The global factory automation market is predicted to succeed in USD 269.5 billion by 2026 from USD 160.0 billion in 2021, expanding at a CAGR of 9.08% over the forecast period.
Factory automation implies a group of technologies and automatic control devices to reinforce the productivity and quality of products and simultaneously decrease the assembly cost. Also referred to as industrial automation, it minimizes human intervention within the industry and ensures a superior performance as compared to humans. It comprises the utilization of computers, robots, control systems, and knowledge technologies to handle industrial processes.
The factory automation is a rising trend within the manufacturing industry, which provides smart manufacturing infrastructure. Factory automation facilitates cost efficiency, quality of production and standardizes manufacturing, reliability, and adaptability within the process of creation. Factory automation offers an ideal mixture of mechanical components and devices for the knowledge technology market.
Factory Automation Market Recent Developments:
Emerson has introduced a variety of latest Rosemount™ solids level switches that are designed to optimize operations, increase safety and decline waste by presenting reliable point level monitoring and assisting in overfill prevention. The introduction of switches helped four proven, and trusted technologies enable Emerson to supply an entire product portfolio for continuous and point level solids measurement. This will make sure that the acceptable solution is often deployed to satisfy every application requirement
On January 20, 2019, Emerson announced the discharge of the Paradigm™19 integrated oil and gas exploration and production software suite, featuring automated workflows that can enhance overall productivity at reduced user effort. It delivers maximum information about the subsurface, optimizes accuracy, lessens outcome uncertainty and saves money across the organization. This release expands the Paradigm software cloud-hosted solution to incorporate Emerson's whole exploration and production portfolio. Also available in the on-premise deployment model, Paradigm 19 continues to produce advanced software applications while ensuring maximum scalability and performance in the least levels of use.
A whistleblower has accused General Electric (GE) of using accounting tricks to mask the extent of its financial problems and called it a much bigger fraud than Enron. Harry Markopolos, who is legendary for blowing the whistle on Bernie Madoff's Ponzi scheme in 2008, said during a report that GE was hiding nearly 40 billion dollars of losses in its insurance business.
Drivers and Restraints of Factory Automation Market:
Factory automation standardizes industrial processes and ensures consistent, superior-quality results; thus, it's high demand in industries for reliable, qualitative manufacturing. Moreover, it fulfills the need for production in industries due to its features like minimal human intervention, improved quality, and lesser labor expenses, which culminate in minimum overall operational cost. The demand for factory automation has a further boost thanks to the growing adoption of Industry 4.0 trend and IoT enabled smart technologies.
The expansion of the global factory automation market is often attributed to the stress on industrial automation and optimum utilization of resources, increasing use of enabling technologies in manufacturing, rising adoption of commercial robots within the manufacturing sector driven by collaborative robots, connected enterprise alongside production to cater to increasing population, and government initiatives toward the adoption of commercial automation in various industries.
The growth of the factory automation market is hindered because of high investment, limited availability of human resources, and inadequate awareness about security.
Factory Automation Market Segmentation:
By Control Systems
In 2018, the SCADA segment dominated the market in terms of revenue, and it is likely to maintain this trend in the upcoming years.
Industrial robots are likely to carry the most significant share of components of the global factory automation market during the forecast period. Manufacturers are installing industrial robots to form production and distribution easy and efficient. The installation of commercial robots is reducing human intervention in the production process, thereby reducing the value of producing with improved quality and increased production capacity. The industrial robot segment is anticipated to dominate the worldwide factory automation market throughout the forecast period.
The mining and metals industry is predicted to witness the best rate of growth during the forecast period in this market. The mining and metals industry includes the extraction of mineral and metal reserves and the fabrication of metals. Mining operations are challenging to execute and manage in remote and unsafe locations. Drives provide precise speed and torque control (e.g., cranes), while PLCs give flexibility to the method because of the adoption of automation during this field. It provides better productivity, ensures safety, minimizes wear, enhances reliability, and improves quality.
In 2017, the automotive manufacturing segment accounted for the very best market share thanks to increased expansion and investment within the automotive sector.
Factory Automation Market Region-wise analysis:
Marked Segmentation based on the region:
In 2018, Europe accounted for a considerable share in the global factory automation market, on account of the presence of key companies such as Siemens, ABB, Schneider, and others and also the Industry 4.0 initiative to improve manufacturing productivity.
Among all regions, APAC is expected to account for the largest share of the global factory automation market in the coming years. The APAC is expected to hold the highest market share in the factory automation market due to technological innovation and the increasing adoption of automation technologies in various industries. China has been working on an innovative industrial practice by implementing automation technologies in manufacturing. In addition, research institutes and corporates are collaboratively working to improve China's manufacturing processes.
a. Middle East
Key Players of Market:
The major players of the market are:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Factory Automation Market, By Control Systems
6.1.1 Distributed Control Systems
6.1.2 Supervisory Control and Data Acquisition System (SCADA)
6.1.3 Manufacturing Execution System (MES)
6.1.4 Safety Instrumented System (SIS)
6.1.5 Programmable Logic Controller (PLC)
6.1.6 Human Machine Interface (HMI)
6.1.7 Market Size Estimations & Forecasts (2019-2024)
6.1.8 Y-o-Y Growth Rate Analysis
6.1.9 Market Attractiveness Index
6.2 Factory Automation Market, By Components
6.2.3 Switches and Relays
6.2.4 Industrial Robots
6.2.6 Market Size Estimations & Forecasts (2019-2024)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
6.3 Factory Automation Market, By End-User
6.3.1 Automotive Manufacturing
6.3.2 Food and Beverage
6.3.3 Oil and Gas Processing
6.3.4 Mining & Metals
6.3.5 Market Size Estimations & Forecasts (2019-2024)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Control Systems
7.2.3 By Components
7.2.4 By End-User
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Control Systems
7.3.3 By Components
7.3.4 By End-User
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Control Systems
7.4.3 By Components
7.4.4 By End-User
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Control Systems
7.5.3 By Components
7.5.4 By End-User
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Control Systems
7.6.3 By Components
7.6.4 By End-User
8. Key Player Analysis
8.1 ABB Ltd.
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 GE Company
8.3 Emerson Electric Company
8.4 Honeywell International Incorporation
8.5 Mitsubishi Electric Factory Automation
8.6 Omron Corporation
8.7 Siemens AG
8.8 Schneider Electric SA
8.9 Rockwell Automation, Inc.
8.10 Yokogawa Electric Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures