Factory Automation as A Service Market Is Expected to Reach A USD 747 Million by The Year-End of 2022

September 20, 2021, New York, USA - Factory automation is the usage of automation for the end-to-end process in manufacturing. It often uses technologies such as pneumatic systems, hydraulic systems, and robotic arms to create a more complex and unique system.

This is a cloud-based service wherein automation is achieved with increased productivity and with reduced complexity. These qualities help maintain the standardization of the product and at the same time achieve tangible results.

Factory automation platform is a complete solution to provide easy, sustainable, quality, efficient and perfect solutions to the factory process. Factory automation platform as a service market paves the way for maximum profitability and increased performance of the machines.

Factory automation is divided into various types, and they are-

Automated Single machines-

The automated single machines are specialized machines that handle one specific action and it could mean feeding or handling of the robotic arms.

Automated Production lines-

The automated production lines are the ones that can combine a series of different workstations. They are linked by a transfer system and it is processed in a particular way.

Partially manual processes-

The partially manual processes are one of the processes which blend manual with machine expertise. In this mechanism, highly simple tasks are automated and it is helpful for quality assurance and compliance management.

The benefits of factory automation are numerous. They are-

• It ensures consistency and almost no errors.
• It is responsible for reduced wastage and leftover material
• It ensures an improved level of productivity and fine-tuning of the working patterns.
• It ensures safer working reduces the potential danger risks.
• Investing in automation is surely going to have a long run in the future.

It needs to be understood that Factory automation will be useful in the industries for the future years to come and will likely transform business automation.

The Market analysis of the Factory Automation as a service market-

The Factory automation as a service market is expected to reach a USD 747 million by the year-end of 2022. It will grow at a CAGR of 31.05% during the forecast period. The market is further adopted by modern technologies along with the need for use in its various user-end industries along with the emerging economies in the Middle East and Africa. South America is another major emerging country in the domain that can propel the demand.

The United States market is estimated to grow at a rate of US122.9 million while the Chinese market is expected to grow at a rate of 32.7 CAGR. Japan and Canada are the other noteworthy markets emerging in this sector.

There are two top players in the Factor Automation market as a service and that is-

We take a look at the top global players in the market-

General Electric is an industrial equipment manufacturer with the widest range of various sectors such as oil, gas, energy, and many others. It is also into metal, aviation, mining, transportation, wastewater management. These kinds of expertise in all the sectors help develop a global factory automation platform to be used in a service market.

Siemens is a provider of various solutions ranging from electrification, automation, and digitalization. This company is well known for its automation capabilities and is also serving the increasing needs of the automation sector.

The top companies in this market are-

Advantech Co Ltd

Emerson Electric

Hitachi

Rockwell

Mitsubishi

Microsoft Corp

Honeywell

The Market restraints for the Factory Automation Industry-

Though the Factory automation industry is one of the sought after industry this sector is not free from its constraints which are hampering its growth. One of the main factors for the slow growth of this industry is that there is a lack of skilled technicians which can provide a hindrance in this sector.

Also, the majority of the existing workforce is anyways limited and will prove to be a key factor for slowing down the growth of the industry. Factory automation as a service industry can be divided into various segments which are asset management, remote monitoring, application development, management, and security management; these are the various factors in the industry.

The increasing competition in the manufacturing industry has been one of the top factors, for the rapid products, quality improvements, and shorter times have pushed the factor for the growth of this sector.

How it practically works-

It improves the connectivity between the factory and the cloud management where the different architectures differ.

It provides the security to protect the Factory field which will be given from the outside network.

It provides the data to integrate the Business systems.

Although the Covid 19 pandemic continues to transform the market it is expected that there will soon be a revival and pave the way for the growth factor in the industry.