Global Smart Factory Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2023-2028
The ‘Global Smart Factory Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global smart factory market, assessing the market on the basis of its segments like components, solutions, industries, and major regions.
Smart Factory Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 71.4 billion
• Forecast CAGR (2023-2028): 10.59%
• Forecast Market Size (2027): USD 130.6 billion
The increasing shift of manufacturers and factory owners towards digital transformation to streamline operations is driving the market for smart factories. Advanced components of smart factories such as industrial sensors are witnessing a heightened demand to facilitate monitoring of machine health and to catch faulty issues at early stages, which is a driving factor of smart factory market.
Meanwhile, the rising adoption of Internet of Things (IoT) in industries such as food and beverage and automotive is leading to rapid digitalisation in the manufacturing process which is in turn transforming traditional factories into smart factories. The increasing cost of human labour and increasing awareness pertaining to the reliability of industrial robots as compared to humans are some of the major driving factors of the market.
Growing efforts to ramp up the production across the industries such as construction and textiles, are further providing impetus to the smart factory market.
In terms of regions, Europe accounts for a significant share in the market, driven by high labour costs and digitalisation goals of major manufacturers across developed economies such as the United Kingdom, leading to a heightened uptake of smart factories. The increasing adoption of industrial robots in the automotive industry is a major contributor in the market.
Smart Factory Industry Definition and Major Segments
A smart factory refers to a manufacturing setup which uses connected devices, advanced machinery, and digitised production systems to bolster the efficiency of manufacturing capabilities. The process of manufacturing in smart factories is hyperflexible and self-adapting. Moreover, a smart factory uses computing systems that continuously collect and share data which is a crucial driving factor of the smart factory market.
Based on component, the market can be segmented into:
- Industrial Sensors
- Level Sensors
- Flow Sensors
- Temperature Sensors
- Position Sensors
- Force Sensors
- Pressure Sensors
- Image Sensors
- Humidity and Moisture Sensors
- Gas Sensors
- Industrial Robots
- Traditional Industrial Robots
- Collaborative Robots
• Industrial 3D Printing
- Machine Vision Systems
- Processors and Software
- Frame Grabbers, Optics, and Led Lighting
On the basis of solution, the market has been classified into:
• Manufacturing Execution System (MES)
• Plant Asset Management (PAM)
• Supervisory Control and Data Acquisition (SCADA)
• Industrial Safety
By industry, the market has been bifurcated into:
• Process Industry
• Discrete Industry
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Smart Factory Market Trends
The key trends in the global smart factory market include the rapid digitalisation and increasing penetration of artificial intelligence in the manufacturing processes. The increasing adoption of smart technologies in factories by the manufacturers of food and electronic components to boost the productivity, efficiency, and profitability is leading to a greater emergence of smart factories.
Meanwhile, the increasing funding by governments across nations, aimed towards bolstering the research and development activities, are other crucial trends in the market. These trends are likely to enable the penetration of digitally enabled technologies in manufacturing units. The increasing speed of internet with the advent of 5G technology is anticipated to escalate the adoption of internet-enabled devices in factories.
The growing implementation of smart factories for electronics manufacturing is another key trend in the smart factory market. Technological advancements in smart electronic devices are expanding manufacturing potential, thereby, leading to a greater scope for smart factories. For instance, machine-to-machine communication and automation is a trendy technology applied in the electronics manufacturing factories which is adding to the market growth. Furthermore, the increasing competition between these companies to gain a competitive edge is likely to provide impetus to the market in the coming years.
Key Market Players
The major players in the smart factory market report are:
- ABB Ltd
- Emerson Electric Co
- General Electric Company
- Siemens AG
- Honeywell International Inc
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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