Factory Automation Market Size to Grow USD 558.8 Billion by 2031 at a CAGR of 8.7% Valuates Reports
BANGALORE, India, Aug. 8, 2023 /PRNewswire/ — Factory Automation Market is Segmented by Component (Sensors, Controllers, Switches and Relays, Industrial Robots, Drives, Others), by Control and Safety System ( Distributed Control System (DCS) , Supervisory Control and Data Acquisition System (SCADA) , Manufacturing Execution System (MES) , Systems Instrumented System (SIS), Programmable Logic Controller (PLC) , Human Machine Interface (HMI) ), by Industry Verticals (Automotive Manufacturing, Food and Beverage, Oil and Gas Processing, Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031. Valuates_Reports_Logo The global factory automation market was valued at USD 242.5 Billion in 2021 and is projected to reach USD 558.8 Billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031. Get Free Sample: https://reports.valuates.com/request/sample/ALLI-Auto-4K264/Factory_Automation_Market Major factors driving the growth of the Factory Automation Market : With few alterations to the market structure, factory automation has developed gradually. However, due to technological disruptions, macro trends including reshoring, a worldwide shortage of trained workers, and environmental, social, and governance (ESG) initiatives, the rate of change is quickening. Over the course of the projection period, it is predicted that the factory automation market will grow significantly as a result of the increased need for automation for reliable and high-quality production. Additionally, industry participants are focusing on improving the manufacturing process efficiency to produce goods that are both affordable and of high quality, which has a big impact on the size of the factory automation market. The rising use of Industry 4.0 revolutions, which will standardize operations, is also anticipated to have an impact on the future of the industrial industries. View Full Report: https://reports.valuates.com/market-reports/ALLI-Auto-4K264/factory-automation TRENDS INFLUENCING THE GROWTH OF FACTORY AUTOMATION MARKET: The demand for factory automation solutions is driven by the development of 5G wireless technology and the adoption of Industry 4.0 in a number of industries, including fiber & textiles, infrastructure, plastics, pharmaceuticals, and others. Industrial IoT, digital twin, and digitization The rise of teach-less robots, soft programmable logic controllers (PLCs), and digital twins are predicted to be the three major trends in the factory automation sector. This factor is expected to drive the Factory Automation Market. accounted for a sizable portion of the factory automation market in LAMEA in 2021 as a result of the presence of leading vendors like ABB Ltd, Middle East Builders Mechanical Group, and others who are making large investments in the region. Furthermore, from 2022 to 2031, the is predicted to rise at a fast CAGR of 9.79%. The global market for is estimated at in the year 2022, is projected to reach a revised size of by 2028, growing at a CAGR of 33.4% during the forecast period 2022-2028. The global size was valued at in 2021, and is projected to reach by 2031, growing at a CAGR of 15.3% from 2022 to 2031. The global was valued at in 2022 and is anticipated to reach by 2029, witnessing a CAGR of 9.9% during the forecast period 2023-2029. The global size is projected to reach by 2027, from in 2020, at a CAGR of 6.7% during 2021-2027. is projected to reach by 2028 from an estimated in 2022, at a CAGR of 10.8% during 2023 and 2028. size is projected to reach by 2027, from in 2020, at a CAGR of 8.5% during 2021-2027. size is projected to reach by 2028, from in 2021, at a CAGR of 7.2% during 2022-2028. Click here to see related reports on Valuates ReportsFor U.S. Toll-Free Call 1-(315)-215-3225For IST Call +91-8040957137WhatsApp: +91-9945648335Website:
