The factory automation market growth is fuelled by emergence of the 5G technology, constant improvement in industrial robotics, rise in the adoption of IoT, rising adoption of factory automation across automotive industry, increasing number of product launches for promoting industrial automation.
New York, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The Insight Partners has added a new report titled on “Factory Automation Market Size, Share, Trends, Value and Forecasts to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), Type (Programmable Automation, Fixed Automation, and Flexible Automation), Technology [Programmable Logic Controller (PLC), Distributed Control System (DCS), Supervisory Control and Data Acquisition System (SCADA), Human Machine Interface (HMI), and Others], and Industry Vertical (Automotive, Food and Beverages, Oil and Gas, Manufacturing, Mining, and Others)”, the global factory automation market size is expected to grow from USD 154.99 Billion in 2022 to USD 249.29 Billion by 2028; it is estimated to grow at a CAGR of 8.2% from 2022 to 2028.
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Global Factory Automation Market Report Scope:
No. of Charts & Figures
Component, Type, Technology, and Industry Vertical
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Factory Automation Market Analysis: Competitive Landscape and Key Developments
ABB Ltd.; Emerson Electric Co.; FANUC; General Electric Company; Honeywell International Inc.; Mitsubishi Electric Corporation; Omron Corporation; Robert Bosch GmbH; Rockwell Automation, Inc., and Siemens AG are among the key factory automation market players profiled in this market study. Several other essential factory automation market players were studied and analyzed to get a holistic view of the market size and its ecosystem.
In January 2022: Accenture announced that they would be acquiring Eclipse Automation, a provider of manufacturing automation and robotics solutions in Canada. The acquisition will help the company expand its automation portfolio in the market.
In 2022: Hudson Street Solutions, Inc. (HSS) announced that they were planning to acquire Nexus Automation. With this acquisition, the company will be able to provide leading automation solutions and better service to customers.
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Global Factory Automation Market Study: Regional and Country Overview
China is one of the largest automobile and electronics manufacturers in Asia Pacific. According to the World Bank, in 2020, manufacturing accounted for 26.18% of China's GDP compared to 27.2% in 2019. The easy and cheap availability of labor in the country is a major factor responsible for the growth of its manufacturing sector. However, Chinese industries are now adopting automation and robotics at their manufacturing plants. According to the International Federation of Robotics, in 2020, China installed 154,000 industrial robots. The push for automation is part of China's goal to become a hub of innovation. In addition, due to the favorable government policies in robotic manufacturing, China is on track to be a leader in Industrial automation.
The Government of China has been leading in promoting automation through several Initiatives, such as "Made in China 2025." This indicates the potential for domestic penetration, which is expected to increase the production of robots, thereby developing the industrial automation software market. The Chinese government is also promoting advanced technologies, including automated machines. Under the Made in China 2025 plan, Beijing wants to see 70% of industrial robots made in China by 2025, up from 30% in 2017. Such initiatives help develop the demand for industrial robots, fueling the need for factory automation solutions in China. The region consists of key market players, such as Mitsubishi Electric Corporation, Omron Corporation, and Yokogawa electric. The growing innovation in factory automation products will further boost the factory automation market size. Thus, all the above factors are boosting the region's factory automation market growth.
Impact of COVID-19 Pandemic on Global Factory Automation Market:
Asia Pacific was hit hard by the COVID-19 pandemic, with Asian countries experiencing a drop in GDP, international trade, and economy. The APAC factory automation market size also took a hit during the first half of 2020, leading to a massive decline in the revenue of key market players operating in the region. The outbreak resulted in disruptions in supply chains across the region. However, the region experienced rapid adoption of robots in 2020. In 2020, APAC accorded a deployment of 71% of all newly manufactured robots. Meanwhile, owing to containment measures enacted by governments, the supply side of factory automation manufacturers was marginally affected till Q3 of 2020; however, the supply chain was stabilized from Q4 of 2020.
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Global Factory Automation Market Study: Component Overview
Based on component, the factory automation market is segmented into hardware and software. The hardware segment held the largest factory automation market share in 2021, whereas the software segment is expected to grow at the highest CAGR. Hardware used in factory automation include sensors, controllers, robots, drives, communication infrastructure, switches and relays, and timers, which make factories work more efficiently and effectively. Hardware plays a major role in manufacturing and process production. In factory automation systems, Sensors are used to detect and measure physical properties such as temperature, pressure, flow rate. In June 2022, Honeywell International Inc. introduced Experion PKS Release 520.2. The framework comprises new interaction of automation elements.
The Asia Pacific factory automation market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Japan is one of the world's largest industrial robot manufacturers. The country delivers almost 45% of the global supply of industrial robots. Due to the rising demand for industrial robots, manufacturers have considerably increased their production capacity, which has led to an increase in the export of industrial robots in Japan. According to the International Federation of Robotics (IFR), the robot export ratio in Japan rose to 78%, and ~136,069 industrial robots were shipped in 2020. Thus, the growing export of industrial robots is propelling the factory automation market. In addition, governments of various countries in Asia Pacific are coming up with various plans and initiatives, which may further boost the factory automation market growth. For instance, in December 2021, China unveiled a sharpened version of the Made in China 2025 industrial policy blueprint. Under this, the government released a five-year smart manufacturing development plan to digitize 70% of the country's large enterprises. Thus, the country is focusing on building and owning industrial robots and upgrading equipment and processes used in the manufacturing sector. Such initiatives by the government will further boost the factory automation market share in the region.
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