What Are The 5 Takeaways From The Factory Automation Market Overview 2024
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The factory automation market size has grown strongly in recent years. It will grow from $244.33 billion in 2023 to $264.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to the surge in demand for control and safety systems, the development of 5G wireless technology, the adoption of industry 4.0 drive, rise in demand for automation for qualitative, and the increased digital transformation process. The factory automation market size is expected to see strong growth in the next few years. It will grow to $362.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to the increasing demand for efficiency of work in a short period, the rising manufacturing and industrial sector, the implementation of autonomous plants, the increasing use of remote operations, and growth in the need for mass production with reduced operation cost. Major trends in the forecast period include technological advancements, collaborative robotics, augmented reality (AR) and virtual reality (VR), and supply chain automation.
The adoption of artificial intelligence is expected to propel the growth of the factory automation market. Artificial intelligence refers to the simulation of human intelligence processes by machines, typically through computer systems, enabling them to perform tasks that traditionally require human intelligence, such as learning, reasoning, and problem-solving. The rising adoption of AI is driven by advancements in technology, increased data availability, industry demand for automation and efficiency, and growing investment and research. Integrating artificial intelligence into factory automation systems enables manufacturers to achieve higher efficiency, productivity, quality, flexibility, and safety levels, leading to competitive advantages and improved business outcomes. For instance, in January 2022, according to the Department for Digital, Culture, Media, and Sport, a UK-based government department, with 267,000 more UK enterprises utilizing AI in their operations, the AI adoption rate rose from 15.1% in 2020 to 22.7% in 2025. By 2040, the overall adoption rate will reach 34.8%, with 1.3 million businesses using AI in the central scenario. Therefore, the adoption of artificial intelligence is driving the growth of the factory automation market.
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What Are The Key Trends That Influence Factory Automation Share Analysis?
Companies in the factory automation market are developing advanced products like ballbar devices to maintain their competitive edge. Ballbar devices, or ballbar systems, are precision measurement tools used in metrology and engineering to ensure the quality and precision of machined parts by detecting errors in machine motion and positioning. For example, in May 2023, Renishaw plc, a UK-based engineering company, launched the RCS product line, including the RCS L-90, RCS T-90, and RCS P-series, supported by a dedicated software suite. The RCS L-90 is a ball-bar device that simplifies monitoring robot health and increases system accuracy through its software suite. The RCS T-90 system helps diagnose performance issues in robots by conducting extensive tests and collecting data. The RCS P-series integrates a permanent Renishaw probing solution within a robot cell for in-process metrology and automatic recovery.
Which Market Players Are Driving Growth In The Factory Automation Market?
Major companies operating in the factory automation market are Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Eaton Corporation, Parker Hannifin Corporation, Emerson Electric Co., Danfoss, Rockwell Automation Inc., Bosch Rexroth AG, Omron Corporation, Keyence Corporation, Fanuc Corporation, SMC Corporation, Yaskawa Electric Corporation, Festo, KUKA Robotics, Phoenix Contact, Endress+Hauser Group, Beckhoff Automation, Yokogawa Electric Corporation, Advantech Co. Ltd., WAGO GmbH & Co. KG, Pepperl+Fuchs GmbH, Pilz GmbH & Co. KG, HIMA Paul Hildebrandt GmbH
How Is The Global Factory Automation Market Segmented?
1) By Component: Sensors; Controllers; Switches and Relays; Industrial Robots; Drives; Other Components
2) By Factory Automation Technology: Supervisory control And data acquisition (SCADA); Programmable Automation Controller (PAC); Programmable Logic Controller (PLC); Distributed Control System (DCS); Human Machine Interface (HMI)
3) By End-user: Manufacturing; Automotive; Packaging And Processing; Energy And Power; Semiconductor And Electronics; Printing And Converting; Other End-Users
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The Factory Automation Global Market Report 2024 provides an overview of the factory automationmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The factory automation market forecast analyzes factory automation market size, factory automation market share, leading competitor and their market positions.
The Table Of Content For The Factory Automation Market Include
1. Factory Automation Market Executive Summary
2. Factory Automation Market Segments
3. Factory Automation Market Size And Template Market Growth Rate
4. Key Factory Automation Market Trends
5. Major Factory Automation Market Drivers
……
25. Key Mergers And Acquisitions In The Factory Automation Market
26. Top Factory Automation Companies
27. Factory Automation Market Opportunities And Strategies
28. Factory Automation Market, Conclusions And Recommendations
29. Appendix
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