#Smart Factory Market

[industrynewsupdates]

Smart Factory Market Size, Trends, and Business Outlook, 2030

The global smart factory market size was valued at USD 130.25 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2023 to 2030.

The market for smart factory is expected to expand due to several key factors, including increasing emphasis on energy efficiency, improved manufacturing productivity, and the establishment of advanced manufacturing infrastructures. Additionally, there are promising prospects for the adoption of collaborative robots and ongoing advancements in 3D printing technology, which are set to create lucrative opportunities for the market during the forecast period.

Gather more insights about the market drivers, restrains and growth of the Smart Factory Market

Artificial intelligence (AI) and machine learning (ML) are playing a pivotal role in smart factories. These technologies enable predictive maintenance, quality control, and process optimization. AI-driven analytics can uncover valuable insights from vast datasets, helping manufacturers make data-driven decisions. As AI capabilities continue to evolve, their integration into smart factories is expected to grow.

For instance, in September 2022, Datametrex AI Ltd. announced the launch of Smart Factory AI technology based on big data, Artificial Intelligence (AI), and server automation operating system technologies. Additionally, the company claimed to receive purchase orders totaling CAD 200,000 from various multinational corporations, including Woongjin, Co. Ltd., Kolon Benit, and Lotte Data Communication Co., Ltd.

The adoption of Industry 4.0 principles is a prominent trend in smart factories. Industry 4.0 emphasizes the integration of digital technologies such as IoT, big data analytics, and automation into manufacturing processes. Smart factories are leveraging these technologies to optimize production, improve quality, and enhance overall efficiency. This trend is expected to continue as manufacturers seek to remain competitive in a globalized market.

Furthermore, the Internet of Things (IoT) is the backbone of smart factories, facilitating real-time monitoring and control of machines and processes. The growing number of connected devices, sensors, and actuators is enhancing visibility and automation within factories. The increasing deployment of 5G networks and the advancement of edge computing will further strengthen the significance of IoT in the market.

The COVID-19 pandemic had a profound impact on the smart factory industry. While it initially disrupted supply chains and manufacturing operations, it also accelerated the adoption of digital technologies in factories. The need for remote monitoring, predictive maintenance, and agile production processes became apparent during the pandemic, driving increased investment in smart factory solutions. Additionally, the emphasis on worker safety and social distancing led to a greater interest in automation and robotics. The market is anticipated to sustain its growth momentum as the global economy recovers from the pandemic. This is attributed to manufacturers placing greater emphasis on enhancing resilience, efficiency, and operational flexibility in their processes.

Smart Factory Market Segmentation

Grand View Research has segmented the global smart factory market report on the basis of technology, field devices, application, and region:

Technology Outlook (Revenue, USD Billion, 2018 - 2030)

• Distributed Control Systems (DCS)

• Enterprise Resource Planning (ERP)

• Human Machine Interface (HMI)

• Manufacturing Execution System (MES)

• Product Life Cycle Management (PLM)

• Program Logic Controller (PLC)

• Supervisory Controller and Data Acquisition (SCADA)

• Others

Field Devices Outlook (Revenue, USD Billion, 2018 - 2030)

• Sensors

• Industrial Robotics

• Machine Vision Systems

• Others

Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Aerospace & Defense

• Automotive

• Energy & Power

• Food and Beverages

• Healthcare

• Semiconductor & Electronics

• Oil & Gas

• Others

Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o U.K.

o Germany

o France

o Italy

o Spain

o Rest of Europe

• Asia Pacific

o China

o India

o Japan

o South Korea

o Rest of Asia Pacific

• Latin America

o Brazil

o Mexico

o Rest of Latin America

• Middle East & Africa (MEA)

o UAE

o Saudi Arabia

o Rest of Middle East & Africa

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

• The global generative AI smartphone market shipments was estimated at 52.1 million units in 2023 and is projected to grow at a CAGR of 40.9% from 2024 to 2030. 

• The global aviation software market size was estimated at USD 10.68 billion in 2023 and is expected to grow at a CAGR of 7.2% from 2024 to 2030. 

