Global Manufacturing Automation Market Size To Worth USD 36.98 Billion By 2033 | CAGR of 10.80%
Category: Automotive & TransportationGlobal Manufacturing Automation Market Size To Worth USD 36.98 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Manufacturing Automation Market Size Was Valued at USD 13.26 Billion in 2023 and is Expected to reach USD 36.98 Billion By 2033, Growing at a CAGR of 10.80% from 2023 to 2033
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Browse key industry insights spread across 220 pages with 105 Market data tables and figures & charts from the report on the "Global Manufacturing Automation Market Size, Share, and COVID-19 Impact Analysis, By Technology (PLC and Robotics), By Component (Hardware, Software, and Services), By End-use (Discrete Manufacturing and Process Manufacturing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/manufacturing-automation-market
The worldwide manufacturing automation market is the sector that focuses on automating production processes across several industries using state-of-the-art technologies like robotics, artificial intelligence (AI), the Internet of Things (IoT), and machine learning. This automation reduces human error, speeds up manufacturing, lowers operating costs, and improves efficiency. Additionally, governments around the world are actively promoting the adoption of factory automation through a variety of initiatives. Initiatives like Make in India and Digital India are enhancing India's manufacturing capacity, while the Production Linked Incentive (PLI) Scheme, which has a budget of INR 1.97 lakh crore, is promoting automation in 14 key sectors. To boost automation, the US provides tax benefits and financial assistance for research into cutting-edge manufacturing technology like robotics and artificial intelligence. Additionally, the European Union funds the development of breakthrough industrial technologies through its Horizon Europe program. China's "Made in China 2025" program places a high priority on enhancing manufacturing capabilities, with a particular focus on automation and intelligent manufacturing. These initiatives aim to lower expenses, improve productivity, and raise worldwide competitiveness in the manufacturing sector. However, automation systems like robotics, AI-driven solutions, and advanced data analytics platforms require specialized skills for proper operation, maintenance, and programming. The advancement of these technologies is rapidly increasing the demand for highly qualified workers with technical know-how and practical experience.
The PLC segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period.
Based on the technology, the global manufacturing automation market is classified into PLC and robotics. Among these, the PLC segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period. The increase is ascribed to its widespread application in numerous industries, including the food processing, pharmaceutical, and automotive sectors. They are an essential component of modern manufacturing systems due to their programming flexibility and ability to withstand harsh industrial environments.
The hardware segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the component, the global manufacturing automation market is categorized into hardware, software, and services. Among these, the above hardware segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth can be attributed due to ongoing investments in updating the infrastructure with state of the art technology that enables complex automation tasks, hardware solutions are in great demand. As manufacturers strive to increase operational efficiency through integrated hardware-software ecosystems, the sector is expected to significantly contribute to market expansion.
The discrete manufacturing segment dominates the market in 2023 and is projected to grow at a notable CAGR during the forecast period.
Based on the end-use, the global manufacturing automation market is divided into discrete manufacturing and process manufacturing. Among these, the discrete manufacturing segment dominates the market in 2023 and is projected to grow at a notable CAGR during the forecast period. This growth can be attributed to its reliance on advanced technology that increases productivity and efficacy. Discrete manufacturing may reduce waste and enhance quality by accurately controlling production processes through the use of automation technology.
North America is anticipated to hold the largest share of the global manufacturing automation market over the projected timeframe.
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North America is anticipated to hold the largest share of the global manufacturing automation market over the predicted timeframe. This regional dominance is attributed driven by a variety of enterprises' increasing desire for operational efficiency and productivity increases. Cutting-edge technologies like robotics, artificial intelligence (AI), and the Internet of Things (IoT) allow manufacturers to optimize their processes and reduce labor costs. Furthermore, Industry goals and the push for smart factories have raised investments in automation systems.
Asia Pacific region is expected to grow the fastest during the forecast period, The countries in the area are setting the standard for the use of advanced industrial technology, such as AI-driven robotics and smart sensors. Government initiatives to increase innovation and competitiveness are driving the trend of digitalizing manufacturing processes.
Major key players in the manufacturing automation market include, Reko Automation Inc., Rockwell Automation Inc., Schneider Electric, Teradyne, Inc., ABB Ltd., FANUC CORPORATION, Honeywell International, Inc., Mitsubishi Electric Corporation, Motoman (Yaskawa America, Inc.), Omron Corporation, Other.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global manufacturing automation market based on the below-mentioned segments:
Global Manufacturing Automation Market, By Technology
- PLC
- Robotics
Global Manufacturing Automation Market, By Component
- Hardware
- Software
- Services
Global Manufacturing Automation Market, By End-use
- Discrete Manufacturing
- Process Manufacturing
Global Manufacturing Automation Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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