Factory Automation Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The Factory Automation market is projected to grow from US$ 181.45 billion in 2023 to US$ 340.78 billion by 2031; it is expected to expand at a CAGR of 8.2% from 2023 to 2031. Integration of machine vision systems with deep learning is anticipated to be a key trend in the market.

Factory Automation Market Analysis

The manufacturing business has expanded rapidly during the last decade. Globalization is expanding the market, attracting a large number of new players. Competitive advantage in the factory automation market for key companies may be built through product differentiation, cost leadership, target marketing, and great after-sales service. Automation is a critical factor for production processes. Further, advanced automation solutions make it possible to achieve consistently high quality, high throughput, and low production costs. Thus, the factory automation market is expected to grow during the forecast period.

Factory Automation Market Industry Overview

Factory automation is the integration of automation into all stages of the manufacturing process. Automation in manufacturing frequently combines technologies like pneumatic systems, hydraulic systems, and robotic arms to produce a more complicated system. In a competitive environment, factory automation can assist in boosting output and efficiency while lowering costs. Factory automation delivers a compelling method to boost efficiency, quality, sustainability, safety, and security in a rapidly changing modern factory setting.

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Factory Automation Market: Strategic Insights

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Factory Automation Market Driver and Opportunities

Adoption of Industry 4.0 Principal in Manufacturing to Favor Market Growth.

The revolutionary power of the Fourth Industrial Revolution (Industry 4.0) is altering global production. Industry 4.0, which is defined (in part) by intelligent systems, artificial intelligence (AI), big data, and advanced IT architecture, represents the next step in the evolution of manufacturing as a whole and many businesses are adopting these technologies. The benefits of Industry 4.0 processes, technologies, and systems include improved productivity and efficiency, better agility and flexibility, and increased profitability. Thus, the adoption of Industry 4.0 for automation in numerous industries is anticipated to fuel the factory automation market growth during the forecast period.

Growing Focus on Strategic Initiatives by Market Players

The growing focus of key market participants on strategic activities such as mergers, acquisitions, and collaboration, among others, is expected to boost the growth of the factory automation market. For instance, in July 2021, Rockwell Automation, Inc., engaged in industrial automation and digital transformation, announced the acquisition of Plex Systems, the leading cloud-native smart manufacturing platform. Further, in September 2021, Rockwell Automation, Inc. announced a partnership with Kezzler, a cloud-based product digitization and traceability platform, to help manufacturers capture the journey of their products from raw material sources to point-of-sale or beyond using cloud-based supply chain solutions that focus on product traceability.

Factory Automation Market Report Segmentation Analysis

The key segments that contributed to the derivation of the factory automation market analysis are component, type, technology, and industry vertical.

• Based on components, the market is divided into hardware and software
• On the basis of type, the market is divided into programmable automation, fixed automation, and flexible automation),
• Based on technology, the market is divided into Programmable Logic Controller (PLC), Distributed Control Systems (DCS), Supervisory Control and Data Acquisition Systems (SCADA), Human Machine Interface (HMI), and Others.
• On the basis of the industry vertical, the market is divided into automotive, food and beverages, oil and gas, manufacturing, mining, and others.

Factory Automation Market Share Analysis By Geography

Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.

North America is expected to hold a prominent share of the factory automation market during the forecast period. This growth may be attributed to the early technological adoption and a strong emphasis on research and development activities. Further, the growing popularity of collaborative robots and government initiatives for digital transformation across industries is anticipated to fuel the factory automation market during the forecast period.

Factory Automation Market Regional Insights

The regional trends and factors influencing the Factory Automation Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Factory Automation Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Factory Automation Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Factory Automation Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Factory Automation Market are:

1. ABB Ltd.
2. Emerson Electric Co.
3. Fanuc Corporation
4. General Electric Company
5. Mitsubishi Electric Corporation
6. Honeywell International Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Factory Automation Market News and Recent Developments

The factory automation market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the factory automation are listed below:

• Mitsubishi Electric Corporation announced that it will invest approximately 2.2 billion Indian rupees, or 3.1 billion yen, in its subsidiary Mitsubishi Electric India Pvt. Ltd. to establish a new factory in India. Expected to start operations in December 2023, the new factory will manufacture inverters and other factory automation (FA) control system products, expanding the company’s capabilities to meet the growing demand in India. (Source: Mitsubishi Electric Corporation, Press Release, June 2022)

Factory Automation Market Report Coverage & Deliverables

The factory automation market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Factory Automation Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Factory automation market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Factory automation market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Factory automation market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the factory automation Market
• Detailed company profiles.