Key Companies & Market Share Insights

The market is classified as highly competitive, with the presence of several smart factory players. The key players operating in the industry are focusing on strategic alliances, product developments, expansions, and mergers & acquisitions to remain competitive. For instance, in March 2023, Schneider Electric SE, a digital transformation provider of energy management and industrial automation, initiated the construction of its upcoming smart factory in Dunavesce, Hungary. This state-of-the-art facility, backed by an investment of USD 42.67 million (€40 million), would cover an area of 25,000 sq. m. and will accommodate a workforce of 500 employees. Such strategies by key players are anticipated to augment market growth over the forecast period. Following are some of the major players in the global smart factory market:

• ABB, Ltd.

• Dassault Systemes S.E.

• FANUC Corporation

• General Electric Company

• Honeywell International, Inc.

• Johnson Controls, Inc.

• KUKA AG

• Mitsubishi Electric Corporation

• Rockwell Automation, Inc.

• Schneider Electric SE

• Canon Inc.

• Cisco System Inc.

• Emerson Electric Co. 

Order a free sample PDF of the Smart Factory Market Intelligence Study, published by Grand View Research.

[rohitpalan]

According to industry researchers, the size of the worldwide smart factory market is expected to rise from USD 140.7 billion to USD 388.7 billion by 2033. Over the course of the projection period, this market is expected to grow at a phenomenal CAGR of 10.7%.

The rise in the use of intelligence technology in many sectors has led to the rise in the prevalence of smart factories in recent times. Over time, industrialization has increased substantially in many different regions. It is projected that the market for “smart factories” will grow splendidly due to improved industrial prospects and advancements in manufacturing facilities technology.

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Some of the key market drivers are a growing emphasis on resource utilization, cost reduction in industrial operations, and energy efficiency.

KEY TAKEAWAYS

The market for smart factories in the United States is anticipated to grow at a CAGR of 11.8% through 2033.

With a CAGR of 10.7%, the United Kingdom smart factory market is expected to grow significantly during the forecast period.

With a CAGR of 8.8% throughout the research period, Japan is predicted to grow rapidly in the market for smart factories by 2033.

The smart factory market in China is expected to grow at a CAGR of 8.6% over the forecast period.

With a CAGR of 10.4% throughout the research period, the market for smart factories in South Korea is anticipated to increase speedily.

The software category of the smart factory market’s component segment is predicted to develop at a CAGR of 10.6% through 2033.

In the market for smart factories, the discrete industry section of the end-user category is estimated to showcase a CAGR of 10.6% over the forecast period.

Demand Analysis

In a significant stride, the global Smart Factory Market is poised to experience remarkable growth, projected to expand from USD 140.7 billion in 2023 to a staggering USD 388.7 billion by 2033. This projection stems from a robust Compound Annual Growth Rate (CAGR) of 10.7% over the forecast period.

Regional Trends

The trend towards smart manufacturing is not confined to a specific geography. As industries across the globe recognize the transformative potential of smart factories, regions such as North America, Europe, Asia-Pacific, and beyond are embracing this paradigm shift. This market trend is fostering collaborations between technology providers and manufacturers to unlock new avenues of growth.

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Drivers and Opportunities

The surge in market size is underpinned by the escalating demand for advanced manufacturing solutions that enhance productivity, operational efficiency, and quality control across industries. As companies seek ways to optimize processes, reduce downtime, and ensure real-time insights, the adoption of smart factory technologies is becoming a strategic imperative. Industries are capitalizing on the integration of automation, data analytics, artificial intelligence, and IoT devices to revolutionize their production methods, thereby boosting the growth of the smart factory market.

Competition Analysis

Key players in the smart factory arena are vying for a larger market share through innovation and strategic partnerships. The substantial absolute dollar growth of USD 248.0 billion signifies the competitive landscape’s vibrancy. Companies are focusing on developing cutting-edge solutions that cater to diverse industry needs while ensuring seamless integration with existing systems.

Region-wise Insights

North America: The region is at the forefront of smart factory adoption, fueled by a robust industrial base and a penchant for technological innovation. The presence of key players and supportive government initiatives contribute to the market’s upward trajectory.

Europe: European industries are aligning with the Industry 4.0 vision, driving the smart factory market’s growth. Manufacturers in Germany, France, and the United Kingdom are investing in smart solutions to bolster their competitive edge.

