工厂自动化：广泛的工业物联网将如何改变自动化价值链.docxVIP

Global Research Q-SeriesFactory Automation How will widespread industrialloT change the automation value chain? Digitalization to speed up automation growth, widen opportunity gapsAutomation technologies contributed significantly to lower costs and expanded market size in the automotive industry in the 1980s and again in the 2010s in the smartphone industry. The wave of automation is also starting to become visible in non-traditional markets. Total addressable market (TAM) for automation could potentially expand to US$2trn in 2025 in terms of the broader factory loT market. However, processes to be automated will likely be more skewed to general purpose (GP) in nature, a market we expect could double in 5 years. This could see a value shift from function-specific hardware to software, with a widening gap in growth opportunities at major FA firms. Automation in non-traditional markets: retail sector leadsWe collaborated with 13 UBS analysts covering non-traditional sectors (retail, foods, pharmaceuticals and medical equipment, and personal care) to analyse the current state of automation investment in their respective sectors. We expect the market for non-traditional automation applications to grow twice as fast as traditional applications. In particular, we expect investment in automation to accelerate in retail. Automation is important for the retail sector from a competitive advantage standpoint vis-a-vis boosting cost competitiveness and offering more added value to customers. Two trend shifts to hit the FA industryBeyond expansion in non-traditional industries, FA suppliers are also focusing efforts on software development to cope with the relative increase in general purpose process automation. Our base case looking out 5-10 years assumes these 2 trends will progress steadily. In this case, we expect the capex cycle to shorten by 20%, and profitability at major robot makers to halve. Using our interactive model, where readers can flex key inputs (link), we fore