Factory Automation Market Size, Share, Growth Analysis, By Component(Sensors, controllers, switches and relays, industrial robots), By Industry Vertical(Automotive manufacturing, food and beverage, oil and gas processing, mining), By Region - Industry Forecast 2024-2031

Factory Automation Market size was valued at USD 263.60 billion in 2022 and is poised to grow from USD 286.53 billion in 2023 to USD 558.48 billion by 2031, growing at a CAGR of 8.7% during the forecast period (2024-2031).

The office automation market exhibits high competition characterized by the presence of major entrepreneurs trying to dominate the market. Well-known brands use their many products and innovative solutions, playing an important role. These companies continue to invest in research and development to introduce advanced automation technologies, with an emphasis on efficiency, interoperability and flexibility. In addition, collaboration, partnerships and acquisitions are common strategies used to increase market presence and expand industrial capacity Emerging players including Yokogawa Power Corporation and Omron Corporation are developing which stands out in providing specialized automation solutions. With Industry 4.0 and the growing capabilities of the Industrial Internet of Things (IIoT), competitive edge is increasing, forcing market participants to stand out through cutting-edge technologies and moving service offerings later on. 'Siemens AG', 'ABB Ltd.', 'Rockwell Automation, Inc.', 'Mitsubishi Electric Corporation', 'Schneider Electric SE', 'Emerson Electric Co.', 'Honeywell International Inc.', 'Yokogawa Electric Corporation', 'Omron Corporation', 'Fanuc Corporation', 'Bosch Rexroth AG', 'General Electric Company (GE)', 'Keyence Corporation', 'KUKA AG', 'Yaskawa Electric Corporation', 'Advantech Co., Ltd.', 'Delta Electronics, Inc.', 'Beckhoff Automation GmbH & Co. KG', 'Panasonic Corporation', 'National Instruments Corporation'

The adoption of automated plants is largely driven by the demand for greater efficiency and cost savings in manufacturing. The use of scheduling and technology helps reduce errors, improve production accuracy, and improve resource efficiency. This saves manufacturers significant time and cost. Automation increases productivity, reduces waste, and improves overall efficiency. Companies are increasingly investing in automation to streamline their manufacturing processes, reduce labor costs, and gain a competitive advantage in the marketplace.

One of the most important trends in the factory automation market is the increasing adoption of collaborative robots or cobots. Unlike traditional industrial robots that work alone, cobots are designed to work with humans in a collaborative work environment. This trend stems from the need for flexible and scalable automation solutions. Cobots are secure, user-friendly, and can be easily configured and reconfigured for different tasks. Their use is particularly useful in industries where human-robot collaboration is important, such as in assembly lines or manufacturing where complex tasks requiring human intervention. Cobots increasingly expose changes towards a more collaborative and integrated approach to automation in manufacturing.

Asia-Pacific has become a dominant force in the office automation market. Countries such as China, Japan, South Korea, and India have been significant contributors to the region’s strong market position. With its large manufacturing base, China tends to hold the largest market share. In the Asia-Pacific region, factory automation is growing rapidly due to the continuous expansion of industrial activities, government initiatives to promote smart manufacturing, and adoption of advanced technologies, especially as China leads the way in automation.