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Market Synopsis:The global factory automation market is anticipated to surpass a valuation of USD 240 billion, attaining 8.59% of CAGR during the forecast period (2016-2022), Market Research Future (MRFR) unveils in a detailed report.The global factory automation market has witnessed a tectonic surge over the past few years.
By minimizing production cost and manufacturing time, automation has transformed the way of production in the industrial sector.
Despite improvements made in assembly technologies, like smarter reflow ovens and faster pick-and-place machines, back-end operations were non-automated.
The demand for factory automation is also high due to the surging adoption of IoT enabled smart technologies and Industry 4.0 trend.On the contrary, the dearth of professionals, high investment, and inadequate awareness about security are some of the major concerns likely to restrict the growth of the market across the globe.Key PlayersThe prominent players in the Factory Automation Market are - Siemens AG, ABB Ltd, Emerson Electric Corporation, Rockwell Automation, Honeywell International Inc., Schneider Electric, Rexroth Bosch Group, Mitsubishi Electric Corporation, Yokogawa Electric Corporation, and Omron Corporation.Market Segmentation:The global factory automation market is segmented on the basis of type, technology, and end user industry.By type, the factory automation market is segmented into programmable automation, fixed automation, integrated automation, and flexible automation.
Of these, the manufacturing sector is expected to dominate and reach a valuation of USD 50 billion by the end of 2022.Regional Analysis of Factory Automation Market:Geographically, the global factory automation market spans across North America, Asia Pacific, Europe, and Rest of the World (RoW).Considering the global scenario, Asia Pacific is considered to expand at the fastest rate and is predicted to exhibit a high growth rate.
Government initiatives to increase domestic production and manufacturing and surging adoption of technology in the region is likely to augment the market growth in the region.