Cloud and IoT Technologies Contributing to Industrial Factory Automation Market
Industrial and factory automation market: by system types (control systems, software, machine vision, others); by hardware (human machine interface, connectivity, others); by verticals (energy, automotive, chemicals, others) & by geography - forecast (2018-2023).”
As per the estimations of a market research report from IndustryARC, the global industrial and factory automation market was worth $129.45 billion in the year 2017 and is projected to exceed the value at a CAGR of 4.9% over the forecast period of 2018 to 2023. The power back-up system segment currently grabs the highest market shares valued at $19.6 billion as of 2017 and growing at a CAGR of 2.6% through to 2023. The sensor systems are valued at $10.06 billion is increasing at the fastest CAGR of 6.8% among all three sections. While the oil and gas segment contributed in the major revenue share of 18% with $2.99 billion in the year 2017 and is anticipated to rise at a CAGR of 0.9% during the forecast period of 2018 – 2023.
Industrial and Factory Automation Market (2018 - 2023)”
Industrial Factory Automation Market Trends
The rapid indulgence of robots in human life for process automation techniques has proved to improve cost-efficiency, increase productivity, and optimize accuracy in various end-user industries. Heavy applications of Programmable Logic Controllers (PLCs) for industrial automation is reducing the recursive human interaction. The PLCs are easily reprogrammable devices that are used for the ease of access and storing of information.
The proliferating installation and adoption of cloud computing in the industrial process have smoothened the business processes in factories. The advantages of cloud computing such as scalability, enhanced manageability, and automated updates of data have provided the factory operators to focus on other important aspects of manufacturing. The introduction of IoT-based automation techniques is booming the industrial and factory automation market. With the help of this technology, the industrial data can be accessed and controlled from any remote location. The operators of the factory can track the manufacturing, testing and shipment progress of the production line.
Inventory management is being automated using the technology called SystemOn. This technique involves the application of microphones connected to transmitters, which are used to monitor the staff and instruct them about any unexpected or unwanted process. Additionally, EtherCAT field bus technology is being adopted as a connecting device for multiple automation processes.
The need to reduce human interaction, increase productivity, and improve efficiency is driving the industrial and factory automation market. The process automation in the manufacturing industry is responsible for the increased production in the end-user industry. The industrial and factory automation market is estimated to show significant growth in the near future.