Factory Automation Market to Rear Excessive Growth During 2020 - 2022

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.

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

Factory Automation Market prominent players 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:

The global factory automation market is segmented on the basis of type, technology, and end user industry.

• By type, the factory automation market is segmented into programmable automation, fixed automation, integrated automation, and flexible automation. Of these, the fixed automation segment is likely to dominate the market, and garner fixed automation is dominating the market and is likely to reach USD 120 billion by the end of 2022.
• By technology, the factory automation market is segmented into programmable automation controller (PAC), supervisory control and data acquisition (SCADA), distributed control system (DCS), programmable logic controller (PLC), and human-machine interface (HMI). Of these, the SCADA segment is likely to expand at a CAGR of 10% during the assessment period (2016-2022).
• By end user industry, the market is segmented into automotive, manufacturing, energy & power, packaging & processing, printing & converting, semiconductor & electronics, and others. Of these, the manufacturing sector is expected to dominate and reach a valuation of USD 50 billion by the end of 2022.

Regional Analysis of Factory Automation Market:

Geographically, the global factory automation market spans across North America, Asia Pacific, Europe, and Rest of the World (RoW).

Considering the global scenario, Asia Pacific is considered to expand at the fastest rate and is predicted to exhibit a high growth rate. Government initiatives to increase domestic production and manufacturing and surging adoption of technology in the region is likely to augment the market growth in the region. Meanwhile, the high cost of installing automation solutions is one of the major concerns restricting the growth of the regional market. In the APAC, China is considered to hold a major share. Companies in China are highly embracing Industry 4.0 to improve productivity. Chinese government’s programs like the Made in China 2025 plan are influencing the use of R&D in factory automation and technologies. As most of the automation equipment is imported from Japan and Germany, the ‘Made in China’ initiative focuses on expanding the nation’s domestic production of equipment and hardware.

China is considered one of the fastest-growing countries in the world with a very high industrial production rate. This is likely to drive the automation market in the country. Investments are planned to address concerns related to the environment, aid the quality of growth, and reduce overcapacity. The number of companies deploying process and factory automation technologies and robotics is less compared to the huge size of China’s manufacturing base and the number of workers the country employs. This trend is likely to present huge growth opportunities for companies in the industrial automation industry in the country.

Get complete Report @ https://www.marketresearchfuture.com/reports/factory-automation-market-3565

About Us:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Media Contact:

Market Research Future

Office No. 528, Amanora Chambers

Magarpatta Road, Hadapsar,

Pune - 411028

Maharashtra, India

+1 646 845 9312

Mrfr, we enable our customers to unravel the complexity of various industries through our Cooked Research Report (Crr), Half-Cooked Research Reports (Hcrr)