0

Factory Automation Market is Expected to Reach $558.8 Billion by 2032 - Allied Market Research

 
2022
Factory Automation Market

Report Code : A04341

quote The global factory automation market share is expected to witness considerable growth, owing to an increase in demand for industrial 4.0 -powered solutions, especially in Asia-Pacific and LAMEA, owing to a rise in demand for digital infrastructure solutions across residential, commercial, and industrial sectors in these regions. quote

According to Himanshu Jangra
Lead Analyst, Semiconductor and Electronics

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Factory Automation Market by Component, Control and Safety Systems, Industry Verticals, and Region: Global Opportunity Analysis and Industry Forecast, 2023–2032,” the global factory automation market was valued at $242.5 billion in 2022, and is projected to reach $558.8 billion by 2031, registering a CAGR of 8.7% from 2023 to 2032. 

Automating entire production processes is referred to as factory automation. Automation frequently uses hydraulic systems, pneumatic systems, and robotic arms in production environments to build increasingly complicated systems. Automation can assist in enhancing outputs and efficiency while lowering costs in today's competitive environment. In addition, it is made to significantly lower the risks that human operators may encounter when handling dangerous machinery. 

Key factors driving the growth of the factory automation market include a rise in demand for Augmented Reality (AR) technology and government initiatives to promote factory automation during the forecast period. Governments all across the world assist in the growth of industries to ensure the comprehensive development of their nations. For the structural development of industries, this has resulted in the use of numerous automation and communication components and technologies. Governments are concentrating on the growth of discrete and process industries. For instance, the Singaporean government has collaborated with a number of organizations, including the Singapore Food Manufacturing Association (SFMA) and the Food Innovation Resource Centre, to implement the most up-to-date automation techniques in the food and beverage sector, including SCADA, PLC, DCS, robots, and cables. The growth of India's manufacturing industry is being fueled by the government's national manufacturing policy (NMP). In addition, the Indian government has launched programs such as the Make in India policy to encourage companies to implement automation in their manufacturing plants. 

The market offers growth opportunities to the key players in the market. Owing to the adoption of Industry 4.0 principles in the manufacturing, oil and gas, food and beverage, chemical, and automotive industries, the market for industrial control and factory automation is expanding quickly. With the introduction of Industry 4.0, the majority of procedures and systems in the manufacturing industry are becoming automated, enabling production facilities to run continuously without any human error. 

According to factory automation market analysis, the industrial robots segment was the highest contributor to the market in 2021. The distributed control system (DCS) and supervisory control data acquisition system (SCADA) collectively accounted for a major share in the of the factory automation market share in 2021. Surge in prime players initiatives to develop and deploy next generation renewable energy solution across commercial and residential sectors globally has led to the growth of the factory automation market growth. 

The outbreak of COVID-19 has significantly impacted the growth of global supply chain. The decline in growth in manufacturing solutions has significantly impacted the demand for factory automation solutions during the pandemic. Further, the lack of availability of a professional workforce due to the partial and complete lockdown implemented by governments across the globe has restrained the growth of the factory automation market during the pandemic. However, the growing demand for industry 4.0 solution in growing economies such as India, South Korea, Brazil, and others is expected to drive the growth of the factory automation market opportunity during the forecast period. 

This reduces the whole production cycle time while maintaining the standard of the processes from the stage of acquiring raw materials to the creation of finished goods. Automation systems like SCADA, HMI, DCS, and PLC can be used to operate and control machines installed in manufacturing facilities. Cloud computing, IoT, and cyber-physical systems all come together to form Industry 4.0. It helps the manufacturing sector by enabling remote manufacturing processes and smart real-time data collection. Operational effectiveness, productivity, product quality, asset utilization, supply chain management, workplace safety, and environmental sustainability can all be improved due to Industry 4.0. Therefore, it is anticipated that during the forecast period, market participants can benefit greatly from the implementation of Industry 4.0 principles for automation in a variety of industries. 

KEY FINDINGS OF THE STUDY 

  • In 2021, the industrial robots segment accounted for maximum revenue and is projected to grow at a notable CAGR of 7.21% during the forecast period. 
  • The supervisory control & data acquisition system (SCADA) segment was the highest revenue contributor to the factory automation market size in 2021. 
  • The automotive manufacturing and oil & gas processing segments collectively accounted for nearly half of factory automation market forecast in 2021. 
  • Europe acquired a major share in the factory automation market outlook with an industry share of 35.0% in 2021.  

The key players profiled in the report include ABB Ltd, Danaher Industrial Ltd, Emerson Electric Co., General Electric, Honeywell International Inc., Mitsubishi, Electric Corporation, OMRON Corporation, Rockwell Automation Inc., Schneider Electric, Siemens AG, and Yokogawa Electric Corporation. Market players have adopted various strategies such as product launch, collaboration, partnership, joint venture, and acquisition to expand their foothold in the factory automation market. 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Factory Automation Market by Component (Sensors, Controllers, Switches and Relays, Industrial Robots, Drives, Others), by 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)), by Industry Verticals (Automotive Manufacturing, Food and Beverage, Oil and Gas Processing, Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date May 2024

Pet Insurance Market

Download Sample
rep-img

Published Date May 2024

Forex Brokers Market

Download Sample

Buy Full Version
"Factory Automation Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers