Market research firm Allied Market Research has published a report that suggests the global factory automation industry generated US$242.5bn (£195.4bn) in 2021 and that this signals its anticipated growth to US$558.8bn (£450.3bn) billion by 2031, representing a CAGR of 8.7% from 2022 to 2031.
The company has attributed this to a growth in demand for automated solutions across manufacturing industries, in addition to advances in 5G wireless technology and growing adoption of industry 4.0 solutions.
Some key barriers to market growth included the limited availability of professionals and awareness regarding security, and the high costs for implementation of factory automation systems.
The Covid-19 pandemic was also highlighted in the report as a major obstacle to the market based on its disruption of supply chains.
Within this market, the automotive manufacturing segment held the highest share in 2021, and comprised nearly one-third of the global market.
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global factory automation market, with Asia-Pacific being expected to dominate the market during the forecasted period [until 2031]. This is fortified by the fact that demand for automation is increasing in Asian countries such as China and Japan.
This report provided an analysis of various market segments, trends and predictions.