Smart Factory Solutions Market Analysis by Market Players, Share, Trends and Size Forecast to 2025


Posted November 22, 2019 by garrision

The smart factory market is expected to be valued at USD 152.9 billion in 2019 and is expected to reach USD 243.1 billion by 2025, at a CAGR of 9.70% between 2019 and 2025.

 
Smart factories are set to transform the manufacturing arena and improve efficiency and productivity. The transformation in manufacturing is driven by decline in sensor technology prices, the omnipresent Internet signals and capability to mine earlier hidden data. The advanced and automated manufacturing facility or smart factory offers sophisticated, efficient and safe method for manufacturing goods. Industrial robots, IoT, growing adoption of smart automation systems, and greater importance for regulatory compliances are set to lead smart factory market growth.

Myriad benefits of smart factory that are driving its widespread popularity and penetration include connectivity and mobility, connected and intelligent supply chain, intelligent operations, unification of key performance indicators, and predictive maintenance, and proactive diagnosis and management of equipment failures. Mass customized production operations, automation of production processes, use of configurable robots that allow a variety of products to be produced in the same manufacturing facility, use of virtual modeling and digital designs for manufacturing processes for significant reduction in time taken for a product to travel from design to delivery stages, use of data-driven supply chains leading to reduction in the time-to-market for products, represent few of the innumerable attributes of smart factory that hold the potential to transform the manufacturing industry.

Strong growth is projected for the market in the coming years driven by the growing prominence of intelligent factories equipped with smart devices, software and solutions that boost OEM efficiency and transform factories from cost centers to profit and innovation centers. Intelligent factories, or the next-generation factories, are expected to enable manufacturers to not only remain abreast with the connected marketplace, but also drive its future growth. Intelligent factories leverage Industrial IoT (IIoT), artificial intelligence, Big Data, machine learning, cloud computing, and advanced analytics for integrating digitization and automation for driving product individualization with the help of more efficient manufacturing processes.

The role of smart factories is likely to have a profound impact on dimensional metrology products and solutions. Automotive end users are likely to adopt a more holistic approach toward building quality inspection processes. In the future, end users will demand application-specific technologies to complete quality inspection within the production cycle. It is anticipated that leading dimensional metrology companies are likely to work more closely with other dimensional metrology manufacturers and industrial automation companies to provide integrated and automated metrology solutions to automotive end users.

Importance of Energy Efficiency, Resource Optimization, and Cost Reduction

An optimized smart factory allows operations to be executed with minimal manual intervention and high reliability. Every aspect of the smart factory generates reams of data that, through continuous analysis, reveal asset performance issues that can require some kind of corrective optimization. A better-quality process could also mean an integrated view of the supply network with rapid, no-latency responses to sourcing needs—thus lowering costs further.

Increasing Emphasis on Real-Time Data Analysis, Enhanced Visibility, and Predictive Maintenance

Big Data, machine learning, cloud computing, and advanced analytics for integrating digitization and automation for driving product individualization with the help of more efficient manufacturing processes.

Smart factory represents the manufacturing and technological development, a perfect integration of high-tech machinery and high-tech tools. It is the advanced factory system, which creates cyber-physical systems allowing effective movement of materials across the factory floor. It offers real-time quality and time benefits, which are expected to accentuate the industry growth over the forecast period. Additionally, it provides greater intelligence, serves to decentralize manufacturing, and creates an overall cognitive and self-healing system. Key factors expected to drive the market include rising focus on energy consumption, manufacturing efficiency, and increasing practice for advanced base for manufacturing. Further, industrial shift towards the cyber world in which every component of value chain would be connected to ensure informed manufacturing with no-time lags and zero defects is projected to positively impact industry growth.

The growth in the smart factory market can be attributed to the rapid development and advancements in the process and discrete industries. The manufacturing companies are looking for better solutions that would help them in monitoring, controlling, and gaining real-time insights into the systems and in reducing the overall costs involved in the operations and maintenance. The ongoing technological developments in the manufacturing industries have facilitated the advancements in new software offerings. These developments have enabled smart factory technologies to carry out manufacturing processes efficiently and to enhance the overall performance.

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The global smart factory solutions market has been segmented on the basis of components, technology, industry, and geography. The smart factory market based on components has been segmented into industrial robots, machine vision, industrial 3D printing and sensors. By technology, the smart factory market has been split into SCADA, DCS, MES, PAM, PLC, ERP, HMI, and PLM. Industries that implement smart factory solutions are process industries and discrete industries.

Although machine learning approaches help to cope with these problems, these approaches are reaching their limits fast. As a result, approaches using Big Data are getting more popular, which help in finding relationships within the data, reliably detect anomalies (in advance), and allow an automatic optimization of the system.

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The North American region is a key market as it is home to some of the largest multinational corporations operating in this market, including a majority of the leading players. The increased R&D in the field of IoT for new and improved technologies is the crucial factor driving the market in North America. In addition, the rise in demand for advanced manufacturing solutions is expected to drive the growth of the smart factory market in North America.

The provision of enhanced manufacturing capabilities is expected to propel the smart factory market in North America. Moreover, the region has witnessed the widespread deployment of IoT and ultra-reliable, low-latency communications technologies in the past couple of years. These factors are fuelling the growth of the smart factory market in North America.

With the establishment of a fourth industrial revolution in Europe has gained a substantial momentum in the next-generation production technology and this factor is primarily driving the growth of the manufacturing execution system (MES) market in Europe. Industry 4.0 for predictive maintenance will essentially change the nature of the industrial landscape in Europe which ultimately is expected to drive the adoption of manufacturing execution system in Europe.

Asia-Pacific represents the largest market worldwide. Smart factory solutions continues to witness steady adoption in developing as well as developed countries as both large- and small-scale sectors accept technological, economical, and spatial benefits offered by these solutions.

In APAC China has been working on an innovative industrial practice by implementing automation technologies in manufacturing. In addition, research institutes and corporates are collaboratively working to improve manufacturing processes in China. Further, in China, industrial intellectualization and information integration remain the main focus of the government industrial policy. This initiative is expected to increase the demand for smart factory solutions in this country. Toyota, Honda, and Suzuki are developing smart factories for manufacturing robots, sensors, wireless technologies, and machine vision systems. This demand is propelling the growth of the smart factory market in APAC.

Some of the major players in this market are ABB Ltd., Accenture Plc., Autodeck, Inc., Bosch Software Innovations GMBH, Cisco Systems, Inc., Siemens AG, Dassault Systems, Emerson Electric Co., General Electric Co., Honeywell International Inc., Huawei Technologies Co. Ltd., Johnson Control.

Contact:

David Garrision

+1 678-701-8226

[email protected]
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Last Updated November 22, 2019