Factory Automation Market - Forecast(2024 - 2030)
Divya Paidimalla
Digital Marketing | Growth Strategy & Insights | Competitive Intelligence | B2B | SEO | SMM | Email Marketer | Expert in Lead Generation Inbound Marketing & Outbound Marketing | B2B Sales Conversion Helper.
Factory Automation Market is projected to reach $233.5 billion by 2027, growing at a 3.3% CAGR between 2022-2027. Factory Automation is a technology, which involves the usage of automated equipment or machines in various industries to reduce or eliminate human efforts and increase the efficiency of work in a short period of time. In Factory Automation, the manufacturing and industrial sector is growing rapidly and has led to the advancement of technology such as distributed production by factories and services, the implementation of autonomous plants and the increasing use of remote operations to automate certain operations. The adoption of various factory automation components such as programmable logic controller,
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distributed control systems , manufacturing execution system, human machine interface, safety instrumented system and data acquisition system will drive market growth. Most of the European countries are heading towards innovation and are facing challenges like lack of skilled labor, but the development of Factory Automation companies promotes the production efficiency and empowers rapid economic growth. Most countries are seeking ways to enhance their manufacturing industry and most the Factory Automations companies are seeking to improve the customer experience, which will be based on the new research from Information Services Group (ISG). For instance, in February 2021, Government of India announced various schemes such as Production Linked Incentive (PLI) scheme, Electronics Manufacturing Cluster (EMC) scheme, electronic development fund and Modified Special Incentive Package Scheme (MSIPS) to boost electronic manufacturing in the country and allocated approximately $2.4 billion for 2021.
Report Coverage
The “Factory Automation Market Report – Forecast (2022-2027)”?by IndustryARC covers an in-depth analysis of the following segments in the Factory Automation Market?Report.
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By Instrument Type: 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: North America (U.S, Canada, Mexico), South America (Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, SK, Australia and Others) and Rest of World (Middle East and Africa).
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Key Takeaways
Programmable logic control is an integration of PC and PLC in a single system to control various processes in industries and is projected to reach $29.5 billion by 2027. This controller comprises of two or more processors, PC-based software applications such as HMI (human machine interface) functions, asset management, historian, advanced process control (APC) and others with PLC capabilities. This system can handle both analog and digital signals as it does not incorporate ladder logic in its programmable interface. This controller is multifunctional, controlling various types of signals, multitasking, controlling, contributing, communicating with various clients, reading and writing to system devices and many other functions can be performed simultaneously. Multi-domain is opted for data collection, process control and hybrid manufacturing among others. The new development in PLC is the software that can be easily customized according to the requirements. This software incorporates standard communication that assists in transfer of information from various connected systems. This advancement in technology can be beneficial for production and product flexibility in many industries.
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Factory Automation Marketnbsp;Segment Analysis –nbsp;by Industry Vertical
In the pharmaceutical industry, Factory Automation helps to ensure that a consistency is maintained in each batch of production. It also offers better control of the processes, providing an ability to monitor the processes from remote locations. This increases the demand of Factory Automation in the pharma industry.?In the pharma industry, the usage of liquid handling robots to improve reproducibility and increase the validity of data in High Throughput Screening (HTS) is one of the developed technologies. This is because the automated systems are less likely to have inconsistency in reagent quantities and HTS is a fairly consistent and repetitive process. In Russia, high domestic political motivation for investment and high oil prices ensured fairly good growth rates in most of the industries. Investors are striving to use the favorable situation to the fullest extent and build future-oriented businesses. This is why investments into high-tech industries and industrial Factory Automation increased more rapidly. The Factory Automation in pharmaceutical market is estimated to grow at a CAGR of 5.7% during the forecast period 2022–2027.
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Factory Automation Marketnbsp;Segment Analysis - by Geography
APAC is among the major regions, which has been driving the Factory Automation Market accounting for 37.7% share in 2021.?In Europe, the number of rig count is decreasing drastically from year to year. The number of rig count decreased from 117 to 82 between 2015 to 2019. Even though there was a decrease in rig count, technology development and implementation of automation has been increasing. This combined with the stabilizing of oil and gas industry prior to Covid-19 to spur the market growth especially in APAC region. With Factory Automation, oil and gas companies are increasingly able to keep track of their pipes and networks with an extraordinary amount of oversight.?Development in technologies such as using autonomous underwater vehicles and unmanned aerial vehicles, onshore and offshore pipelines is being done to protect against terrorist attacks, criminal activities and even repair damages.?Meanwhile, weather monitoring systems can be used to detect changes in seismic activity as well as ocean and atmospheric levels.
Factory Automation Marketnbsp;Drivers
Industry 4.0 Revolution in the Manufacturing Sector
Industry 4.0 revolution creates smart automation in the phase of industrialization. Increasing demand for machines in the manufacturing sector is set to push the Factory Automation Market?to new heights. Implementation of Factory Automation in industries results in many benefits such as productivity gains, improved team performance, enhanced managerial reporting, error reduction, cost reduction and higher quality. The growing need to achieve process optimization in lesser time; in the industrial operations; is coupled with various government initiatives to adopt automation. And this phenomenon drives the Factory Automation Market. Azerbaijan is planning to invest more in automotive industry which is expected to drive the deployment of automation and controls in this country. Along with the increasing investments in automotive industry, it is also observed that the key players in oil & gas and utility sector are planning for the upgradation of the manufacturing units which is expected to drive Factory Automation Market. Rising rate of the population entering the middle and upper classes is increasing the consumption at consumer's end and allowing industries to implement automation to maintain or enhance their production output, thus, enlarging the growth of the market.?In September 2020, U.K. government announced to invest $180 million approximately in the second phase of its “Manufacturing Made Smarter” scheme, to boost interconnectivity and innovation in the manufacturing sector.
Reduction of Operating Costs with the advent of IoT
The main motivation for mechanization of IoT is to suggestively decrease the functioning expenditure when automation devices, sensors, transmitters and actuators are converted to internet enabled devices.?The labor cost is highly significant in the total industrial operating cost, making generally 60%–65% of the total cost. In majority of the cases, manual jobs typically consist of two categories: direct staff and indirect staff. Direct staff is responsible for executing the process, while indirect staff is the backend support for direct staff. In developing nations, there is a constant growth in ageing workforce, resulting in issues related to safety, quality control and productivity. Thus, the automation of industries has become a notable means to tackle the rising wages and workforce age. This has resulted in the industrial operators to rely upon automation to provide a convenient and efficient way of reducing the operational costs, while simultaneously maintaining the productivity at optimum levels.?According to International Federation of Robotics R & D Programs data, Government of China, being the largest investor in robotics research, invested $577 million in 2021 for the research & development of intelligent robots with IoT Capabilities.
Factory Automation Marketnbsp;Challenges
High Initial Investment
Automated machines can be one of the most-costly operations for a company. Automated machines run anywhere between thousands and millions of dollars depending on the type and degree of automation. Apart from the initial costs, there might be several unpredictable costs which may surpass the real cost saved by the accomplishing automation in the company. Some of these costs include research and development costs of automating a process and anticipatory repairs & maintenance costs. In addition to the above-mentioned costs, there is a training cost associated with the automated machines and equipment that further restricts the industrial operators’ likeability in developing economies for automating their operating lines.
Factory Automationnbsp;Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players?in the Factory Automation Market. Factory Automation Market’s top 10 companies include: