A collection of technologies and automated control devices known as "factory automation" increase the output and caliber of goods produced while controlling industrial processes with less human intervention and better results than manual control.
Forecast Increase in Revenue:
The Factory Automation Market was valued at USD 318.37 Billion in 2023, and is expected to reach USD 578.26 Billion by 2030, exhibiting a CAGR of 8.9 % during the forecast period (2024-2030)
Factory Automation Market Overview:
An extensive analysis of the "Factory Automation Market," covering its growth, trends, and forecasts, has been provided by leading research firm Maximize Market Research.
Factory Automation Market Scope and Methodology:
This research provides a thorough analysis of the Factory Automation Market with the goal of revealing important information for tactical decision-making. The comprehensive analysis in this file looks at market characteristics, dynamics, and important points to help clients expand their successful Factory Automation Market strategies and recognize opportunities. Qualitative and quantitative records are meticulously gathered and examined by making use of all primary and secondary data resources. Large-scale findings are revealed during preliminary discussions with enterprise experts. These findings are further supported by other sources such as financial reports, white papers, and press releases. The report explains factors that are driving, limiting, and constricting the healthcare chatbot market as well as opportunities that are worth investigating.
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Factory Automation Market Segmentation:
Supervisory control and data acquisition, or SCADA, dominated the factory automation market in 2023 and is projected to grow at a CAGR of 9.1% over the course of the forecast period, according to Control Safety Systems. An industrial process automation system called supervisory control and data acquisition (SCADA) is used to gather data from instruments and equipment at remote and plant locations.
Component predicts that Industrial Robots will lead the factory automation market in 2023 and will expand at a compound annual growth rate (CAGR) of 6.4% over the course of the forecast period. The automotive and heavy engineering sectors are the main industries observing a need for industrial robots. Furthermore, there is a greater need for industrial robots due to the growing need for intelligent production in unconventional fields like microelectronics. The growing need for industrial robots to complete crucial tasks quickly and safely at work is largely attributable to the heavy engineering sector.
Conclusion:
In conclusion, the Factory Automation Market, valued at USD 318.37 billion in 2023, is set to experience substantial growth, reaching an estimated USD 578.26 billion by 2030, driven by a robust CAGR of 8.9% from 2024 to 2030. This expansion is fueled by the rising demand for enhanced manufacturing efficiency, reduced operational costs, and the integration of Industry 4.0 technologies. As industries increasingly adopt automation to streamline processes and improve product quality, key players such as ABB Ltd., Siemens AG, and Honeywell International will continue to innovate and capture significant market share. Despite challenges like high implementation costs and a shortage of skilled professionals, the market's future remains promising, with substantial opportunities in regions such as Asia-Pacific and emerging markets across South America and the Middle East.
Factory Automation Market Key Players:
1. ABB Ltd
2. Emerson Electric Company
3. GE Company
4. Honeywell International Incorporation
5. Mitsubishi Electric Factory Automation
6. Omron Corporation
7. Rockwell Automation, Inc.
8. Schneider Electric SA
9. Siemens AG
10.Yokogawa Electric corporation
11.Kuka AG
12.Keyence Corporation
13.Fanuc Corporation
14.Bosch Rexroth
15.Fuji Electric Co., Ltd.
16.Endress+Hauser
17.Hitachi Ltd.
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Factory Automation Market Regional Insights:
The Factory Automation Market is divided into several regions, including Latin America, the Middle East, Africa, North America, Europe, and Asia Pacific. The market size, boom rates, and import-export dynamics within each location are just a few of the important factors that are thoroughly examined in this local evaluation. The report's Regional Analysis section provides unique insights into the status of the Factory Automation Market in different international regions by highlighting local trends, competitive environments, and regulatory frameworks.
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