Categories: Market Research

Factory Automation Market 2024 | Market Size, Key Drivers, Industry Developments, Share, Future Growth Prospects and Forecast To 2033

The factory automation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Factory Automation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The factory automation market size has grown strongly in recent years. It will grow from $244.33 billion in 2023 to $264.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to the surge in demand for control and safety systems, the development of 5G wireless technology, the adoption of industry 4.0 drive, rise in demand for automation for qualitative, and the increased digital transformation process.

The factory automation market size is expected to see strong growth in the next few years. It will grow to $362.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to the increasing demand for efficiency of work in a short period, the rising manufacturing and industrial sector, the implementation of autonomous plants, the increasing use of remote operations, and growth in the need for mass production with reduced operation cost. Major trends in the forecast period include technological advancements, collaborative robotics, augmented reality (AR) and virtual reality (VR), and supply chain automation.

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The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Factory Automation Market Overview

Market Trends –

Major companies operating in the factory automation market are developing innovative products, such as ballbar devices, to sustain their position in the market. Ballbar devices, also known as ballbar systems or ballbar testers, are precision measurement tools used in the fields of metrology and precision engineering. In factory automation, these devices are used to ensure the quality and precision of machined parts by detecting errors and deviations in the machine’s motion and positioning. For instance, in May 2023, Renishaw plc, a UK-based engineering company, launched an RCS product line that includes three products: RCS L-90, RCS T-90, and RCS P-series, all supported by a dedicated software suite. The RCS L-90 is a ball-bar device that uses simple processes managed by its companion software suite to monitor robot health, save deployment times, and increase robot system accuracy. The tri-ballbar RCS T-90 system helps users of robots pinpoint the underlying reasons for subpar performance. It also conducts extensive tests to gather vital robot data, including master-recovery procedures, plotting 3D path performance, and remastering joint offsets to calculated positions. The RCS P-series applies in-process metrology and automatic recovery to automation processes by integrating a permanent Renishaw probing solution within a robot cell.

The factory automation market covered in this report is segmented –

1) By Component: Sensors, Controllers, Switches and Relays, Industrial Robots, Drives, Other Components
2) By Factory Automation Technology: Supervisory control And data acquisition (SCADA), Programmable Automation Controller (PAC), Programmable Logic Controller (PLC), Distributed Control System (DCS), Human Machine Interface (HMI)
3) By End-user: Manufacturing, Automotive, Packaging And Processing, Energy And Power, Semiconductor And Electronics, Printing And Converting, Other End-Users

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Regional Insights –

North America was the largest region in the factory automation market in 2023. The regions covered in the factory automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –

Major companies operating in the factory automation market are Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Eaton Corporation, Parker Hannifin Corporation, Emerson Electric Co., Danfoss, Rockwell Automation Inc., Bosch Rexroth AG, Omron Corporation, Keyence Corporation, Fanuc Corporation, SMC Corporation, Yaskawa Electric Corporation, Festo, KUKA Robotics, Phoenix Contact, Endress+Hauser Group, Beckhoff Automation, Yokogawa Electric Corporation, Advantech Co. Ltd., WAGO GmbH & Co. KG, Pepperl+Fuchs GmbH, Pilz GmbH & Co. KG, HIMA Paul Hildebrandt GmbH

Table of Contents

1. Executive Summary

2. Factory Automation Market Characteristics

3. Factory Automation Market Trends And Strategies

4. Factory Automation Market – Macro Economic Scenario

5. Global Factory Automation Market Size and Growth

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32. Global Factory Automation Market Competitive Benchmarking

33. Global Factory Automation Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Factory Automation Market

35. Factory Automation Market Future Outlook and Potential Analysis

36. Appendix