The smart factory market is expected to be valued at USD 309.67 billion in 2027 from USD 153.28 billion in 2019, registering a CAGR of 9.8% through the forecast period according to a recent report by Emergen Research. The growth of this market can be attributed to the growing adoption of smart technologies, including food & beverage, petrochemicals, mining, and manufacturing, across all major industries. The growth of the smart factory market is expected to be powered by increasing demand for energy efficiency and technological developments in sensors.
The growing need for improved asset performance and output quality to reduce human & machine errors has increased the adoption of digitised solutions for supply chain management. The factors driving the demand for smart farming technologies are ensuring labour health, improving operating efficiencies, improving the quality of production processes, and reducing operational and manufacturing costs.
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Key Highlights From Report
- In Stockholm, Sweden, in May 2019, ABB and the Vietnamese Ministry of Science and Technology (MoST) exchanged a Letter of Intent (LOI). In order to speed up the adoption of smart manufacturing in Vietnam, the LOI was shared.
- In 2019, the industrial robotics sub-segment held the largest market share of 36.9%. The growth of the segment is expected to be driven by the growing adoption of industrial robotics across all major industries, including manufacturing, petrochemicals, oil, automotive, food & beverages, and mining.
- With the highest CAGR of 11.6% in the forecast duration, the manufacturing execution system (MES) sub-segment is expected to register substantial growth. Real-time data analysis, the increasing need to monitor the business operations and movements & positions of the raw materials is expected to drive the growth of the production execution system (MES).
- Due to the growing adoption of industrial robots in the car manufacturing industry, the discrete industries sub-segment held the largest share in the smart factory market in 2019.
- Due to the presence of major market players, including Yokogawa, Mitsubishi Electric, and Fanuc, the Asia Pacific region is expected to be the fastest-growing region over the forecast period.
- Key participants include ABB, General Electric, Siemens, Rockwell Automation, Honeywell International, Schneider Electric, Mitsubishi Electric, FANUC, Yokogawa Electric, and Emerson Electric, among others.
Emergen Research has segmented the Global Smart Factory Market on the basis of component, solution, industry, and region:
- Component Outlook (Revenue, USD Billion; 2017-2027)
- Industrial Robotics (Articulated robots, Cylindrical robots, Cartesian robots, SCARA robots, Collaborative robots)
- Industrial 3D printing
- Sensors
- Control Devices (Relays, switches, motors, and drives)
- Industrial network (Wired networks, wireless networks, RFID systems)
- Machine Vision (Cameras, Software, and Processor, Frame grabbers)
- Solution Outlook (Revenue, USD Billion; 2017-2027)
- Programmable Logic Controller (PLC)
- Product Life Cycle Management (PLM)
- Manufacturing Execution System (MES)
- Distributed Control System (DCS)
- Plant Asset Management (PAM)
- Enterprise Resource Planning (ERP)
- Supervisory Control and Data Acquisition (SCADA)
- Human-Machine Interface (HMI)
- Industry Outlook (Revenue, USD Billion; 2017-2027)
- Process Industries (Oil & Gas, Food & Beverage, Power, Chemicals, Pharmaceuticals, Metals & Mining)
- Discrete Industries (Semiconductor & Electronics, Aerospace & Defense, Automotive)
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
- North America
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/smart-factory-market