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

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Jan 26, 2023, 10:30 ET

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.

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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 outbreak of the Covid-19 pandemic had a negative impact on the global factory automation market, owing to a significant impact on prime players operating in the supply chain during the lockdown.
The market was also hit by several obstacles amid the COVID-19 pandemic, such as a lack of skilled workforce availability and delay or cancelation of projects due to partial or complete lockdowns globally.
However, the rise in demand for industrial Internet of Things solutions across prime manufacturing sectors was one of the major factors that propelled the market growth during the COVID-19 pandemic.

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.

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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.

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.

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Leading Market Players: -

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

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.
The report includes the analysis of the regional as well as global digital cinema cameras market trends, key players, market segments, application areas, and market growth strategies.

Factory Automation Market Key Segments:

Industry Verticals

Automotive Manufacturing
Food and Beverage
Oil and Gas Processing
Mining
Others

Component

Sensors
Controllers
Switches and Relays
Industrial Robots
Drives
Others

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)

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