DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Factory Automation Market - Forecasts from 2016 to 2021" report to their offering.
Factory Automation market is projected to witness CAGR of 5.34% over the forecast period to reach US$231.110 billion by 2021, increasing from US$178.160 billion in 2016.
Rising adoption of automated technologies coupled with the growing internet and information technology in order to reduce manufacturing cycle time and increase the efficiency of the production process is the key driver of global factory automation market.
Stringent regulations regarding workers' safety in hazardous working areas is another major factor that is spurring the demand for factory automation by various end-use industries. As the labor costs are escalating, the need to reduce the amount of direct labor and decrease operational costs will propel the growth of global factory automation market in the forthcoming years.
By product, the MES (Manufacturing Execution System) is projected to grow at the highest CAGR during the forecast period due to increased focus on reduction in operational costs, better utilization of production assets across the supply chain, and improvement in operation. Automated products based on sensor technology are also poised to grow at a significant rate owing to declining prices of sensors worldwide.
Geographically, North America holds the largest share of global factory automation market owing to a booming automotive industry which heavily relies on robotic systems and automation equipment to perform multiple tasks rapidly. Europe will also witness a significant growth due to increasing labor costs along with the presence of key factory automation market players, such as Schneider Electric and ABB, in the region. However, APAC region is anticipated to witness the fastest market growth during the forecast period.
This growth is attributed to growing industrial sectors in China, Japan, India, and South Korea. Furthermore, offshore assembling for major MNCs by contract manufacturing companies in the emerging economies will boost the regional growth in the coming years. Restraints such as high initial investment and operational costs coupled with a lack of skilled personnel will hinder the growth of global factory automation market during the forecast period.
Key industry players profiled as part of this section are Bosch, Schneider Electric, Honeywell International, Siemens AG, and General Electric Co among others.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Factory Automation Market Forecast by Type (US$ billion)
6. Factory Automation Market Forecast by Industry Verticals (US$ billion)
7. Factory Automation Market Forecast by Geography (US$ billion)
8. Competitive Intelligence
9. Company Profiles
- ABB Ltd
- Ametek Inc
- Bosch Automation
- Emerson Process Management
- General Electric
- Honeywell International
- Johnson Controls
- Rockwell Automation
- Schneider Electric
- Siemens AG
For more information about this report visit http://www.researchandmarkets.com/research/hf7hm5/factory