Impact of COVID-19 on Economy, Industry and Company :
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Global Smart Factory Market Was Valued At US$ XX Bn In 2019 And It Is Expected To Reach More Than US$ 316.33 Bn By 2028, Likely To Grow With The CAGR Of 9.36% During The Forecast Period.
A highly connected and digitized production facility that depends on smart manufacturing is considered a smart factory. It also has a cyber-physical system, which has integrated computing codes which provides automation solution
The evolution of Industry 4.0 trend and the integration of manufacturing process and supply chains with digital technologies including IoT, AI, etc. Globally will drive the smart factory market development. The industries are adopting the digitized supply chain management options that will boost production, quality, and asset efficiency by eliminating human & machine errors. This will help to cut down the operational cost over the traditional production systems.
Need For The More Efficient Manufacturing Process Is Driving The Smart Factory Market
An increased focus on manufacturing efficiency, and increasing practice for an advanced base for manufacturing. Furthermore, Technological advancement in sensing components such as sensors and actuators within the industrial set-up owing to their increasing self-sufficiency with low power consumption and integrated computing abilities with no-time lags and zero defects are projected to drive the demand over the forecast period. These advanced solutions offer integrated computing codes offering automation solutions.
Rapid Growth In The Demand Of Product Life Cycle Management (PLM) Solutions Across Various End-User Industries Are Expected To Encourage The Growth Of The Smart Factory Market
The growth of the PLM market due to the increasing demand for efficiency and productivity. While adoption of end-to-end PLM solutions across new verticals such as power and energy, infrastructure & construction, and consumer goods driving the smart factory market. Furthermore, a rise in manufacturing activities in emerging economies such as China, India, and South Korea the Product Lifecycle Management (PLM) technology is developing rapidly in the market due to increasing demand in the production & manufacturing sector globally. The technology reduces compliance risk and material & production cost as it aids enterprises in product recalls, enhances productivity, etc.
However, the risk associated with the security of the cyber-physical system and the requirement of huge capital investments is anticipated to hinder market demand in the forecast period.
By Components, the Industrial Robots Segment Is Expected To Largest Contributor To Smart Factory Market Across The Globe During The Forecast Period
The industrial robots are a crucial part of the smart factory/ manufacturing industry. An implementing industrial robotics in smart manufacturing processes can improve productivity, reduce human errors, and increase production volume. This is expected to further boost market demand in the long run. The rising adoption of robots by the automobile manufacturing industry globally will drive market growth in the anticipated timeframe. However, the market for industrial 3D printing is expected to witness the highest CAGR during the Forecast period. Owing to increasing adoption of 3D printing technology in various processes and discrete industries, such as automotive, aerospace and defense, food & beverages, and semiconductor and electronics.
Automotive Industry Expected To Account For The Highest Market Share In The Smart Factory Market During The Forecast Period
The market for the automotive industry is expected to account for the highest share of the global smart factory market during the forecast period. In the development and production of quality automobiles the Smart factory solutions will play a key role. Further, the Innovations in assembly line methods are welcomed by vehicle manufacturers to enhance quality and increase factory productivity.
Manufacturing Execution System (MES) Segment Is Expected To Grow At The Highest Rate.
The smart factory market for the MES solution is likely to grow at the highest rate during the forecast period. Furthermore, the adoption of MES technology by manufacturers to provide opportunities in the operation and deliverance of high-performance production assets across the supply chain along with reducing costs is projected towards a high growth rate for the MES segment. The rise in need to centralize business data in enterprises and track multi-plant operations with the help of real-time data analysis is attributed to MES empowering the growth of this market.
Asia Pacific Region Is Expected To Hold the Largest Market Size During the Forecast Period
Geographically, APAC is expected to account for the largest share of the smart factory market in 2019. APAC is to hold the highest market share in the market due to technological innovation and the increasing adoption of automation technologies in various industries. In addition, China has been working on implementing automation technologies in manufacturing to innovative industrial practice. The research institutes and corporates are collaboratively working to improve manufacturing processes in China. Further, the initiative by the Chinese government which is focusing on industrial policy to industrial intellectualization and information integration is expected to increase the demand for smart factory solutions in this country. Toyota (Japan), Honda (Japan), and Suzuki (Japan) are developing smart factories for manufacturing robots, sensors, wireless technologies, and machine vision systems. This demand is propelling the growth of the market in Japan.
North America To Dominate The Global Smart Factory Market During The Forecast Period
North America is expected to hold a significant market value share in the global Smart Factory market. In 2019, the North America smart factory market was valued at around US$ 21 billion and is growing at a rapid pace owing to the adoption of intelligent manufacturing & supply chain technologies across various industries due to advancements in next-generation technologies in the U.S. and Canada. There is a high demand for technically advanced production systems in the U.S. for reducing employee involvement and saving huge labor costs along with the high adoption of automated & robotic systems for performing various operational tasks at manufacturing & warehouse facilities to gain productivity.
ABB Ltd. is one of the largest conglomerates in the world with a well-established track record in the power and automation industries. The growth of the company is mainly driven by its organic growth initiatives and focused investments in innovations, customer services, and sales.
The product launches, mergers and acquisitions, collaborations, and agreements strategies applied by the players to expand the industry.
Major players that offer solutions related to the smart factory market are ABB Ltd., Emerson Electric, FANUC, General Electric, Honeywell International, Mitsubishi Electric, Robert Bosch, Rockwell Automation, Schneider Electric, Siemens, Yokogawa Electric and System Insights Inc.
Global Smart Factory Market Key segments:
Global Smart Factory Market, By Component
- Machine Vision
- Industrial Robots
- Industrial 3D Printing
Global Smart Factory Market, By Solution
Global Smart Factory Market, By Industry application
- Oil & Gas
- Machine Manufacturing
- Semiconductor & Electronics
- Aerospace & Defense
- Medical Devices
- Food & Beverages
- Pulp & Paper
- Others (ceramics, fabricating, and packaging industries)
Smart Factory Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America