Asia-Pacific: Rapid industrialization in countries like China, Japan, and South Korea is fostering the adoption of smart factory technologies. Increasing manufacturing activities and a growing emphasis on automation are propelling market expansion.

Category-wise Insights

The smart factory market encompasses various categories, including automation and control systems, industrial robots, sensors, communication technologies, and data analytics software. Each category plays a pivotal role in shaping the modern manufacturing landscape.

As the global industrial landscape undergoes a transformative shift, the smart factory market is poised to witness substantial growth, fueled by technological advancements, operational optimization, and the pursuit of innovation. With an impressive CAGR of 10.7%, the market is set to redefine the future of manufacturing across industries.

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Key Segments Of Smart Factory Industry Survey

Smart Factory Market By Component:

Smart Factory Hardware

Sensors

Industrial Robots

Machine Vision Systems

Industrial 3D Printing

Smart Factory Software

Human Machine Interface

Product Life Cycle Management

Distributed Control System

SCADA

ERP

Others

Smart Factory Services

Integration & Deployment

Consulting

Support & Maintenance

Smart Factory Market By End User:

Discrete Industry

Process Industry

Smart Factory Market By Industry Vertical:

Smart Factories for Automotive

Smart Factories for Aerospace & Defence

Smart Factories for Electrical & Electronics

Smart Factories for Food & Beverages

Smart Factories for Energy & Utilities

Smart Factories for Healthcare & Pharmaceuticals

Others

Smart Factory Market By Region:

North America

Latin America

Europe

East Asia

South Asia & Pacific

Middle East & Africa (MEA)

[factana]

Fogwing is an innovative and comprehensive Internet of Things (IoT) platform that offers a wide range of services and solutions for businesses and organizations looking to leverage the power of IoT technology. The website, https://www.fogwing.io/, serves as the online presence for Fogwing, providing detailed information and access to their IoT platform. The platform offers end-to-end solutions for IoT device management, data acquisition, real-time monitoring, analytics, and automation

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Smart Factory and Industrial Automation Market - Forecast(2024 - 2030)

 Overview

The smart factory and industrial automation market is expected to be valued at $187.8 billion in 2018 and is expected to grow at a CAGR of 7.2% between 2019 and 2025. This market growth is due to the impact of evolution and adoption of the Internet of Things (IoT), industrial robots, smart automation solutions, and increasing emphasis on regulatory compliances. Industrial and commercial developments in the growing economies are also responsible for the growth of this market.

Industrial automation is defined as the automation of industrial processes through computers, communication systems, and process operators. Industrial automation minimizes human intervention in the industry and ensures a superior performance as compared to humans. Moreover, whereas, smart factory connects people, processes, and machines to enable advanced manufacturing with the optimized process reduced errors, improved quality, and eliminate waste.

Both smart factory and industrial automation enhance the productivity and quality of products and simultaneously decrease the production cost. Smart factory and industrial automation meet the demand for mass production with providing nominal human intervention, better quality, and less labor expenses, significantly reduce overall operational cost.

Report Coverage

The report: “Smart Factory and Industrial Automation Market – Forecast (2019-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Smart Factory and Industrial Automation Market 

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Key Takeaways

· Key drivers of the market are; reduction of energy consumption and increasing factory efficiency. All the Industries are adopting smart factory concept to ensure that every component of the value chain is connected for providing informed manufacturing with no-time lags and zero defects.

· The automotive manufacturing sector has been one of the largest adopters of automated robots and is the largest the revenue-generating end-user in the market. Smart factory and industrial automation play an important role in connecting and automating the operations of these robots.

· Industrial Automation in China has increased the uptake of smart manufacturing. As per the Ministry of Industry and Information Technology, China initiated around 100 smart manufacturing pilot projects in 2018.

By Application - Segment Analysis

Material handling application generated 38% of the smart factory and industrial automation market revenue in 2018. Robotics and automation system is helping in business according to their growing demands and making it cost-efficient, and these advances in technology are a material handling system more affordable and effective. This high-speed automation technology can load and unload the truck at the pallet and cartoon level. Over the next decade, material handling is expected to immerse with the automated system highly.

Various advancements have been made in the automation of the multiple activities that were formerly carried out manually (particularly in the labor-intensive manufacturing industry), with most of these being almost fully automated, with the help of the latest technologies. This has led to improved efficiency, high-quality products, and attendant savings in labor and costs.

