5 Key market trends to enable growth in the factory automation market size
Manufacturing drives an economy and with pandemic-induced disruption as well as recent China crisis, India is in a great position to become the next manufacturing hub. With increase in domestic manufacturing, dependency on other countries would greatly reduce. The government of India is pushing towards the ‘Make in India’ initiative, which is going to attract many global brands to shift manufacturing to India. Automation is going enable growth in manufacturing due to higher efficiency and overcoming the imminent shortage of labour due to COVID-19 pandemic.
Key market trends driving increase in the factory automation market
- 1. The increase in the factory automation market size can be attributed to the emphasis on industrial automation and optimal resource utilisation, increased use of enabling technologies in manufacturing, increased adoption of industrial robots in the manufacturing sector driven by collaborative robots, connected enterprises, and mass production to meet the growing population's demands.
- 2. The increase in the adoption of Industry 4.0 trend and IoT enabled smart technologies, the factory automation market size is expected to grow during in the near future
- 3. Labour costs have gone up exponentially across different regions. Moreover, due to the pandemic and safety measures there is a shortage of skilled labour. Against this context, factory automation will enable efficient production workflow and reduce dependency on manpower.
- 4. The market is also expected to grow due to government initiatives and policy toward industrial automation adoption.
- 5. The industry’s rapid shift towards smart manufacturing is expected to cause an increase in the industrial automation market size in the coming years.
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