Impact of COVID-19 on the Factory Automation Sensors Market
Industrial sensors are an essential part of factory automation and Industry 4.0. Factory automation involves a set of automatic control devices and technologies to enhance the quality and productivity of products as well as to reduce production costs. The primary purpose of using sensors in factory automation is to increase the efficiency of processes, reduce manual work, enhance productivity, reduce downtime, and perform various tasks rapidly. Factory automation enables manufacturers to streamline factory processes and maximize profits. However, the COVID-19 pandemic has drastically impacted the manufacturing sector as well as the semiconductors industry. Companies are facing various challenges during the pandemic, such as production stoppages owing to a lack of workforce, supply chain disruptions, and cost escalations.
Due to the COVID-19 pandemic, companies are now focusing on decreasing operational expenses and reducing labor costs through automation, which helps in reducing human error due to system efficiency and reliability. Companies are rethinking their strategies to minimize risks and maximize gains to survive in the market. The pause in manufacturing activities across the globe is also responsible for the declining growth of the market. More than 100 automation and manufacturing conferences are held across the world, which are the key sources of marketing and information sharing for manufacturing and automation technologies. These conferences have either been postponed or canceled owing to the rapid spread of COVID-19.
Worldwide Automotive Production Between 2017 and 2019 (Units in Thousands)