The global factory automation market size is expected to reach USD 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.
Factory Automation Market Forecast 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)
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Key Questions Answered in this Report are:
What is the estimated global market size for the factory automation market in 2022?
The global factory automation market was valued at US$ 1,54,992.0 Mn in 2022
What are the driving factors impacting the global factory automation market?
The key driving factors impacting factory automation market growth includes:
- Rising Adoption of Factory Automation Across Automotive Industry
- Increasing Number of Product Launches for Promoting Industrial Automation
Which are the key players holding the major market share of factory automation market?
The key players of factory automation market are encompassed with ABB LTD.; Emerson Electric Co.; Fanuc Corporation; General Electric Company; Honeywell International Inc.; Mitsubishi Electric Corporation; Omron Corporation; Robert Bosch GmbH; Rockwell Automation, Inc., and Siemens AG.
Which is the fastest growing regional market during the forecast period?
APAC is the fastest-growing regional market in the global factory automation market between 2022-2028.
Which countries are registering a high growth rate during the forecast period?
Mexico, the UK, India, the UAE, and Brazil are the countries registering high growth rate during the forecast period.
Which is the leading component segment in the factory automation market?
The hardware segment led the global factory automation market in 2021. The hardware segment consists of sensors, controllers, robots, drives, and others.
Impact of COVID-19 Pandemic on Factory Automation Market Growth
The growth of the North American factory automation market size is majorly attributed to the rise in investment by the industries such as manufacturing, automotive, and food & beverages to automate their manufacturing processes. Furthermore, the increasing government initiatives to promote the adoption of automation across production facilities is boosting the demand for automotive solutions in the market. The region consists of several key market players, such as Emerson Electric Co., Schneider, and Honeywell, which provide advanced automation, thereby boosting the growth of the factory automation market.
North America is segmented into the US, Canada, and Mexico. The US held the largest share of the factory automation market in 2021, whereas Mexico is projected to grow at the highest CAGR during the forecast period. North America has been a pioneer in adopting advanced technologies across all industry verticals since 2010. This rise in the adoption of advanced technologies across industries is catalyzed by the increasing benefits of automation across factories and rising awareness of automation among small & medium businesses. Automation is aiding the factories in reducing their overall operational cost and time taken for production and assembling processes, thereby increasing the production value year-on-year. Additionally, the rise in government initiatives to promote the adoption of advanced technology and industry 4.0 solutions across industries is also driving the North America factory automation market. The incentive schemes launched by governments include quality jobs tax credits and R&D tax credits to promote the adoption of robotics and the Qualified Facility for Refundable Tax Credits to boost the geographical expansion of manufacturing facilities across North America, including R&D and the adoption of blockchain. These investments are encouraging the major industries across the US to adopt automation, thereby contributing to the growth of the factory automation market.
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