Report : Europe Factory Automation Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Hardware and Software), Hardware (Sensors, Controllers, Robots, Drives, and Others), Type (Programmable Automation, Fixed Automation, and Flexible Automation), Technology (Programmable Logic Controller (PLC), Distributed Control System (DCS), Supervisory Control and Data Acquisition System (SCADA), Human Machine Interface (HMI), and Others), and Industry Vertical (Automotive, Food and Beverage, Oil and Gas, Manufacturing, Mining, and Others)
At 7.2% CAGR, the Europe Factory Automation Market is speculated to be worth US$ 55,041.39 million by 2028, says Business Market Insights
According to Business Market Insights' research, the Europe factory automation market was valued at US$ 36,221.31 million in 2022 and is expected to reach US$ 55,041.39 million by 2028, registering a CAGR of 7.2% from 2022 to 2028. Rising adoption of factory automation across automotive industry and Increase in the number of product launches are the critical factors attributed to the market expansion.
The growing demand for automobiles is subsequently leading to the need for an automation system as it helps manufacturers increase outputs while decreasing the cost and risk of human workers. In the current scenario, collaborative robots, robotic arms, and the Internet of Things coupled with AI are widely adopted in the automotive industry, making the manufacturing process faster and accurate. According to the report by International Federation of Robotics, in 2019, the robot density in the US automotive industry was 1,287 installed units per 10,000 employees, making the country ranked 7th worldwide. Further, KUKA and Universal Robots produce and supply cobots to automotive companies such as Tesla to build cars. Tesla has developed driverless car hardware called Autopilot, which uses AI technology. Companies such as IBM and BMW are combining cognitive computing and IoT to invent autonomous cars, which can communicate while linking driving patterns with the human driver's emotional response in all possible scenarios. In addition, automakers like Ford Motor Co. and BMW AG are working on deployment of the 3D printer technology. Moreover, various other automakers are also utilizing virtual and augmented reality to address manufacturing issues. Thus, the aforementioned advanced automation technologies ease the automotive manufacturing process at nearly every stage of vehicle production, in turn, catalyzing the market expansion.
On the contrary, high operating cost for small and medium manufacturing companies hurdles the growth of Europe factory automation market.
Based on component, the Europe factory automation market is segmented into hardware and software. The hardware segment held 70.7% market share in 2022, amassing US$ 25,615.79 million. It is projected to garner US$ 37,882.65 million by 2028 to expand at 6.7% CAGR during 2022-2028.
Based on hardware, the Europe factory automation market is segmented into sensors, controllers, robots, drives, and other hardware components. The robots segment held 37.3% market share in 2022, amassing US$ 9,548.81 million. It is projected to garner US$ 15,445.61 million by 2028 to expand at 8.3% CAGR during 2022-2028.
Based on type, the Europe factory automation market is segmented into programmable automation, fixed automation, and flexible automation. The fixed automation segment held 41.7% market share in 2022, amassing US$ 15,100.63 million. It is projected to garner US$ 21,679.43 million by 2028 to expand at 6.2% CAGR during 2022-2028.
Based on technology, the Europe factory automation market is segmented into programmable logic controller (PLC), distributed control system (DCS), supervisory control and data acquisition (SCADA), Human-Machine Interface (HMI), and others. The supervisory control and data acquisition system (SCADA) segment held 27.6% market share in 2022, amassing US$ 9,994.25 million. It is projected to garner US$ 16,906.84 million by 2028 to expand at 9.2% CAGR during 2022-2028.
Based on industry vertical, the Europe factory automation market is segmented into automotive, food and beverages, oil and gas, manufacturing, mining, and others. The manufacturing segment held 24.9% market share in 2022, amassing US$ 9,015.32 million. It is projected to garner US$ 13,961.30 million by 2028 to expand at 7.6% CAGR during 2022-2028.
Based on country, the Europe factory automation market is segmented into Germany, France, Italy, UK, Russia, and Rest of Europe. Our regional analysis states that Germany captured 23.3% market share in 2022. It was assessed at US$ 8,435.49 million in 2022 and is likely to hit US$ 12,632.00 million by 2028, exhibiting a CAGR of 7.0% during the forecast period.
Key players dominating the Europe factory automation market are ABB Ltd; Bosch Rexroth AG; Emerson Electric Co.; Fanuc Corporation; General Electric Company; Honeywell International Inc.; Mitsubishi Electric Corporation; OMRON Corporation; Rockwell Automation, Inc.; and Siemens AG among others.
In 2022, OMRON Corporation RAMP Inc. as a new partner for its Certified System Integrator program. RAMP is an automation solutions provider which designs and builds custom automation and robotic systems.
In 2022, Siemens and NVIDIA announced the expansion of an existing partnership. Through this partnership the companies are promoting digital transformation in industrial verticals. They will be exploring opportunities within the industrial metaverse, by connecting Siemens Xcelerator and NVIDIA Omniverse platform.
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