Market Synopsis:
As per Market Research Future (MRFR)’s study, the global factory automation market is poised to expand at 8% CAGR over the forecast period 2016 and 2022. The market is prognosticated to touch a valuation of USD 240 Bn by the end of 2023. Automation facilitates a drastic increase in production quantity while maintaining quality and reducing cost. This, in turn, has motivated major industries to adopt factory automation. Also, the technology is presumed to penetrate more verticals in the years to come, thus, augmenting the market.
The rising inclination witnessed towards smart factories supported by supportive laws farmed by the governments is projected to expedite the expansion of the factory automation market over the next few years. Additionally, the developments in wireless, IoT and sensor technologies are forecasted to unleash immense growth potential into the factory automation market over the next few years.
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The advent of digitization and industry 4.0 are expected to provide impetus to market growth through the review period. However, the high costs associated with the installation of these systems is poised to restrict the expansion of the market over the assessment period.
Key Players
The prominent players in the Factory Automation Market are – Siemens AG, ABB Ltd, Emerson Electric Corporation, Rockwell Automation, Honeywell International Inc., Schneider Electric, Rexroth Bosch Group, Mitsubishi Electric Corporation, Yokogawa Electric Corporation, and Omron Corporation.
Market Segmentation:
By type, the global factory automation market has been segmented into fixed automation, programmable automation, flexible automation, and integrated automation. Among these, the fixed automation segment is currently placed at the leading position in the global marketplace. Its valuation is poised to reach USD 120 Bn mark by the end of 2022.
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), and Human Machine Interface (HMI). The Supervisory control and data acquisition (SCADA) segment is anticipated to strike a CAGR of 10% over the assessment period.
By end-user industries, the global factory automation market has been segmented into manufacturing, automotive, packaging & processing, energy & power, semiconductor & electronics, printing & converting, and others. Among these, the manufacturing segment is likely to lead the market growth and scale a valuation of USD 50 Bn by 2022.
Regional Analysis:
The regional assessment of the global factory automation market covers four major regions, viz. Asia Pacific, North America, Europe and the Rest of the World (RoW). North America is likely to dominate the growth pattern of the market over the next few years. The ongoing trend of adoption of industrial robots in the U.S. is one of the major factors responsible for driving the expansion of the factory automation market in the region. Asia Pacific is a potential market for factory automation. Emerging economies such as China, Japan, etc. are anticipated to contribute significantly towards the development of the regional market in the years to come.
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Intended Audience
- Process Automation and Instrumentation Manufacturers
- Industrial Robot Manufacturers
- MES (Manufacturing Execution System) and MOM (Manufacturing Operations Management) Players
- System Integrators
- Government Organizations
- Research/Consultancy firms
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