Industry 4.0 and Automation Boost Factory Automation Demand
New York, US, June 14, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Factory Automation Market Analysis by Type (Fixed Automation, Programmable Automation, Flexible Automation, Integrated Automation), By Technology (SCADA, PAC, PLC, DCS, HMI) and By End User – Forecast till 2030” valuation is poised to reach USD 281,795.5 Million by 2030, registering an 5.1% CAGR throughout the forecast period (2021–2030).
The global factory automation market is witnessing significant growth. The rising demand for industrial automation and improved productivity and safety for workers at reduced production costs drive the market growth. Also, massive investments in automation solutions development influence the market value. Advances in automation technologies create significant opportunities for the market and market players.
Factory Automation Market Report Scope:
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Type, Technology, End User and Region
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Emerson Electric Co., ABB, Mitsubishi Electric Corporation, Rockwell Automation, Inc., General Electric, Omron Corporation, Schneider Electric SE, Honeywell International Inc., Siemens AG, Fanuc Corporation, Yokogawa Electric, Hitachi, Danfoss and Danaher Corporation, and Roberth Bosch GMBH
Proliferation of AI in Industry Automation
Rising Demand for Automation for Qualitative & Reliable Manufacturing
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Factory automation plays a vital role in automating various industrial processes, allowing information accumulation associated with the functionality of machines and their performance on the systems. Additionally, the increasing usage of advanced technologies in automating factory workflows escalates the market growth, boosting the work efficiency of processes and reducing manual work & downtime.
The rise in the development of applications that allow humans, machines, and software/solutions to work in sync to enhance production potential and increase production efficiency boosts the market size. New AI-powered lightweight cobots and a proprietary software suite are increasingly witnessing rapid integrations, helping navigate concerns such as rising wages, lack of qualified laborers, and other bottlenecks preventing companies from scaling.
Automating factory operations elevate manufacturing and meet production demands by replacing traditional manufacturing with advanced human-machine collaboration. The rapidly improving technological infrastructure substantiates the market opportunities. Considerable advancements in artificial intelligence (AI) and other similar technologies foster the development of the market.
The market is segmented into types, technologies, end-users, and regions. The type segment is sub-segmented into fixed, programmable, flexible, and integrated automation, among others. The technology segment is sub-segmented into supervisory control & data acquisition (SCADA), programmable logic controller (PLC), programmable automation controller (PAC), distributed control system (DCS), human-machine interface (HMI), and others.
The end-user segment is sub-segmented into automotive, manufacturing, packaging & processing, semiconductor & electronics, energy & power, printing & converting, and others. The region segment is sub-segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and others.
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Factory Automation Market Regional Analysis
APAC dominates the global factory automation market, witnessing increased foreign direct investments (FDIs). Considering the rapid growth the region has been achieving over recent years, well-established industry players from developed countries are increasingly opening new production plans in the rapidly developing APAC countries. Among other countries, India is emerging as a promising factory automation market, offering innovative solutions from its state-of-the-art manufacturing facility.
North America is an equally lucrative market for factory automation solutions, heading with a large presence of key market players, such as Rockwell Automation, Honeywell, and Omron Corporation, offering unique factory automation systems. Moreover, stringent government regulations to promote automation for increased production and industrial safety, alongside the steady rise across industries, create substantial market demand.
Besides, technological advances and the rising demand for factory automation drive regional market growth. The US holds the leading share in the regional market, followed by Canada. Also, factors like the augmenting demand for safety & comfort features and growing automation in the manufacturing sector increase the region's market share.
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Digital transformation across industries and the proliferation of Industry 4.0 and IoT advances are megatrends boosting the factory automation market size. The uptake of smart connected devices is anticipated to grow regardless of vertical, which in turn would increase the market share. Besides, cellular technologies 5G/4G/LTE drive the market, improving connectivity and powering new and emerging IoT applications.
On the other hand, security and privacy issues are major factors hampering the factory automation market growth. Nevertheless, growing 5G implementations would support the market growth, making security imperative in industrial scenarios. Also, the increased need for automated operations to minimize labor requirements and the rising uses of robots in factories to automate packing & labeling, testing, welding, and other testing processes would boost the market share.
Factory Automation Market Competitive Analysis
Dominant Key Players on Factory Automation Market Covered are:
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Highly competitive, the factory automation market appears fragmented due to the presence of several well-established players. FA control system manufacturers strive to strengthen their business structure by establishing new production units in rapidly growing countries. Such new plants expand their product manufacturing and service and support production capabilities to meet local demand for products.
They incorporate various features to achieve carbon neutrality and reduce carbon dioxide emissions through highly efficient air conditioning systems and LED lighting equipment. To meet sustainable development goals (SDGs), they reuse wastewater through underground filtration treatment and greening. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/ technology launches.
For instance, on Jun 06, 2022, Mitsubishi Electric Corporation announced that it is setting up a new factory automation equipment plant in India to create a third global production hub to drive revenue growth in the fast-growing market. The company will invest approximately Rs 2.2 billion in its subsidiary Mitsubishi Electric India Pvt. Ltd. This new production hub will strengthen the Japanese company's supply chains, positioning Mitsubishi Electric as a leader in factory automation systems.
The rapidly growing Indian market is expanding at about 8%, mainly in industries such as automobiles, pharmaceuticals, food & beverage, data centers, and textiles, and further market expansion is expected in the future. The new factory is expected to start operations in Dec. 2023 and manufacture inverters & other factory automation (FA) control system products, expanding Mitsubishi's capabilities to meet the growing demand in India.
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