Americas dominates the Industrial and Factory Automation Market
Americas will dominate the Industrial and Factory Automation Market during the forecast period. It is expected to generate $9.82 Billion by 2023 at a CAGR of 7% by 2023. The reason for this growth can be attributed to established industries, with the adoption of automation from small enterprises to large enterprises. U.S., Canada, and Mexico are employing automated systems in their industries. Foreign investments in the Americas have also increased, which has driven the replacement of industrial facilities with advanced technologies in the US. The sales of robots have increased in the electrical industries. The growing demand for electronic products and the need to automate production propel the demand for factory automation in the region.
Selected Analysis was done in the Industrial and Factory Automation Market
Report:
The energy segment in 2017 generated a revenue of $1.63 Billion. It is expected to reach $3.32 Billion by 2023 at a CAGR of 11.5%. Industrial and commercial developments in the growing economies are responsible for the growth of this segment. The energy sector consists of the gas industry, petroleum industry, coal industry, power industry, etc. It is a major end-user for industrial and factory automation. The automation market has penetrated the energy sector in developed economies. The reasons for this penetration are the increase in labor wages and the growing adoption of automation by companies to increase productivity and efficiency.
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Excerpts on Industrial and Factory Automation Market Growth Factors
Growth of the industrial machinery market will drive the demand for mechanical components needed for the industrial automation market.
The need for efficiency in the manufacturing of automobiles and increasing concerns over the production of safety components has driven the growth of factory automation systems.
Changing industrial reforms enhances the growth of the machinery industry, which propels the growth of the automation market.
Automation of industries has become a means to resolve the issue of rising wages and workforce age.
Key players of the Industrial and Factory Automation Market:
Siemens and ABB Group dominate the factory automation market, followed by Emerson Electric and Mitsubishi Electric. Siemens provides rail automation systems and rail electrification systems. ABB Group manufactures standalone products for process control and measurement. Emerson Electric provides power equipment, tools, and appliances. It also provides industrial power and management systems. Mitsubishi Electric is a Japanese company which manufactures electronic and electrical equipment.
Industrial and Factory Automation Industrial and Factory Automation Market is segmented as below
Oil & gas and chemical industries drive the demand for industrial automation in the coming years.
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