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By End-User - Segment Analysis

Automotive industry end-use accounted for the highest market share in the smart factory and industrial automation market in 2018. Smart factory solutions play a key role in the development and production of quality automobiles. The automobile manufacturing industry is the largest adopter of robots in 2018 (according to the international federation of robotics {IFR}). For enhance quality and increase factory productivity, while using these robots, smart factory and industrial automation solutions play a major role.

The fastest-growing end-use in the forecasted period is the energy and power sector. The sector consists of the gas industry, petroleum industry, coal industry, power industry, among others. The adoption rate of smart factory technology is expected to be the highest in the oil & gas industry due to the growing need for safety in oil and gas plants. The automation market has penetrated the energy sector in developed economies.

By Geography - Segment Analysis

APAC accounted for the largest share, of 34% in the smart factory and industrial automation market in 2018, due to technological innovation and adoption of automation technologies across several industries. Toyota, Honda, and Suzuki are working on developing smart factories. These smart and automated factories will be manufacturing robots, sensors, wireless technologies, and machine vision systems.

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Drivers – Smart Factory and Industrial Automation Market

·         GROWTH IN ADOPTION OF INDUSTRIAL ROBOTS:

The call for precision machining along with high production rates, has made use of robots an indispensable aspect of manufacturing units. Since the industrial operations are becoming complex amidst rapid technological advancements, the growth of the industrial robot is expected among such environment that is beyond the capacity of manual involvement. Smart factory and industrial automation play an essential role in connecting and automating the operations of these robots.

Almost all the processes in the production and processing plants have been automated in the past decade. This has also complemented the expansion of industrial robots integration into industrial operations.  

·         RISING LABOR COSTS TO BOOST THE SMART & AUTOMATED INDUSTRIAL ROBOTS DEMAND

The labor cost is significantly high in the total industrial operating cost, generally making 60%-65% of the total cost. In the majority of the cases, manual jobs typically consist of two categories of staff: direct and indirect. Direct staff is responsible for executing the procedure while the indirect staff is for the back-end support for direct staff.

The presence of both direct and indirect staff coupled along with department managers presents an essential cost in operating a warehouse.

The automation of industries has become a notable means to tackle the rising wages and workforce age. This has resulted in the industrial operators to rely upon the smart factories and automated robotics to provide a convenient and efficient way of reducing the operational costs while simultaneously maintaining the productivity at optimum levels.

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Challenges – Smart Factory and Industrial Automation Market

·         GROWTH OF CYBER ATTACKS

The history of the smart factory and industrial automation is always fascinating. Cybersecurity is one of the major issues of factory automation. Constant technological innovation has taken manufacturing processes from the Industrial Age to the information age as networking in process automation grows. These new information age factories have a great scope of cyber threats from various sources. These cyber-attacks can reduce the advantages of smart and automated factories and turn them into significant disadvantages.

For almost every minute, the global cybersecurity researchers discover threats to cybersecurity and try to solve them in real-time.

Market Landscape

Top 5 players of the smart factory and industrial automation market captured ~65% share of the market in 2018.

ABB Ltd., Mitsubishi Electric, Yokogawa, Endress+Hauser, Honeywell, Rockwell Automation, Omron, General Electric, Danfoss, FANUC, Schneider, Siemens, and Emerson Electric Company are some leading key players in the smart factory and industrial automation market.

Partnerships/Mergers/Acquisitions

Ø In July 2018, GE and Microsoft Corp. formed a partnership to bring together operational technology and information technology to eliminate hurdles in advancing digital transformation projects. In the partnership, GE Digital plans to standardize its Predix solutions on Microsoft Azure and will deeply integrate the Predix portfolio with Azure native cloud capabilities, including Azure IoT and Azure Data and Analytics.

Ø In June 2018, SAP and Endress+Hauser collaborated in the development of the Industrial Internet of Things (IIoT) applications for the process industry. The goal is to fully integrate the Endress+Hauser field instruments as digital twins into the SAP cloud platform.

Ø June 2018, PTC Inc. and Rockwell Automation Inc. formed a strategic partnership that accelerated growth for both companies and enabled them to be the partner of choice for customers around the world who want to transform their physical operations with digital technology.

