What Is The Scope Of The Global Factory Automation Market?
Factory automation refers to the use of advanced technologies and systems to streamline and optimize manufacturing processes within a factory or industrial facility. It integrates various technologies like robotics, sensors, and data analytics to achieve tasks such as production, assembly, and quality control in industrial settings.
Factory Automation Global Market Report 2024 provides data on the global factory automation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Factory Automation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Factory Automation?
The factory automation market size has grown strongly in recent years. It will grow from $244.33 billion in 2023 to $264.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to the surge in demand for control and safety systems, the development of 5G wireless technology, the adoption of industry 4.0 drive, rise in demand for automation for qualitative, and the increased digital transformation process. The factory automation market size is expected to see strong growth in the next few years. It will grow to $362.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to the increasing demand for efficiency of work in a short period, the rising manufacturing and industrial sector, the implementation of autonomous plants, the increasing use of remote operations, and growth in the need for mass production with reduced operation cost. Major trends in the forecast period include technological advancements, collaborative robotics, augmented reality (AR) and virtual reality (VR), and supply chain automation.
What Are The Leading Drivers Of Growth In The Factory Automation Market?
The adoption of artificial intelligence is expected to propel the growth of the factory automation market. Artificial intelligence refers to the simulation of human intelligence processes by machines, typically through computer systems, enabling them to perform tasks that traditionally require human intelligence, such as learning, reasoning, and problem-solving. The rising adoption of AI is driven by advancements in technology, increased data availability, industry demand for automation and efficiency, and growing investment and research. Integrating artificial intelligence into factory automation systems enables manufacturers to achieve higher efficiency, productivity, quality, flexibility, and safety levels, leading to competitive advantages and improved business outcomes. For instance, in January 2022, according to the Department for Digital, Culture, Media, and Sport, a UK-based government department, with 267,000 more UK enterprises utilizing AI in their operations, the AI adoption rate rose from 15.1% in 2020 to 22.7% in 2025. By 2040, the overall adoption rate will reach 34.8%, with 1.3 million businesses using AI in the central scenario. Therefore, the adoption of artificial intelligence is driving the growth of the factory automation market.
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How Are The Segments Defined Within The Global Factory Automation Market?
The factory automation market covered in this report is segmented –
1) By Component: Sensors, Controllers, Switches and Relays, Industrial Robots, Drives, Other Components
2) By Factory Automation Technology: Supervisory control And data acquisition (SCADA), Programmable Automation Controller (PAC), Programmable Logic Controller (PLC), Distributed Control System (DCS), Human Machine Interface (HMI)
3) By End-user: Manufacturing, Automotive, Packaging And Processing, Energy And Power, Semiconductor And Electronics, Printing And Converting, Other End-Users
How Are New Trends Expected To Influence The Growth Of The Factory Automation Market?
Companies in the factory automation market are developing advanced products like ballbar devices to maintain their competitive edge. Ballbar devices, or ballbar systems, are precision measurement tools used in metrology and engineering to ensure the quality and precision of machined parts by detecting errors in machine motion and positioning. For example, in May 2023, Renishaw plc, a UK-based engineering company, launched the RCS product line, including the RCS L-90, RCS T-90, and RCS P-series, supported by a dedicated software suite. The RCS L-90 is a ball-bar device that simplifies monitoring robot health and increases system accuracy through its software suite. The RCS T-90 system helps diagnose performance issues in robots by conducting extensive tests and collecting data. The RCS P-series integrates a permanent Renishaw probing solution within a robot cell for in-process metrology and automatic recovery.
Which Region Drives The Highest Growth In The Factory Automation Market?
North America was the largest region in the factory automation market in 2023. The regions covered in the factory automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
