Report ID: SQMIG20I2239
Report ID:
SQMIG20I2239 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
68 |
Figures:
75
Factory Automation Market size was valued at USD 286.53 Billion in 2023 and is poised to grow from USD 311.46 Billion in 2024 to USD 607.07 Billion by 2032, growing at a CAGR of 8.7% during the forecast period (2025-2032).
The adoption of automation and control systems in manufacturing plays a pivotal role in reducing errors, leading to time and cost savings, and ultimately enhancing customer satisfaction.
The emergence of smart factories, integrating intelligent systems, components, machinery, and equipment, is reshaping processes through automation and self-optimization, significantly impacting the market. The convergence of digital and physical elements in manufacturing is revolutionizing the automation industry, striving for optimal performance.
The pursuit of zero-waste production and faster time-to-market is a driving force behind market growth. The Industrial Internet of Things (IIoT) and Industry 4.0 are pivotal in the technological evolution of smart factory automation, connecting machinery and devices via the Internet, dominating trends in the industrial sector.
Industry 4.0 and IoT-induced shifts in manufacturing necessitate enterprises to embrace agile, intelligent approaches to advance production, leveraging technologies that complement human labor with automation to mitigate industrial accidents resulting from process failures.
Automakers globally recognize the transformative potential of next-gen robots and automation technologies, promising improvements in productivity, quality, safety, and cost efficiency.
The escalating costs of labor across various domains and increasingly stringent quality standards further underscore the potential for factory automation to reduce production, operating, and labor expenses.
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Report ID: SQMIG20I2239