R&D Investment/Fundings

Ø In July 2019, Fetch Robotics raised $46 million in a Series C round of funding led by Fort Ross Ventures. Fetch Robotics creates autonomous robots, powered by cloud-based software systems, which operate in locations such as warehouses, factories, and distribution centers. The robots can be used to transport goods and materials around warehouses, gather data automatically.

Smart Factory and Industrial Automation Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Smart Factory and Industrial Automation Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the offering type, robot type, end-users, and application of Smart Factory and Industrial Automation Market.

[marketinsight1234]

Smart Factory Market Size, Share, Types, Products, Trends, Growth, Applications and Forecast 2023 to 2030

The Global Smart Factory market size was valued at USD 152.20 Billion in 2022 and is projected to reach USD 269.43 Billion by 2030, growing at a CAGR of 7.4% from 2023 to 2030.

A smart factory integrates various cutting-edge technologies such as Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), robotics, big data analytics, and cloud computing to optimize manufacturing processes and operations.

The market is expanding at a faster rate as a result of Industry 4.0's expanding implementation and adoption. The market share has increased as a result of rising automation and software-based procedures. Real-time analysis and synchronization have been made available to the worldwide market by smart technologies, helping to cut costs and save time.

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Updated Version 2024 is available our Sample Report May Includes the:

Scope For 2024

Brief Introduction to the research report.

Table of Contents (Scope covered as a part of the study)

Top players in the market

Research framework (structure of the report)

Research methodology adopted by Worldwide Market Reports

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

Leading players involved in the Smart Factory Market include:

Rockwell Automation, Inc. (USA), Siemens AG (Germany), Schneider Electric SE (France), ABB Ltd. (Switzerland), Honeywell International Inc. (USA), Bosch GmbH (, Germany), Mitsubishi Electric Corporation (Japan), FANUC Corporation (Japan), Emerson Electric Co. (USA), Yokogawa Electric Corporation (Japan), GE Digital (USA) 

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Segmentation of Smart Factory Market:

By Type

Industrial Sensors

Industrial Robots

Industrial 3D Printers

Machine Vision Systems

By Deployment

On Cloud

In Premises

By End User Industry

Aerospace & Defense

Semiconductor & Electronics

Manufacturing

Medical Devices

Oil & Gas

Chemicals

By Regions: -

North America (US, Canada, Mexico)

Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

South America (Brazil, Argentina, Rest of SA)

What to Expect in Our Report?

(1) A complete section of the Smart Factory market report is dedicated for market dynamics, which include influence factors, market drivers, challenges, opportunities, and trends.

(2) Another broad section of the research study is reserved for regional analysis of the Smart Factory market where important regions and countries are assessed for their growth potential, consumption, market share, and other vital factors indicating their market growth.

(3) Players can use the competitive analysis provided in the report to build new strategies or fine-tune their existing ones to rise above market challenges and increase their share of the Smart Factory market.

(4) The report also discusses competitive situation and trends and sheds light on company expansions and merger and acquisition taking place in the Smart Factory market. Moreover, it brings to light the market concentration rate and market shares of top three and five players.

(5) Readers are provided with findings and conclusion of the research study provided in the Smart Factory Market report.

Our study encompasses major growth determinants and drivers, along with extensive segmentation areas. Through in-depth analysis of supply and sales channels, including upstream and downstream fundamentals, we present a complete market ecosystem.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assisting our clients to grow and have a successful impact on the market. Our team at IMR is ready to assist our clients to flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, that specializes in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyse extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.

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Edge Data Center Market- Optimizing IT Infrastructure for Business

The edge data centers facilitate quick delivery of data services with minimal latency. Edge caching is adopted by various industries dominated by IT and Telecommunication. Edge data centers provide their customers with high security and greater data control. Time-sensitive data is processed faster with edge data centers. Integration of advanced technologies such as AI and 5G is expected to create a lucrative growth opportunity for companies.

Apart from quick data delivery, low latency is another attractive feature of edge catching. In telecommunication companies edge catching is used to get better connectivity and proximity. IoT devices are bound to create huge data that need processing. Having a centralized server won’t be a feasible option here. Edge data centers could increase processing speed. Medical pieces of equipment may rely on edge data centers for robotic surgeries and extremely low latency.

