Assembly Line Factory Automation Market Projected to Reach $223.5 Billion by 2026

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Assembly Line Factory Automation Market Projected to Reach $223.5 Billion by 2026

October 28
07:08 2021
Assembly Line Factory Automation Market Projected to Reach $223.5 Billion by 2026
Assembly Line Factory Automation Market
The Rising Demand for Human-machine Interfaces, Safety Instrumented Systems, Manufacturing Execution Systems, Programmable Logic Controller, Distributed Control System and Programmable Logic Controller Solutions in the Assembly Line Factory Automation Market Will Drive the Growth.

Assembly Line Factory Automation market is projected to reach $223.5 billion by 2026 growing at 3.4% CAGR during 2021-2026. Factory Automation is a technology, which involves the usage of automated equipment or machines in various industries to reduce or eliminate human efforts, and increase the efficiency of work in a short period of time. In Factory Automation, the manufacturing and industrial sector is growing at a rapid rate and has led to the advancement of technology such as distributed production by factories and services, the implementation of autonomous plants, and the increasing use of remote operations to automate certain operations. Thus, the graph shows the technological, political, and economic development of the Factory Automation. Most of the European countries are heading towards innovation and are facing challenges like lack of skilled labor, but the development of Factory Automation companies promotes the production efficiency and empowers rapid economic growth. Most countries are seeking ways to enhance their manufacturing industry and most of the Factory Automations companies are seeking to improve the customer experience, which will be based on the new research from Information Services Group (ISG). For example, the implementation of the new policies and regulations such as EU ePrivacy Regulation. The rising demand for  human machine interface, safety instrumented system, manufacturing execution system, programmable logic controller, distributed control system and programmable logic controller solutions in the market will drive the growth.

Assembly Line Factory Automation Market Segment Analysis – By Solution

Programmable logic control is an integration of PC and PLC in a single system to control various process in industries and is projected to reach $28.5 billion by 2026. This controller comprises of two or more processors, PC-based software applications such as HMI (human machine interface) functions, asset management, historian, advanced process control (APC) and others with PLC capabilities. This system can handle both analog and digital signal as it does not incorporate ladder logic in its programmable interface. This controller is multifunctional, controlling various types of signals, multitasking, controlling, contributing, communicating with various clients, reading and writing to system devices, and many more functions can be performed simultaneously. Multi-domain as the same hardware is opted for data collection, process control, and hybrid manufacturing among others. The new development in PLC is the software can be easily customized according to the requirements. This software incorporates standard communication that assists in transfer of information from various connected systems. This advancement in technology can be beneficial for production and product flexibility in many industries.

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Assembly Line Factory Automation Market Segment Analysis – By Industry Vertical

In the pharmaceutical industry, Factory Automation helps to ensure that a consistency is maintained in each batch of production. It also offers better control of the processes, providing an ability to monitor the processes from remote locations. This increases the demand of Factory Automation in the pharma industry. In the pharma industry, the usage of liquid handling robots to improve reproducibility and increase the validity of data in High Throughput Screening (HTS) is one of the developed technology. This is because the automated systems are less likely to have inconsistency in reagent quantities and HTS is a fairly consistent and repetitive process. In Russia, high domestic political motivation for investment and high oil prices ensured fairly good growth rates in most of the industries. Investors are striving to use the favorable situation to the fullest extent and build future-oriented businesses. This is why investments into high-tech industries and industrial Factory Automation increased more rapidly. The Factory Automation in pharmaceutical market is estimated to grow at a CAGR of 5.9% during the forecast period 2021–2026.

Assembly Line Factory Automation Market Segment Analysis – By Geography

APAC is among the major regions, which has been driving the Factory Automation Market accounting for 37.5% share in 2020. In Europe, the number of rig count is decreasing drastically from year to year. The number of rig count decreased from 117 to 82 between 2015 to 2019. Even though, there was a decrease in rig count, technology development and implementation of automation has been increasing. This combined with the stabilizing of oil and gas industry prior to Covid-19 will spur the market growth especially in APAC region. With Factory Automation, oil and gas companies are increasingly able to keep track of their pipes and networks with an extraordinary amount of oversight. Developments in technologies such as using autonomous underwater vehicles and unmanned aerial vehicles, onshore and offshore pipelines is being done to protect against terrorist attacks, criminal activities, and even repair damages. Meanwhile, weather monitoring systems can be used to detect changes in seismic activity, as well as ocean and atmospheric levels.

