. These modules target high-voltage, large-current equipment like traction motors, DC-power transmitters, large industrial machines, and high-voltage, small-size inverters.
- In March 2021, GE DIGITAL introduced enhancements to its CIMPLICITY and Tracker software. CIMPLICITY HMI/SCADA offers client-server visualization for precise monitoring and control of operations. Tracker, part of GE Digital's Proficy Manufacturing Execution Systems (MES) product, automates routing and sequencing, reducing warranty and recall risk, and promoting lean operations for improved operator efficiency..
The Prominent Key Players Operating in the Global Factory Automation Market Include:
- ABB (Switzerland)
- Emerson Electric Co. (U.S.)
- Mitsubishi Electric Corporation (Japan)
- GENERAL ELECTRIC (U.S.)
- Texas Instruments Incorporated (U.S.)
- Honeywell International Inc. (U.S.)
- Rockwell Automation, Inc. (U.S.)
- OMRON Corporation (Japan)
- Schneider Electric (France)
- Siemens (Germany)
- Yokogawa India Ltd. (Japan) (India subsidiary)
- SD3D Printing. (U.S.)
- Dwyer Instruments, Ltd. (U.S.)
- WIKA Instruments India Pvt. Ltd. (India)
- FANUC INDIA Private Limited. (India)
- Hitachi, Ltd. (Japan)
- VEGA India Level and Pressure Measurement Pvt. Ltd. (India)
Above are the key players covered in the report, to know about more and exhaustive list of global factory automation market companies contact, https://www.databridgemarketresearch.com/ar/contact
Research Methodology: Global Factory Automation Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
