Factory Automation market size to reach USD 368,372.4 Million by 2025: Study
Growing at a CAGR of 8.8% from 2018 to 2025
Factory automation standardizes industrial processes and ensures consistent, superior-quality results. Furthermore, due to its features such as reduced human interference, increased efficiency, and lower labor costs, it fulfills the need for mass production in manufacturing, resulting in minimum overall operating costs.
As per the study done by Valuates Reports, the global factory automation market size is expected to reach USD 368,372.4 Million in 2025, from USD 190,882.2 Million in 2017, growing at a CAGR of 8.8% from 2018 to 2025.
The manufacturers use different factory operated control systems to automate and optimize industrial processes such as metalworking, molding, manufacturing of additives, and painting works. Supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and programmable logic controllers (PLC) are some of the primary controls used by industries.
Trends influencing the factory automation market
- The growth of factory automation market size can be attributed to the emphasis on industrial automation and optimal resource utilization, increased use of enabling technologies in manufacturing, increased adoption of industrial robots in the manufacturing sector driven by collaborative robots, connected enterprises, and mass production to meet the growing population's demands.
- Additionally, due to the growing adoption of Industry 4.0 trend and IoT enabled smart technologies, the factory automation market size is expected to grow during the forecast period.
- Labor costs have gone up exponentially across different regions. Moreover, the requirements for quality are also getting more stringent. Against this context, factory automation will enable efficient production workflow and reduce labor costs. These factors are expected to increase the factory automation market size during the forecast period.
- The market is also expected to grow due to government initiatives and policy toward industrial automation adoption.
- The industry 's rapid shift towards smart manufacturing is expected to cause an increase in the industrial automation market size forecast period.