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Factory Automation Market to Reach USD 578.26 Billion by 2030, Growing at an 8.9% CAGR
Factory Automation Market to Reach USD 578.26 Billion by 2030, Driven by Industry 4.0 and Smart Manufacturing Trends
Global Factory Automation Market Set to Grow at 8.9% CAGR, Fueled by Rising Demand for Efficiency and Productivity in Manufacturing
Summary:
The global Factory Automation Market, valued at USD 318.37 billion in 2023, is projected to grow at a CAGR of 8.9% from 2024 to 2030, reaching nearly USD 578.26 billion by the end of the forecast period. This growth is driven by the increasing adoption of Industry 4.0 technologies, the need for operational efficiency, and the rising demand for smart manufacturing solutions. The market’s expansion highlights the critical role of automation in transforming traditional manufacturing processes.
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A) Market Size:
The Factory Automation Market was valued at USD 318.37 billion in 2023 and is expected to grow at a CAGR of 8.9% during the forecast period (2024–2030), reaching nearly USD 578.26 billion by 2030. The rising demand for automation in industries such as automotive, food & beverage, and oil & gas is a key driver of this growth.
B) Scope and Research Methodology:
This report provides a comprehensive analysis of the Factory Automation Market, focusing on market size, segmentation, and growth drivers. The research employs a bottom-up approach, utilizing revenue data from key players and vendor offerings to ensure accuracy. Secondary research forms the foundation of this analysis, supplemented by primary research to validate findings.
C) Report Coverage:
The report covers the Factory Automation Market across various segments, including control & safety systems (DCS, SCADA, MES, SIS, PLC, HMI), components (sensors, controllers, switches & relays, industrial robots, drives), and industry verticals (automotive, food & beverage, oil & gas, mining).
D) Overview:
Factory automation is revolutionizing the manufacturing sector by enhancing productivity, reducing operational costs, and improving product quality. The market is witnessing significant growth due to the increasing adoption of advanced technologies such as IoT, AI, and robotics in manufacturing processes.
E) Dynamics:
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Drivers: Rising demand for operational efficiency, adoption of Industry 4.0 technologies, and government initiatives promoting smart manufacturing.
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Challenges: High initial investment costs and the complexity of integrating automation systems.
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Opportunities: Emerging applications in pharmaceuticals, electronics, and renewable energy sectors.
F) Segmentation:
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By Control & Safety System: Distributed Control System (DCS), Supervisory Control and Data Acquisition System (SCADA), Manufacturing Execution System (MES), Safety Instrumented System (SIS), Programmable Logic Controller (PLC), Human Machine Interface (HMI)
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By Component: Sensors, Controllers, Switches & Relays, Industrial Robots, Drives
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By Industry Vertical: Automotive, Food & Beverage, Oil & Gas, Mining
G) Key Players Include:
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ABB Ltd
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Siemens AG
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Rockwell Automation, Inc.
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Schneider Electric SA
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Honeywell International Inc.
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Mitsubishi Electric Corporation
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Omron Corporation
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Fanuc Corporation
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Kuka AG
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Yokogawa Electric Corporation
H) Reason to Buy:
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Gain insights into market trends, drivers, and challenges.
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Understand the competitive landscape and strategic initiatives of key players.
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Identify growth opportunities in emerging applications and regions.
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Make informed decisions based on comprehensive market analysis.
I) Table of Contents:
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Executive Summary
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Market Overview
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Market Dynamics
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Market Segmentation
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Competitive Landscape
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Regional Analysis
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Key Players Profile
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COVID-19 Impact Analysis
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Future Outlook
If you have any questions regarding this report, please reach out to us through the link provided below: https://www.maximizemarketresearch.com/market-report/global-factory-automation-market/63386/
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