Growing at a compound annual growth rate (CAGR) of 7.58% since 2011, the factory automation market is predicted to reach $185 billion by 2016, according to the report "Industrial Controls & Factory Market - Global Forecast & Analysis (2011 - 2016)," by MarketsandMarkets.
Sublets of automation such as robotics, control systems, IT systems and manufacturing execution systems (MES) are contributing to the growth due to technology advancements that are reducing human interaction in process, which in return lowers labor and production costs, and increases production output.
Key companies influencing the growth of the market include Siemens Industry, ABB, Emerson Process Management, Rockwell Automation, Schneider Electric, Honeywell, Omron, Yokogawa and others.
Production increases in APAC, cheap labor, population and lucrative government policies are making Asia-Pacific the leader in CAGR. With China being the backbone for automation in Asia and India gaining global market shares, Asia-Pacific is expected to grow at the highest rate.
