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Industrial and Factory Automation Market size is predicted to reach $233.5 billion by 2030, growing at a CAGR of 3.3% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The industrial and factory automation market is rapidly evolving, driven by technological advancements and the need for increased efficiency and productivity. Automation systems are becoming increasingly sophisticated, integrating advanced technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). These technologies enable predictive maintenance, real-time monitoring, and data analytics, allowing manufacturers to optimize production processes, reduce downtime, and enhance operational efficiency. Increasing investments in infrastructure and construction further bolster market growth, indicating a promising outlook for suppliers and manufacturers in the region, finds IndustryARC in its recent report, titled “Industrial and Factory Automation Market By Instrument (Humidity Transmitter, Temperature Transmitter, Pressure Transmitter, Level Transmitter, Control Valves, Analyzers, Communication Hardware and Others), By Solution (PLC, DCS, MES, SCADA, APS, OTS, Safety Automation and Others), By Industry Vertical (Process (Oil and Gas, Chemical, Pharmaceutical, Food and Beverage, Metal and Mining, Power, Pulp and Paper, Water and Wastewater and Others) and Discrete (Automotive, Aerospace, Medical, Industrial Machinery, Semiconductor and Electronics and Others)), By Geography – Opportunity Analysis & Industry Forecast, 2024-2030”
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North America to Register Highest Growth
North America dominated the Industrial and Factory Automation Market with a largest share of 38% in 2023. Firstly, the region boasts a mature industrial landscape with a strong emphasis on innovation and technological advancement, fostering a conducive environment for automation adoption. Secondly, stringent regulatory standards regarding safety, efficiency, and environmental sustainability incentivize industries to invest in automation solutions to remain competitive and compliant. Additionally, the rising labor costs and a growing shortage of skilled workers further incentivize companies to automate manufacturing processes.
Industrial and Factory Automation Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
3.3% |
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Market Size in 2030 |
$233.5 Billion |
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Segments Covered |
Instrument, Solution, Industry Vertical and Region |
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Geographies Covered |
North America, South America, Europe, APAC, RoW |
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Key Market Players |
1. Honeywell International Inc. 2. Siemens AG 3. ABB Ltd. 4. Emerson Electric Co. 5. KUKA AG 6. Schneider Electric 7. Mitsubishi Electric Corporation 8. Endress+Hauser AG 9. Yokogawa Electric Corporation 10. General Electric |
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Industrial and Factory Automation Market Report – Key Takeaways:
By Instrument, Communication hardware segment is analyzed to grow with the highest CAGR of 4.3% during the forecast period 2024-2030 due to the increasing demand for seamless connectivity and data exchange within industrial environments. With the rise of Industry 4.0 and the Internet of Things (IoT), there’s a growing emphasis on real-time monitoring, remote access, and integration of disparate systems. Communication hardware facilitates these requirements by enabling efficient communication between various automation devices, sensors, and control systems. Additionally, advancements in communication protocols such as Ethernet/IP, Profinet, and Modbus TCP/IP enhance interoperability and compatibility, further fuelling the adoption of communication hardware.
The Discrete segment accounted for the largest share in 2023 and is estimated to reach $XX Million by 2030. This sector is a significant driver of demand for automation solutions, particularly in industries such as automotive, electronics, and heavy manufacturing. The growing adoption of automation technologies in these fields is aimed at improving efficiency, reducing operational costs, and enhancing product quality. The automotive sector, for instance, relies heavily on discrete automation to streamline production processes, ensure quality control, and manage supply chains effectively. Similarly, the electronics industry uses automation to handle complex assembly tasks, maintain high production speeds, and reduce human error. By implementing advanced automation technologies, companies can achieve higher production rates, reduce downtime, and respond more quickly to market demands. This trend is expected to continue, with discrete automation maintaining its dominance in the industrial automation market?
