Factory Automation market is projected to reach $233.5 billion by 2027, growing at a 3.3% CAGR between 2022-2027.
Automated machines can be one of the most-costly operations for a company. Automated machines run anywhere between thousands and millions of dollars depending on the type and degree of automation. Apart from the initial costs, there might be several unpredictable costs which may surpass the real cost saved by the accomplishing automation in the company. Some of these costs include research and development costs of automating a process and anticipatory repairs & maintenance costs. In addition to the above-mentioned costs, there is a training cost associated with the automated machines and equipment that further restricts the industrial operators’ likeability in developing economies for automating their operating lines.
