Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Smart Factory market.
Trusted Business Insights presents an updated and Latest Study on Smart Factory Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Smart Factory market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Smart Factory Market by Component (Machine Vision, Industrial Robots, Industrial 3D Printing and Sensors), By Solution (PLC, SCADA, MES, DCS, ERP, PLM, PAM and HMI) By Industry (Automotive, Oil & Gas, Chemicals, Food & Beverages, Pharmaceuticals, Pulp & Paper, Medical Devices and Others)-Global Industry Analytics, COVID-19 Business Impact, and Trends, 2020 -2029.
Global smart factory market was valued at around USD 136.45 billion in 2018, and is expected to reach approximately USD 260.53 billion in 2025, at a CAGR slightly above 9.68% between 2018 and 2025.
A highly connected and digitized production facility that depends on smart manufacturing is considered as smart factory. It also has a cyber-physical system, which has integrated computing codes which provides automation solution. It also helps in providing data models for rapid use. The use of these factories boosts the production and quality to cut down the operational cost as compared to traditional production systems.
Smart factory market is projected to hold significant growth in the estimated timeframe. The demand for the smart factory is driven owing to the rising focus on energy consumption and improved manufacturing efficiency. It helps in improving processes via self-optimization and automation, its ability is not only limited to production of goods but it also assists in several functions such as supply chain, planning and product development. Additionally, increasing focus on, manufacturing efficiency, energy consumption and rising adoption of advance technologies for manufacturing is anticipated to foster market growth in the projected period. Industrial shift towards smart manufacturing in which technology driven approach is implemented and machines are connected via internet to monitor production process and ensure zero defects manufacturing with no time lag, this is anticipated to impact market growth in the long run.
Furthermore, the industrial robots are the crucial part of smart factory/ manufacturing industry. These robots are now more technological advanced than ever before; their features include skill learning, vision recognition, man-machine-collaboration, utilization of artificial intelligence and also failure prediction. This is expected to further boost market demand in the long run. The rising adoption of robots by automobile manufacturing industry globally will drive market growth in the anticipated timeframe. Also, the process of manufacturing of passenger cars has become more complex and it now requires automation solution to accomplish a substantial portion of the task via robots. However, risk associated with security of cyber-physical system and requirement of huge capital investments is anticipated to hinder market demand in the forecast period.
The smart factory market is bifurcated into component, solution and industry. The industry is segmented into automotive, oil & gas, chemicals, food & beverages, pharmaceuticals, pulp & paper, medical devices and others. Automotive is anticipated to hold significant share of the market during the forecast period. The smart manufacturing solutions play a key role in production and development of quality automobiles are expected to support market growth.
The smart factory in Asia Pacific is projected to hold a significant share in the long run. The market is region is driven due to the increasing adoption and technological innovation in automation technologies in various industries. Key market players such as Omron, Mitsubishi Electric, Fanuc and Yokogawa are investing in R&D to better optimize the use of available resources and cater of market needs for complex passage cars. This is anticipated to stimulate market demand in the forecast period.
Renowned smart factory market players are General Electric, Siemens, Rockwell Automation, ABB, Honeywell International, Schneider Electric, Mitsubishi Electric, FANUC, Yokogawa Electric and Emerson Electric among others.
The report segments smart factory market as follows:
Global Smart Factory Market: Component Segment Analysis
Industrial 3D Printing
Global Smart Factory Market: Solution Segment Analysis
Global Smart Factory Market: Industry Segment Analysis
Oil & Gas
Food & Beverages
Pulp & Paper
Global Smart Factory Market: Regional Segment Analysis
Middle East and Africa
Quick Read Table of Contents of this Report @ Smart Factory Market by Component (Machine Vision, Industrial Robots, Industrial 3D Printing and Sensors), By Solution (PLC, SCADA, MES, DCS, ERP, PLM, PAM and HMI) By Industry (Automotive, Oil & Gas, Chemicals, Food & Beverages, Pharmaceuticals, Pulp & Paper, Medical Devices and Others)-Global Industry Analytics, COVID-19 Business Impact, and Trends, 2020 -2029.
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