Many industry verticals such as mining, energy, petrochemicals, and manufacturing are inclining toward the use of intelligence technologies in their day-to-day activities. This factor has resulted into increasing the popularity of smart factories concept.
Adoption of smart factories can assist organizations to improve production quality and boost their overall production. Moreover, smart factory offers energy efficiency and is eco-friendly. Owing to all these benefits, there is notable growth in adoption of smart factories. This factor is resulting into increased sales prospects in the global smart factory market.
At present, many enterprises from the manufacturing sector are adopting smart technologies. Moreover, wide acceptance of varied technological advancements such as industrial robots together with emergence of Internet of Things (IoT) are pushing the growth of the global smart factory market.
In recent years, there is notable surge in the usage of high-tech machinery and high-tech tools in the manufacturing processes. Furthermore, many companies from industrial verticals are inclining toward cyber world. Thus, all components of value chain are connected to achieve informed manufacturing and no-time lags and no defects. On the back of these factors, the smart factory market is estimated to expand at significant pace in the upcoming years.
Many enterprises are offering industrial automation solutions on a wide range of processes and distinct industries. This factor is estimated to bode well with the growth of the smart factory market. Moreover, several recent trends such as development of data models for swift usage, factory-specific templates, and manufacturing execution systems (MES) are expected to drive market growth.
In recent period, many industries around the world are inclining toward the use of refurbished robots. Besides, players are concentrating on untapped fields including RFID and industrial robots, which is bringing lucrative prospects for the global smart factory market.
Cloud connectivity, machine learning, IoT, big data, sensor technology, cyber security, artificial intelligence are some of the technologies included in the concept of smart factory.
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Players Execute Different Strategies to Stay Ahead in High Level of Market Competition
Emerson Electric Co., ABB Limited, General Electric Company, Fanuc Corporation, Johnson Control International Plc, Honeywell International, Rockwell Automation, Mitsubishi Electric Corporation, Yokogawa Electric, and Schneider Electric are some of the prominent players in the global smart factory market.
The presence of many players has made the competition levels in the global smart technology market highly intense. As a result, they are making strategic moves such as mergers, acquisitions, partnerships, and collaborations to stay ahead in the competition. Moreover, many players are increasing their funding toward R&D projects. These factors are expected to fuel market expansion in the years ahead.
Asia Pacific: Region with Lion’s Share of Smart Factory Market
Europe, North America, Middle East & Africa, South America, and Asia Pacific are some of the key regions of the global smart factory market. Among all regions, Asia Pacific seems to be prominent region for market players.
The Asia Pacific region is projected to gain major share of the smart factory market in the upcoming years as there is surge in technological advancements in different industries and the increase in the use of automotive technologies. Moreover, increased focus of regional government authorities on intellectualization and information integration is estimated to boost the Asia Pacific smart factory market in the years to come.
In countries like China, many enterprises are joining hands with different research institutions in order to achieve improved manufacturing processes. Besides, many small factories in Japan incorporate various technological advancements such as robots, manufacturing sensors, wireless technologies, and machine vision systems. These innovations signify that the Asia Pacific region holds potential to boost the market growth.
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