Factory Automation Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Factory automation refers to the use of advanced technologies and systems to streamline and optimize manufacturing processes within a factory or industrial facility. It integrates various technologies like robotics, sensors, and data analytics to achieve tasks such as production, assembly, and quality control in industrial settings.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth 
The adoption of artificial intelligence is expected to propel the growth of the factory automation market. Artificial intelligence refers to the simulation of human intelligence processes by machines, typically through computer systems, enabling them to perform tasks that traditionally require human intelligence, such as learning, reasoning, and problem-solving. The rising adoption of AI is driven by advancements in technology, increased data availability, industry demand for automation and efficiency, and growing investment and research. Integrating artificial intelligence into factory automation systems enables manufacturers to achieve higher efficiency, productivity, quality, flexibility, and safety levels, leading to competitive advantages and improved business outcomes. For instance, in January 2022, according to the Department for Digital, Culture, Media, and Sport, a UK-based government department, with 267,000 more UK enterprises utilizing AI in their operations, the AI adoption rate rose from 15.1% in 2020 to 22.7% in 2025. By 2040, the overall adoption rate will reach 34.8%, with 1.3 million businesses using AI in the central scenario. Therefore, the adoption of artificial intelligence is driving the growth of the factory automation market.

Key Industry Players
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

The factory automation market report table of contents includes:

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

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