Press release
Factory Automation Market Size to Soar at 8.8% CAGR to 2023 Driven by Automotive Industry
The global factory automation market is segmented on the basis of control and safety system, component, industry vertical, and region. The control and safety segment is classified into the distributed control system (DCS), supervisory control and data acquisition system (SCADA), manufacturing execution system (MES), safety instrumented system (SIS), programmable logic controllers (PLC), and human machine interface (HMI). Of these, the SCADA segment dominated the market by contributing the highest share in the global market.
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The projection is that SCADA will continue its leading position throughout the forecast period. Based on industry vertical, the factory automation market is categorized into automotive manufacturing, food & beverage, oil & gas processing, mining, and others. In 2017, the automotive manufacturing segment dominated the factory automation market because of increased expansion and investment in the automotive sector.
The global Factory Automation Market size is expected to reach $368,372.4 million in 2025, from $190,882.2 million in 2017 growing at a CAGR of 8.8% from 2018 to 2025. Factory automation optimizes the industrial and manufacturing process by ensuring high-quality, consistent products and minimizing human intervention.
The increasing demand for mass production in manufacturing industries is a major driving factor of the factory automation market, because factory automation ensures qualitative, reliable, and consistent results at a lower production cost. As factory automation reduces human intervention, it minimizes qualitative errors and labor cost. Furthermore, increasing adoption of Industry 4.0 and enabling technologies has supplemented the growth of the factory automation market. Moreover, increasing demand for automation in Asian countries, such as China and Japan, is expected to provide lucrative growth opportunities to the manufacturers in this region during the forecast period. However, limited availability of professionals and high investment associated with the implementation and maintenance of factory automation systems could hinder the market growth.
Geographically, the global factory automation market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, and others), Asia-Pacific (China, India, Japan, and others), and LAMEA (Latin America, Middle East, and Africa). In 2017, Europe was the highest contributor in this market and is anticipated to retain the leading position during the forecast period, on account of the strong presence of key factory automation companies.
TABLE OF CONTENT
• CHAPTER 1: Introduction
• CHAPTER 2: Executive summary
• CHAPTER 3: Market overview
• CHAPTER 4: Factory automation market, by control and safety system
• CHAPTER 5: Factory automation market, by component
• CHAPTER 6: Factory automation market, by industry verticals
• CHAPTER 7: Factory automation market, by region
• CHAPTER 8: Company profiles
ABB Ltd., Mitsubishi Electric Factory automation, Siemens, Honeywell International Incorporation, Emerson Electric Company, and Schneider Electric SA are some of the leading key players of the global factory automation market.
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Related Report:
Global Industrial Automation Software Market 2018-2022
Industrial automation software helps end-user industries to optimize their operations through efficient control of various processes with zero or minimum human intervention. The global industrial automation software market to grow at a CAGR of 7.69% during the period 2018-2022.
The report covers the present scenario and the growth prospects of the global industrial automation software market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Read more info on this study: https://www.researchbeam.com/global-industrial-automation-software-2018-2022-market?utm_source=OPR&utm_medium=CC
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