The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Factory Automation Sensor Market Share. The growth sectors of the Factory Automation Sensor Market Share are identified with precision for a better growth perspective.
Global Factory Automation Sensor Market is expected to register a CAGR of 6.6% during the forecast period of 2019–2025. There are various factors contributing to the growth of the global factory automation sensor market such as rising demand for automation for qualitative and reliable manufacturing in different industries including food & beverages, oil & gas, and pharmaceuticals are driving the growth of the global factory automation sensors market.
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The Global Factory Automation Sensor Market is estimated to grow at a significant rate in the future. The geographical analysis of the factory automation sensor market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America accounted for the largest share in 2018 for the global factory automation sensor market. North America is one of the developed regions which has large-scale industries that are adopting advanced sensor technologies in their premises to perform several tasks. Moreover, the presence of various key players such as Honeywell, Texas Instruments, and Rockwell Automationalso contributes to the growth of the market by developing new sensor technologies for enhancing the productivity of the facilities and reducing manual work.Europe accounts for the second-largest market share in the factory automation sensor market due to the presence of companies such as Siemens AG, Bosch, and ABB Limited. These companies offer various solutions across industries, including energy & power, automotive, and aerospace and defense, to enhance their operations and increase productivity with the help of automation. Germany accounts for the largest market share in the region due to the presence of various automotive, electronics, and pharmaceutical industries present in the country. Moreover, the demand for smart factories and the adoption of IoT systems in the country is driving the market.
Asia-Pacific is expected to be the fastest-growing regional market during the forecast period ; rising urbanization, technological advancements, and increasing demand for smart factories are some of the major factors which are driving the factory automation sensors market in the region. Additionally, the growing number of manufacturing facilities in the region is also fueling the growth of the market. China accounts for the largest market share in the region for the factory automation sensor market due to increasing investments by the private and government sectors for the development of smart manufacturing facilities in the country.
The rest of the world is expected to register a significant CAGR during the forecast period due to increasing investments made by the government and companies for the development of advanced technology in the region. Further, the region has been segmented into South America and the Middle East & Africa.
MRFR recognizes the Key Players in the Global Factory Automation Sensor as Rockwell Automation (US), Honeywell (US), Texas Instruments (US), Panasonic (Japan), STMicroelectronics (Switzerland), First Sensor (Germany), Siemens AG (Germany), Amphenol Corporation (US), Integrated Device Technology (US), Bosch Sensortec (Germany), ABB Limited (Switzerland), Analog Device Inc. (US), General Electric (US), Vishay Intertechnology, Inc. (US), NXP Semiconductors NV (Netherlands), Infineon Technologies AG (Germany), Taiwan Semiconductor Manufacturing Company Limited (Taiwan), among others.
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