Assembly Line Factory Automation Market Drivers

Industry 4.0 Revolution in the Manufacturing Sector

Industry 4.0 revolution creates smart automation in the phase of industrialization. Increasing demand for machines in the manufacturing sector is set to push the Factory Automation market to new heights. Implementation of Factory Automation in industries results in many benefits such as productivity gains, improved team performance, enhanced managerial reporting, error reduction, cost reduction, and higher quality. The growing need to achieve process optimization in lesser time in the industrial operations coupled with various government initiatives to adopt automation is driving the Factory Automation market. Azerbaijan is planning to invest more in automotive industry which is expected to drive the deployment of automation and controls in this country. Along with the increasing investments in automotive industry it is also observed that the key players in oil and gas and utility sector are planning for the up gradation of the manufacturing units which is expected to drive Assembly Line Factory Automation market. Rising rate of the population entering the middle and upper classes is increasing the consumption at consumer’s end and allowing industries to implement automation to maintain or enhance their production output, thus, enlarging the growth of the market.

Reduction of Operating Costs with the advent of IoT

The main motivation for mechanization of IoT is to suggestively decrease functioning expenditures when automation devices, sensors, transmitters, and actuators are converted to internet enabled devices. The labor cost is highly significant in the total industrial operating cost, making generally 60%–65% of the total cost. In majority of the cases, manual jobs typically consist of two categories, direct staff and indirect staff. Direct staff is responsible for executing the process, while indirect staff is for the backend support for direct staff. In developing nations, there is a constant growth in ageing workforce resulting in issues related to safety, quality control, and productivity. Thus, the automation of industries has become a notable means to tackle the rising wages and workforce age. This has resulted in the industrial operators to rely upon automation to provide a convenient and efficient way of reducing the operational costs, while simultaneously maintaining the productivity at optimum levels.

Assembly Line Factory Automation Market Challenges

High Initial Investment

Automated machines can be one of the most costly operating costs for a company. With automated machines running anywhere between thousands and millions of dollars depending on the type and degree of automation. Apart from the initial costs there might be several unpredictable costs which may surpass the real cost saved by the accomplishing automation in the company. Some of these costs includes research and development costs of automating a process and anticipatory repairs and maintenance costs. In addition to the above mentioned costs, there is a training cost associated with the automated machines and equipment that further restricts the industrial operators’ likeability in developing economies for automating their operating lines.

Assembly Line Factory Automation Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Assembly Line Factory Automation market. Assembly Line Factory Automation top 10 companies include Honeywell International Inc., Siemens AG, ABB Ltd., Emerson Electric Co., KUKA AG, Schneider Electric, Mitsubishi Electric Corporation, Endress+Hauser AG, Yokogawa Electric Corporation, General Electric among others.

Acquisitions/Product Launches

In March 2020, Yokogawa Electric launched digital manometer. MT300 uses silicon based resonant sensor and is used to monitor pressure in the industrial applications.In March, 2019, ABB launched “Ability Mine optimize” to its digital portfolio. It is an innovative solution of optimized electrification and automation solutions among others.

Key Takeaways

The use of the advanced software can help in providing flexibility in terms of programming, large memory capacity, better interoperability, and incorporates more features and functions that are suitable for industry applications.

The demand for PLC system is rising owing to its huge applications in complex automation having extensive process control requirements, network connectivity, device interoperability, enterprise data integration, and many more.

The adoption of SCADA in various industries has accelerated owing to its various advantage consisting of updating and upgrading through cloud, easy retrieval of files, and many more.

The use of the MES is observed in many industries such as pharmaceuticals, consumer packaged goods, automotive industry, and many others. The major driving forces for utilizing MES includes development in the production systems, modern logistic concepts, and advanced product development processes.

Related Reports:

A. Robotic Process Automation Market

https://www.industryarc.com/Report/18907/robotic-process-automation-market

B. Process Control Automation Market

https://www.industryarc.com/Report/18154/process-control-automation-market.html

For more Automation and Instrumentation Market reports, please click here

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