Factory Automation Market to Reach $558.8 Billion, Globally, by 2031 at 8.7% CAGR

As per the report published by Allied Market Research 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”

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The factory automation market report offers a detailed analysis of prime factors that impact the market growth such as key market players, current market developments, and pivotal trends. The report includes an in-depth study of key determinants of the global market including drivers, challenges, restraints, and upcoming opportunities.

The factory automation market report encompasses driving factors of the market coupled with prime obstacles and restraining factors that hamper the market growth. The report helps existing manufacturers and entry-level companies devise strategies to battle challenges and leverage lucrative opportunities to gain a foothold in the global market.

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. 

The Report will help the Leaders:

• Figure out the market dynamics altogether

• Inspect and scrutinize the competitive scenario and the future market landscape with the help of different strictures including Porter’s five forces

• Understand the impact of different government regulations throughout the global health crisis and evaluate the factory automation market condition in the tough time

• Consider the portfolios of the protruding players functional in the market in consort with the thorough study of their products/services

• Have a compact idea of the highest revenue generating segment

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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.

Key Segmentation

The factory automation market is segmented on the basis of components, control and safety systems, industry verticals, and geography. The report offers an in-depth study of every segment, which helps market players and stakeholders to understand the fastest growing segments and highest grossing segments in 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.  

Regional Analysis

The key countries covered in the global factory automation market include:-

• North America:- the USA, Canada, and Mexico

• Europe:- France, Spain, Italy, Russia, THE UK, Netherlands, Germany, and Rest of Europe

• Asia-Pacific:- India, Japan, China, Australia, Singapore, South Korea, and Rest of Asia-Pacific

• LAMEA:- Latin America, Africa, and Middle East

Research Methodology

The research operandi of the global factory automation market includes significant primary as well as secondary research. When the primary methodology encompasses widespread discussion with a plethora of valued participants, the secondary research involves a substantial amount of product/service descriptions. Furthermore, several government sites, industry bulletins, and press releases have also been properly examined to bring forth high-value industry insights.

This information also helps the market players to make strategic decisions to remain competitive in the market, throughout. Moreover, the report also provides the top market players that are ruling the market. The report provides the SWOT analysis of the key market players including Schneider Electric, Danaher, OMRON Corporation, Siemens AG, General Electric, Mitsubishi Electric Corporation, Honeywell International Inc., Rockwell Automation Inc., Emerson Electric Co., ABB Ltd, Yokogawa Electric Corporation, which gives the business overview, financial analysis, and portfolio analysis of products and services.

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Key Benefits For Stakeholders:

·        This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Factory Automation market analysis and Factory Automation market outlook from 2021 to 2031 to identify the prevailing Factory Automation market opportunity.

·        The market research is offered along with information related to key drivers, restraints, and opportunities.

·        Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

·        In-depth analysis of the digital film cameras market segmentation assists to determine the prevailing market opportunities.

·        Major countries in each region are mapped according to their revenue contribution to the global market.

·        Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

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