Autonomous vehicles need to share data among vehicles in the same or other networks. A network of edge data centers could collect data and assist in emergency response. With the onset of Industry 4.0, companies will focus on building smart factories. Having an edge data center will help companies in planning their machine’s maintenance and quality management. Owing to a smaller footprint, lower latency, and faster processing edge data centers are anticipated to remain a key part of the IT infrastructure of companies.

[rohitpalan]

Projections Unveiled: Smart Factory Market Surging to USD 388.7 Billion by 2033

Market analysts predict that by 2033, the size of the global smart factory market would have increased from USD 140.7 billion to USD 388.7 billion. This market is anticipated to climb at a fantastic CAGR of 10.7% over the course of the forecast period.

In recent years, smart factories have become more prevalent due to an increase in the application of intelligence technology across a variety of industries. In a variety of places, industrialization levels have dramatically risen over time. The market for “smart factories” is anticipated to increase admirably as a result of better industrial prospects and technological developments in manufacturing facilities.

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Some of the key market drivers are a growing emphasis on resource utilisation, cost reduction in industrial operations, and energy efficiency.

KEY TAKEAWAYS

The market for smart factories in the United States is anticipated to grow at a CAGR of 11.8% through 2033.

With a CAGR of 10.7%, the United Kingdom smart factory market is expected to grow significantly during the forecast period.

With a CAGR of 8.8% throughout the research period, Japan is predicted to grow rapidly in the market for smart factories by 2033.

The smart factory market in China is expected to grow at a CAGR of 8.6% over the forecast period.

With a CAGR of 10.4% throughout the research period, the market for smart factories in South Korea is anticipated to increase speedily.

The software category of the smart factory market’s component segment is predicted to develop at a CAGR of 10.6% through 2033.

In the market for smart factories, the discrete industry section of the end-user category is estimated to showcase a CAGR of 10.6% over the forecast period.

Demand Analysis

In a significant stride, the global Smart Factory Market is poised to experience remarkable growth, projected to expand from USD 140.7 billion in 2023 to a staggering USD 388.7 billion by 2033. This projection stems from a robust Compound Annual Growth Rate (CAGR) of 10.7% over the forecast period.

Regional Trends

The trend towards smart manufacturing is not confined to a specific geography. As industries across the globe recognize the transformative potential of smart factories, regions such as North America, Europe, Asia-Pacific, and beyond are embracing this paradigm shift. This market trend is fostering collaborations between technology providers and manufacturers to unlock new avenues of growth.

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Drivers and Opportunities

The surge in market size is underpinned by the escalating demand for advanced manufacturing solutions that enhance productivity, operational efficiency, and quality control across industries. As companies seek ways to optimize processes, reduce downtime, and ensure real-time insights, the adoption of smart factory technologies is becoming a strategic imperative. Industries are capitalizing on the integration of automation, data analytics, artificial intelligence, and IoT devices to revolutionize their production methods, thereby boosting the growth of the smart factory market.

Competition Analysis

Key players in the smart factory arena are vying for a larger market share through innovation and strategic partnerships. The substantial absolute dollar growth of USD 248.0 billion signifies the competitive landscape’s vibrancy. Companies are focusing on developing cutting-edge solutions that cater to diverse industry needs while ensuring seamless integration with existing systems.

Region-wise Insights

North America: The region is at the forefront of smart factory adoption, fueled by a robust industrial base and a penchant for technological innovation. The presence of key players and supportive government initiatives contribute to the market’s upward trajectory.

Europe: European industries are aligning with the Industry 4.0 vision, driving the smart factory market’s growth. Manufacturers in Germany, France, and the United Kingdom are investing in smart solutions to bolster their competitive edge.

Asia-Pacific: Rapid industrialization in countries like China, Japan, and South Korea is fostering the adoption of smart factory technologies. Increasing manufacturing activities and a growing emphasis on automation are propelling market expansion.

Category-wise Insights

The smart factory market encompasses various categories, including automation and control systems, industrial robots, sensors, communication technologies, and data analytics software. Each category plays a pivotal role in shaping the modern manufacturing landscape.

