Smart Factory Market, By Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, PAM, MES, Industrial Safety), Industry, and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa and South America)
Smart Factory Market Overview
The Global Smart Factory market size is anticipated to reach USD 80.9 billion in 2021 growing at a CAGR of 11.4% during the forecasting period, 2021-2028.
A smart factory is a technology that connects the digital and physical world. It helps to in end manufacturing digitalization. It uses technologies such as AI, IoT, robotics, data analytics, and thus can run autonomously and also has the ability of self-correction. It guards the whole process of manufacturing and product lineup. Several manufacturing businesses are capable of producing zero waste and reducing time-to-market. Some of the key benefits of automated manufacturing processes are effortless monitoring, waste minimization, and increased production speed. This technology provides consumers with higher standardized quality and more dependable goods in less time and at a cheaper cost.
Artificial intelligence, cloud computing, big data, and machine learning are expected to boost market growth. Furthermore, the Internet of Things (IoT) is intimately tied to the ideas of Machine-to-Machine (M2M) communications, Wireless Sensor Networks (WSN), and Big Data in terms of the content results created. IoT also includes data generated and communicated between machines (M2M) as well as between machines and humans (M2P), and an increase in demand for robots for industrial use along with AI and IoT technological advancements and surge in need for energy requirement and efficiency are some of the factors that have supported long-term expansion for the Smart Factory industry. The smart manufacturing market demand may be linked to the growth of cloud computing technology for forging its route across multiple industries such as manufacturing, automotive, healthcare, and others.
Furthermore, rising R&D expenditures and rising investment in technical advancements by the industry's main competitors are important factors driving the growth of the smart factory market. Since it provides seamless, widespread, and scalable connection among machines, humans, sensors, mobile robots, automated guided vehicles (AGVs), and drones, wireless communication, particularly 5G, is critical for smart factories and Industry 4.0. In many applications, 5G decreases or eliminates wires from stationary, spinning, or otherwise immobile items.
Also Check Report on 5G Market
COVID-19 pandemic has positively impacted on the smart factory market. It helped in highlighting the value to be gained through greater automation. The pandemic has created a physical and psychological setback for employees. This new setup has helped companies in creating a more resilient supply chains which ensures smooth operation.
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The information technology and car sectors are the two most prevalent industries for industry 4.0. The market has aided automobile manufacturers in developing automated assembly lines not only for components but also for the full vehicle. Because of the benefits and possibilities, it provides to other industries, industrial automation has established a deep and in-demand market for itself. Now, regardless of industry, every firm or manufacturer strives to include smart manufacturing into their operations, therefore expanding the total market.
High-quality standards are highly valued in the food and beverage production industry, as well as enterprises involved in food and beverage processing, packaging, and distribution. The food and beverage industry uses automation techniques to give design flexibility, unique and integrated safety solutions, and advanced software tools for regulating machine operations.
Key Findings
The Global Smart Factory market is segmented into Component, Solution, Industry, and geography.
The component segment is segmented into Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems
The solution segment is segmented into SCADA, PAM, MES, Industrial Safety
Geographically, the global Smart Factory market is sub-segmented into North America, Europe, Asia-Pacific, Middle East, and Africa, and South America and insights are provided for each region and major countries within the regions
Smart Factory Market Regional Analysis
UK government backed Made Smarter Innovation Programme along with business co-investment invest £50 million that support small and medium size manufacturers to capture and better utilise their data, helping them increase productivity, growth and sustainability.
Smart Factory Market Competitive Landscape
Key players
• ABB Ltd. (Switzerland)
• Endress+Hauser AG (Switzerland)
• Emerson Electric Co. (US)
• General Electric (US)
• Rockwell Automation Inc. (US)
• Schneider Electric SE (France)
• Siemens AG (Germany)
• Mitsubishi Electric Corp. (Japan)
• Honeywell International Inc. (US)
• Yokogawa Electric Corp. (Japan)
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Reasons to Acquire in the Smart Factory Market
• Increase your understanding of the market for identifying the best and suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
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• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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