Pune, 14, Dec, 2022: The report analysed by Maximize Market Research, the global automation and process control market research firm. Factory Automation Market covers an extensive competitive and pricing analysis in the report. North America is expected to witness significant growth according to the report. During the Forecast period, the report expects the market to grow from USD 268.46 billion in 2021 to USD 531.01 billion in 2029, at a CAGR of 8.9 percent for the forecast period from 2022 to 2029.
Factory Automation Market Scope and Research Methodology
The research is a comprehensive analysis of all key players in the Factory Automation Market by country, region and at a global level. Bottom-up approach has helped research analysts to analyse the micro-level factors affecting the growth and size of the Factory Automation Market.
The report has covered all the key global Factory Automation Market player’s profiles from a strategic perspective and also given the competitive landscape of local players by region, which will help users of the report to understand the dynamics of the market and industry to formulate the growth strategies. Total market by segments and opportunities for growth are key findings of the report that will help companies to utilize their resources and focus on growth prospects.
For a segment-wise analysis of the Factory Automation Market, it is divided Control and Safety, Component and Industry Vertical and Region for understanding the factors affecting the market growth positively and negatively. This provides a clear picture of the goods and services being offered in the Factory Automation Market that aids the decision-making process for businesses. The bottom-up approach was employed to validate the market size and its estimation by different segments.
Data was collected employing both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to provide the strengths and weaknesses of the Factory Automation Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Factory Automation Market.
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Factory Automation Market Overview
Factory automation is the automation of the entire manufacturing process in an industry. It involves the adoption of robotic arms, CNC (Computer Numerical Control), hydraulic systems and other computer-controlled devices in the production line. This boosts the quality, efficiency, security and sustainability. Industrial factory automation is key that gives a competitive edge over other competitors by increasing output while reducing the costs of the products and the incidence of human error. Automation also removes the possibility of human error in the production process while guaranteeing the safety of workers while using hazardous equipment.
Factory Automation Market Dynamics
Advancements in the Factory Automation Market with the advent of digitization and AI (Artificial Intelligence) are being incorporated in the Factory Automation Market. Demand for IoT (Internet of Things) based smart factory automation solutions have been on the rise leading to a transformation of traditional manufacturing to smart technology-based manufacturing. This shift in manufacturing preferences is expected to increase demand for Factory Automation Market.
The demand for Factory Automation Market has been on the rise given the advantages that are provided which include- consistent results, reduction in human error and reducing the cost of manufacturing. This development is expected to increase the demand for Factory Automation Market and lead to its growth for the forecast period.
The rise of mass production in the market while keeping the quality of the goods at its peak is an ongoing trend globally. This shift is witnessed because of an increase in global demand and companies wanting to reap the benefits of economies of scale since the production of more units reduces cost and increases profit margin. Coupled with high accuracy, such advances in the global market are expected to fuel the Factory Automation Market growth.
Factory Automation Market Regional Insights
North America held the highest revenue share in the Factory Automation Market. This was mainly due to the regional demand for automation in the manufacturing line that boosted the regional Factory Automation Market growth. Reduction in wastage and the demand for energy-efficient solutions are also driving the regional Factory Automation Market growth. Network Security organisations are concentrated in the region, fuelling the Factory Automation Market growth in the region.
In 2021, Europe witnessed growth in the Factory Automation Market. This growth was on the account of increased demand for control systems in the oil and gas industry. Industries such as oil and gas, wastewater and power infrastructure have been developing in the region. This development established the need for industrial factory automation, proving to be a major driver for the Factory Automation Market growth.
Factory Automation Market Segmentation
By Control and Safety:
By Component:
By Industry Vertical:
Factory Automation Market Key Competitors:
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Key questions answered in the Factory Automation Market are:
Key Offerings:
Maximize Market Research is leading automation and process control research firm, has also published the following reports:
Industrial Automation Market –The Industrial Automation Market size is expected to reach USD 217.2 billion by 2029 at a CAGR of 8.5 percent during the forecast period. The Industrial Automation Market is expected to be driven by increasing demand for intelligent business process automation, rising focus on real-time data analysis and increased need for safety measures in manufacturing.
Industrial Robotics Market –The Industrial Robotics Market size is expected to reach USD 809.20 billion by 2029 at a CAGR of 6 percent during the forecast period. The Industrial Robotics Market is expected to be driven by high demand for automation, increased investment in research and development and high labour cost.
Hyper Automation Market –The Hyper Automation Market size is expected to reach USD 31.4 billion by 2029 at a CAGR of 18.2 percent during the forecast period. The Hyper Automation Market is expected to be driven by technological development and increase in data analytics.
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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