As the global industrial landscape undergoes a transformative shift, the smart factory market is poised to witness substantial growth, fueled by technological advancements, operational optimization, and the pursuit of innovation. With an impressive CAGR of 10.7%, the market is set to redefine the future of manufacturing across industries.

 Drive Success with Data: Purchase Your Copy of the Report Here : https://www.futuremarketinsights.com/checkout/446  

Key Segments Of Smart Factory Industry Survey

Smart Factory Market By Component:

Smart Factory Hardware

Sensors

Industrial Robots

Machine Vision Systems

Industrial 3D Printing

Smart Factory Software

Human Machine Interface

Product Life Cycle Management

Distributed Control System

SCADA

ERP

Others

Smart Factory Services

Integration & Deployment

Consulting

Support & Maintenance

Smart Factory Market By End User:

Discrete Industry

Process Industry

Smart Factory Market By Industry Vertical:

Smart Factories for Automotive

Smart Factories for Aerospace & Defence

Smart Factories for Electrical & Electronics

Smart Factories for Food & Beverages

Smart Factories for Energy & Utilities

Smart Factories for Healthcare & Pharmaceuticals

Others

Smart Factory Market By Region:

North America

Latin America

Europe

East Asia

South Asia & Pacific

Middle East & Africa (MEA)

[mysticalpersonakingdom]

Smart Factory Market

[pravalika]

Smart Factory and Industrial Automation Market - Forecast (2023 - 2028)

View More @ https://tinyurl.com/3awvmuu4

The smart factory and industrial automation market is expected to be valued at $187.8 billion in 2018 and is expected to grow at a CAGR of 7.2% between 2019 and 2025. This market growth is due to the impact of evolution and adoption of the Internet of Things (IoT), industrial robots, smart automation solutions, and increasing emphasis on regulatory compliances. Industrial and commercial developments in the growing economies are also responsible for the growth of this market.

Industrial automation is defined as the automation of industrial processes through computers, communication systems, and process operators. Industrial automation minimizes human intervention in the industry and ensures a superior performance as compared to humans. Moreover, whereas, smart factory connects people, processes, and machines to enable advanced manufacturing with the optimized process reduced errors, improved quality, and eliminate waste.

Both smart factory and industrial automation enhance the productivity and quality of products and simultaneously decrease the production cost. Smart factory and industrial automation meet the demand for mass production with providing nominal human intervention, better quality, and less labor expenses, significantly reduce overall operational cost.

Report Coverage

The report: “Smart Factory and Industrial Automation Market – Forecast (2019-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Smart Factory and Industrial Automation Market

Key Takeaways

· Key drivers of the market are; reduction of energy consumption and increasing factory efficiency. All the Industries are adopting smart factory concept to ensure that every component of the value chain is connected for providing informed manufacturing with no-time lags and zero defects.

· The automotive manufacturing sector has been one of the largest adopters of automated robots and is the largest the revenue-generating end-user in the market. Smart factory and industrial automation play an important role in connecting and automating the operations of these robots.

· Industrial Automation in China has increased the uptake of smart manufacturing. As per the Ministry of Industry and Information Technology, China initiated around 100 smart manufacturing pilot projects in 2018.

By Application - Segment Analysis

Material handling application generated 38% of the smart factory and industrial automation market revenue in 2018. Robotics and automation system is helping in business according to their growing demands and making it cost-efficient, and these advances in technology are a material handling system more affordable and effective. This high-speed automation technology can load and unload the truck at the pallet and cartoon level. Over the next decade, material handling is expected to immerse with the automated system highly.

Various advancements have been made in the automation of the multiple activities that were formerly carried out manually (particularly in the labor-intensive manufacturing industry), with most of these being almost fully automated, with the help of the latest technologies. This has led to improved efficiency, high-quality products, and attendant savings in labor and costs.

By End-User - Segment Analysis

Automotive industry end-use accounted for the highest market share in the smart factory and industrial automation market in 2018. Smart factory solutions play a key role in the development and production of quality automobiles. The automobile manufacturing industry is the largest adopter of robots in 2018 (according to the international federation of robotics {IFR}). For enhance quality and increase factory productivity, while using these robots, smart factory and industrial automation solutions play a major role.

