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Factory Automation Market to Reach $558.8 Billion, Globally, by 2031 at 8.7% CAGR: Allied Market ResearchAn increase in demand for automation for qualitative and reliable manufacturing, the development of 5G wireless technology, and increase in the adoption of industry 4.0 revolutions drive the growth of the global factory automation market. SAN FRANCISCO, Jan. 26, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Factory Automation Market by Component (Sensors, Controllers, Switches and Relays, Industrial Robots, Drives, Others), by Control and Safety System (Distributed Control System (DCS), Supervisory Control and Data Acquisition System (SCADA), Manufacturing Execution System (MES), Systems Instrumented System (SIS), Programmable Logic Controller (PLC), Human Machine Interface (HMI)), by Industry Verticals (Automotive Manufacturing, Food and Beverage, Oil and Gas Processing, Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global factory automation industry generated $242.5 billion in 2021, and is anticipated to generate $558.8 billion by 2031, witnessing a CAGR of 8.7% from 2022 to 2031. Download Free Sample Report@ https://www.alliedmarketresearch.com/request-sample/4695 Prime Determinants of Growth An increase in demand for automation for qualitative and reliable manufacturing, the development of 5G wireless technology, and increase in the adoption of industry 4.0 revolutions drive the growth of the global factory automation market. However, the limited availability of professionals and awareness regarding security, and the high costs for implementation of factory automation systems restrict the market growth. Moreover, increase in demand for automation in Asian countries such as China and Japan presents new opportunities in the coming years. Covid-19 Scenario
The Automotive Manufacturing Segment to Maintain its Leadership Status Throughout the Forecast Period Based on industry verticals, the automotive manufacturing segment held the highest market share in 2021, accounting for nearly one-third of the global factory automation market, and is estimated to maintain its leadership status throughout the forecast period. In the automobile sector, there is a growing need for automation to complete complicated and repetitive jobs. Automation can help with these activities, producing affordable, dependable, and practical solutions, making it the largest segment of the market. However, the food and beverage segment is projected to manifest the highest CAGR of 10.3% from 2022 to 2031. The demand for industrial automation in the food and beverage industry has expanded with the requirement for mass production with reliable and consistent product quality. The Industrial Robots Segment to Maintain its Leadership Status in 2021 Based on component, the industrial robots segment held the highest market share in 2021, accounting for more than one-fourth of the global factory automation market. However, the drives segment is projected to manifest the highest CAGR of 9.7% from 2022 to 2031. Drive offers seamless integration with the Logix control system and is safe, dependable, and easy to operate. In addition, it effectively uses energy and enhances the automation process. Drives are now more in demand due to the need to streamline and improve the performance of automated machine designs. Interested to Procure the Data? Inquire Here (Get Full Insights in PDF - 328 Pages) @ https://www.alliedmarketresearch.com/purchase-enquiry/4695 The Supervisory Control and Data Acquisition System (SCADA) segment to maintain its lead position during the forecast period Based on control and safety system, the Supervisory Control and Data Acquisition System (SCADA) segment accounted for the largest share in 2021, contributing to more than one-fifths of the global factory automation market, and is projected to maintain its lead position during the forecast period. The increasing use of Industry 4.0, the demand for smart and digitalized manufacturing processes, and government support and initiatives for industrial automation are the main factors driving the growth of this market. However, the Programmable Logic Controller (PLC) segment is expected to portray the largest CAGR of 9.4% from 2022 to 2031. Large industrial manufacturers favor having all of their production procedures fully automated. PLCs are readily available, which enables SMEs to use control-level automation at a reasonable cost, hence anticipated to make it the fastest-growing segment of the market. Asia-Pacific to Maintain its Dominance by 2031 Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global factory automation market, and Asia-Pacific is likely to dominate the market during the forecast period. In the Asia-Pacific area, numerous manufacturers have made significant investments in electricity transmission and distribution due to the rising demand for mass manufacturing to meet the needs of the expanding population. Consequently, it forms the largest segment. However, the LAMEA region is expected to witness the fastest CAGR of 9.4% from 2022 to 2031. Rapid increases in industrialization and population in the Middle East have led to the rising adoption of innovative solutions and automation. Furthermore, the development of the oil refineries and power industries is expected to boost the need for factory automation, thereby accelerating the market growth in LAMEA. Enquire for Customization with Detailed Analysis of COVID-19 Impact in Report @ https://www.alliedmarketresearch.com/request-for-customization/4695 Leading Market Players: -
Key Benefits For Stakeholders:
Factory Automation Market Key Segments: Industry Verticals
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Control and Safety System
Buy this Research Report @ https://bit.ly/3XY0dVI Trending Reports in Semiconductor Industry (Book Now with 10% Discount): Nordic Building Automation and Control Market size is expected to reach from $2.16 billion in 2019 to $3.18 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027 Mining Automation Market was valued at $2,193 million in 2016, and is projected to reach at $3,810 million by 2023, growing at a CAGR of 7.9% from 2017 to 2023 Substation Automation Market size was valued at $106,891 million in 2015 and is expected to reach $154,876 million by 2022, growing at a CAGR of 5.5% from 2016 to 2022 Building Automation and Control Market size was valued at $101.91 billion in 2019, and is expected to reach $215.59 billion by 2027 growing at a CAGR of 11.10% from 2020 to 2027 About Us Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg View original content:https://www.prnewswire.co.uk/news-releases/factory-automation-market-to-reach-558-8-billion-globally-by-2031-at-8-7-cagr-allied-market-research-301731233.html |