Factory automation involves a set of technologies and control devices that enhance the productivity and quality of the product while decreasing the overall production cost. It regulates industrial components and guarantees consistent, superior-quality results, which helped it gain high demand in various industries, such as automotive, oil and gas, manufacturing, and mining, for qualitative manufacturing. Moreover, it fulfils the need for mass production in industries with several features, such as improved quality, minimal human intervention, and lesser labor expenses.
The factory automation market size is expected to reach US$ 249.29 billion by 2028; registering at a CAGR of 8.2% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
The government bodies of APAC region are focusing on manufacturing sector for boosting their economy and GDP. With the Made in China 2025 initiative, the Government of China is empowering local companies to compete with foreign manufacturers. Furthermore, the Make in India initiative by Indian government focuses on strengthening the domestic manufacturing capability and through this the government is providing their support to accelerate automotive and manufacturing industries.
Similarly, the MEA region has started paying more attention towards manufacturing sector considering the expected lucrative growth in it. In addition, government initiatives to support automotive manufacturing in the region through Saudi Vision 2030 will rise the adoption of automated solutions for enhancing its progress. Moreover, the South American government is taking various initiatives to attract investments in various industry verticals. For this, Brazilian government has launched an initiative to automate 15% of its economy by 2033. Such initiatives are contributing to the growth of the market.
The top five companies in the factory automation market are Emerson Electric Co., Schneider Electric SE, ABB Ltd., Siemens AG, and Honeywell International, Inc. The above listing of key players is derived by considering multiple factors such as overall market insights, dynamic trends, revenue, current general aviation portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Region |
| 2022 | ABB and SKF have announced that they are collaborating in the automation of manufacturing processes. Through this collaboration the companies will identify and evaluate solutions to improve manufacturing capabilities. | Europe |
| 2022 | Honeywell International Inc. announced that launch of Industrial Automation Lab. In conjunction with the University Politehnica of Bucharest the company the company launched an Industrial Automation Lab. Through this the company will help students in building their technical skills and knowledge required in the global industrial automation sector. | North America |
| 2022 | Siemens and NVIDIA announced the expansion of an existing partnership. Through this partnership the companies are promoting digital transformation in industrial verticals. They will be exploring opportunities within the industrial metaverse, by connecting Siemens Xcelerator and NVIDIA Omniverse platform. | Europe |