The fastest-growing end-use in the forecasted period is the energy and power sector. The sector consists of the gas industry, petroleum industry, coal industry, power industry, among others. The adoption rate of smart factory technology is expected to be the highest in the oil & gas industry due to the growing need for safety in oil and gas plants. The automation market has penetrated the energy sector in developed economies.

By Geography - Segment Analysis

APAC accounted for the largest share, of 34% in the smart factory and industrial automation market in 2018, due to technological innovation and adoption of automation technologies across several industries. Toyota, Honda, and Suzuki are working on developing smart factories. These smart and automated factories will be manufacturing robots, sensors, wireless technologies, and machine vision systems.

Drivers – Smart Factory and Industrial Automation Market

· GROWTH IN ADOPTION OF INDUSTRIAL ROBOTS:

The call for precision machining along with high production rates, has made use of robots an indispensable aspect of manufacturing units. Since the industrial operations are becoming complex amidst rapid technological advancements, the growth of the industrial robot is expected among such environment that is beyond the capacity of manual involvement. Smart factory and industrial automation play an essential role in connecting and automating the operations of these robots.

Almost all the processes in the production and processing plants have been automated in the past decade. This has also complemented the expansion of industrial robots integration into industrial operations.  

· RISING LABOR COSTS TO BOOST THE SMART & AUTOMATED INDUSTRIAL ROBOTS DEMAND

The labor cost is significantly high in the total industrial operating cost, generally making 60%-65% of the total cost. In the majority of the cases, manual jobs typically consist of two categories of staff: direct and indirect. Direct staff is responsible for executing the procedure while the indirect staff is for the back-end support for direct staff.

The presence of both direct and indirect staff coupled along with department managers presents an essential cost in operating a warehouse.

The automation of industries has become a notable means to tackle the rising wages and workforce age. This has resulted in the industrial operators to rely upon the smart factories and automated robotics to provide a convenient and efficient way of reducing the operational costs while simultaneously maintaining the productivity at optimum levels.

Challenges – Smart Factory and Industrial Automation Market

· GROWTH OF CYBER ATTACKS

The history of the smart factory and industrial automation is always fascinating. Cybersecurity is one of the major issues of factory automation. Constant technological innovation has taken manufacturing processes from the Industrial Age to the information age as networking in process automation grows. These new information age factories have a great scope of cyber threats from various sources. These cyber-attacks can reduce the advantages of smart and automated factories and turn them into significant disadvantages.

For almost every minute, the global cybersecurity researchers discover threats to cybersecurity and try to solve them in real-time.

Market Landscape

Top 5 players of the smart factory and industrial automation market captured ~65% share of the market in 2018.

ABB Ltd., Mitsubishi Electric, Yokogawa, Endress+Hauser, Honeywell, Rockwell Automation, Omron, General Electric, Danfoss, FANUC, Schneider, Siemens, and Emerson Electric Company are some leading key players in the smart factory and industrial automation market.

Partnerships/Mergers/Acquisitions

Ø In July 2018, GE and Microsoft Corp. formed a partnership to bring together operational technology and information technology to eliminate hurdles in advancing digital transformation projects. In the partnership, GE Digital plans to standardize its Predix solutions on Microsoft Azure and will deeply integrate the Predix portfolio with Azure native cloud capabilities, including Azure IoT and Azure Data and Analytics.

Ø In June 2018, SAP and Endress+Hauser collaborated in the development of the Industrial Internet of Things (IIoT) applications for the process industry. The goal is to fully integrate the Endress+Hauser field instruments as digital twins into the SAP cloud platform.

Ø June 2018, PTC Inc. and Rockwell Automation Inc. formed a strategic partnership that accelerated growth for both companies and enabled them to be the partner of choice for customers around the world who want to transform their physical operations with digital technology.

R&D Investment/Fundings

Ø In July 2019, Fetch Robotics raised $46 million in a Series C round of funding led by Fort Ross Ventures. Fetch Robotics creates autonomous robots, powered by cloud-based software systems, which operate in locations such as warehouses, factories, and distribution centers. The robots can be used to transport goods and materials around warehouses, gather data automatically.

Smart Factory and Industrial Automation Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Smart Factory and Industrial Automation Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the offering type, robot type, end-users, and application of Smart Factory and Industrial Automation Market.

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