The growing demand for product customization and shorter time-to-market cycles propels the adoption of flexible automation solutions in industrial manufacturing. Consumers increasingly seek personalized products, forcing manufacturers to adapt their production lines quickly and efficiently. Automation plays a crucial role in enabling agile manufacturing processes capable of rapid reconfiguration and customization. By integrating robotics, smart sensors, and advanced control systems, factories can swiftly adjust production parameters and accommodate varying product specifications without compromising quality or efficiency. Flexible automation not only enhances responsiveness to market trends but also reduces setup times and production changeover costs, optimizing resource utilization and enhancing overall productivity. Industries ranging from food and beverage to electronics and aerospace benefit from the versatility and scalability offered by automated manufacturing systems. As businesses strive to meet dynamic consumer expectations and maintain competitive edge, investments in flexible automation technologies continue to drive innovation and profitability in the global marketplace.
?With increased connectivity and data sharing, industrial automation systems become vulnerable to cyber threats such as hacking, data breaches, and malware attacks. Protecting sensitive operational data and ensuring the security of automated processes is critical but challenging. As automation systems become interconnected through IoT and cloud platforms, they expose critical operational data and processes to cyber threats. Instances of ransomware targeting manufacturing facilities highlight the potential for significant disruptions and financial losses. The complexity of securing diverse endpoints, ranging from PLCs to AI-driven analytics engines, demands comprehensive strategies encompassing network segmentation, encryption protocols, and robust access controls. Moreover, addressing the human factor through training and awareness programs remains essential to mitigate risks posed by social engineering and insider threats.
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Key Opportunity Analysis:
Advanced Robotics and Collaborative Automation
Advanced robotics and collaborative automation present significant growth opportunities in the industrial sector. As robotic capabilities evolve, from enhanced mobility and dexterity to AI-driven decision-making, industries can leverage these advancements to optimize production processes and address labor shortages. Collaborative robots (cobots) are increasingly integrated into manufacturing lines, working alongside human operators to perform intricate tasks with precision and efficiency. This collaborative approach not only improves productivity but also enhances workplace safety by automating hazardous or repetitive tasks. Industries such as automotive, electronics, and logistics benefit from the scalability and versatility of robotic systems, which can adapt to varying production demands and workflows. Future opportunities lie in expanding the application of robotics beyond traditional assembly lines to include areas like warehouse automation, inspection, and maintenance. Investments in research and development (R&D) to enhance robot-human interaction and AI integration will drive innovation and market growth, positioning automation technologies as integral drivers of Industry 4.0 transformation.
Edge Computing and Real-time Data Analytics
Edge computing emerges as a pivotal opportunity in industrial automation, transforming how data is processed, analyzed, and utilized within manufacturing environments. By decentralizing data processing and analytics to the network edge, close to where data is generated, edge computing minimizes latency and enhances responsiveness in real time. Industrial automation systems benefit from faster decision-making capabilities, enabling predictive maintenance, quality control, and adaptive manufacturing processes. Edge-enabled devices and sensors capture and transmit data continuously, supporting agile production workflows and dynamic supply chain management. Industries such as automotive, pharmaceuticals, and consumer electronics leverage edge computing to optimize operational efficiency, reduce operational costs, and improve product quality through enhanced data insights. Future opportunities lie in expanding edge computing capabilities with AI-driven analytics and machine learning algorithms, enabling autonomous decision-making and predictive analytics at the network edge.
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The Report also Covers the Following Areas:
Industrial and Factory Automation Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
The Covid-19 pandemic has had a profound impact on the Industrial and Factory Automation Market, reshaping industry dynamics and accelerating certain trends. Initially, widespread disruptions to global supply chains caused delays in production and slowed down the adoption of automation solutions. However, as businesses sought to mitigate risks associated with future disruptions, there was a surge in demand for automation technologies to enhance resilience and operational efficiency. Remote monitoring and control capabilities became essential for maintaining operations amidst lockdowns and social distancing measures.
The Russia-Ukraine crisis exerts a notable impact on the Industrial and Factory Automation Market due to its ramifications for the global supply chain. Ukraine is a significant manufacturing hub for electronics and machinery components essential for factory automation systems. The conflict disrupts supply chains, leading to potential shortages, delays in production, and increased costs for components. Moreover, heightened geopolitical tensions may instigate uncertainty among businesses, impacting investment decisions and delaying automation projects. Furthermore, disruptions in logistics and transportation networks hinder the timely delivery of automation equipment and components to end-users worldwide.
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List of Key Market Players in Industrial and Factory Automation Market:
The Industrial and Factory Automation Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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