Dublin, Dec. 30, 2022 (GLOBE NEWSWIRE) -- The "Factory Automation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Type, Technology, and Industry Vertical" report has been added to ResearchAndMarkets.com's offering.
The factory automation market size is expected to grow to US$ 249.29 billion by 2028; it is estimated to grow at a CAGR of 8.2% from 2022 to 2028.
The growth of automotive and manufacturing industries in the Middle East & Africa and South & Central America is driving the factory automation market. Furthermore, an increase in initiatives by governments to automate manufacturing facilities in the region is fueling the market growth.
Government initiatives and policies supporting the digitization of manufacturing plants are the significant factors boosting the uptake of factory automation solutions in this region. For instance, under Made in China 2025, the Chinese government has released a five-year smart manufacturing development plan to digitize 70% of the country's large enterprises.
Also, to automate manufacturing facilities, various countries are installing industrial robots. For instance, according to the International Federation of Robotics (IFR), in 2020, China installed 154,000 industrial robots. Similarly, South Korean robot installation increased by 2% to 31,083 units in 2021.
Europe factory automation market share in Europe is growing at a decent rate year-over-year. The key reason for the growth of the factory automation market is the presence of a large number of market players, such as ABB Ltd, Siemens AG, and Bosch Rexroth AG, in the region.
Also, the growing installation of industrial robots to increase productivity in automobile, chemical, food & beverages, mechanical engineering, and electronics industry is fueling the market growth. In addition, government investment in the digitization of the manufacturing industry is propelling the factory automation market growth.
Many companies are focusing on various strategic initiatives. They are expected to create a noteworthy business model and drive the market in the next few years.
- In 2022, Scania, a prominent worldwide transport solutions provider, signed a deal with ABB to supply a broad range of robotic solutions for Scania's new highly automated battery assembly factory in Sweden.
- In 2021, Rockwell Automation released new enhancements to its Allen-Bradley PowerFlex 755TL, TR, and TM AC drives, including new standard corrosive gas protection that is often critical in industries such as pulp & paper, automotive, tire & rubber, metals, and water/wastewater.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 235 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $154.99 Million |
| Forecasted Market Value (USD) by 2028 | $249.29 Million |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Key Market Dynamics
Market Drivers
- Rising Adoption of Factory Automation Across Automotive Industry
- Increasing Number of Product Launches
Market Restraints
- High Operating Cost for Small and Medium Manufacturing Companies
- Cybersecurity Risks Through Cobots
Market Opportunities
- Growing Collaborative Partnerships Between Companies
Future Trends
- Automation in Mining Industry
Company Profiles
- ABB Ltd.
- Emerson Electric Co.
- Fanuc Corporation
- General Electric Company
- Mitsubishi Electric Corporation
- Honeywell International Inc.
- OMRON Corporation
- Rockwell Automation, Inc.
- Siemens AG
- Bosch Rexroth AG
For more information about this report visit https://www.researchandmarkets.com/r/99r7yp
Attachment
