Smart Factory Market Growth Drives Globally by Rising Need for Advanced Manufacturing
New York, US, Jan. 26, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR),” Smart Factory Market Report: by Component, by Connectivity, by Industry Verticals, Region – Forecast to 2030” to grow at a an 5.23% CAGR by 2030.
Smart Factory Market Overview
The growing demand for smart factories from different key verticals such as electrical industry, electronics, auto and transportation, food and beverage, textile, oil and gas, and chemical to boost production capabilities and augment efficiency will boost market growth over the forecast period.
Opportunities
Rising Need for Advanced Manufacturing to offer Robust Opportunities
The rising need for advanced manufacturing practices will offer robust opportunities for the market over the forecast period. Advanced manufacturing includes goods production with minimal resources while improving performance and maintaining cost.
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Report Scope:
| Report Metrics | Details |
| Market Size | USD 138 Billion by 2030 |
| CAGR | 5.23% |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Opportunities | The progress in the sensor technologies is estimated to open up new areas for the expansion of the market. The presence of the multinational corporations investing in R&D for industrial automation, industrial Internet of Things (IIoT) as well as cloud technology |
| Key Market Drivers | High adoption of robots in industries. The advancement in the sensor technologies. |
Restraints
Dearth of Trained Professionals to act as Market Restraint
The dearth of trained professionals and interoperability between operational technology and information technology may act as market restraints over the forecast period.
Challenges
Security Issues to act as Market Challenge
Risk and security issues of the cyber-physical system coupled with the need for sufficient amount of capital funds may act as market challenges over the forecast period.
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Smart Factory Market Segmentation
The global smart factory market is bifurcated based on connectivity, services, components, and industry vertical.
By connectivity, the smart factory market is segmented into wired connectivity and wireless connectivity.
By services, the smart factory market is segmented into managed services and professional services.
By components, the smart factory market is segmented into software and hardware. The hardware segment is again segmented into robots, sensors, machine vision system, and control devices.
By industry vertical, the smart factory market is segmented into chemical, semiconductor, healthcare, electronics, automotive, gas and oil, pharmaceutical and healthcare, and defense and aerospace.
Smart Factory Market Key Players
Key players profiled in the global smart factory market report includes,
- Siemens AG
- General Electric Company (GE)
- ABB Ltd
- Rockwell Automation
- Schneider Electric
- Honeywell International Inc.
- FANUC Corporation
- Mitsubishi Electric Corporation
- Emerson Electric Co.
- Johnson Controls International PLC
- Yokogawa Electric Corporation
- Atos SE
- Robert Bosch GmbH
- Cognex Corporation
- Ubisense
Smart Factory Market COVID-19 Analysis
The outbreak of the COVID-19 pandemic in 2020 has had a negative effect on the smart factory market overall, resulting in lower shipments of smart factory components and solutions, as well as revenue generated from them. As a result, during the first half of 2020, the market’s development trend was seen to be declining. However, this trend was expected to change in the second half of the year, as demand would rise as people became more concerned about smart automation, resource energy, and energy efficiency.
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The COVID-19 epidemic has had a significant impact on the smart factory market’s value chain. The United States, South Korea, China, and Japan, which have all been hit hard by the pandemic, account for a large portion of global smart factory production. Due to the global slowdown, discrete & process industries are experiencing lower demand, which is expected to continue for some time.
Smart Factory Market Regional Analysis
North America to Sway Smart Factory Industry
The global Smart Factory Market will be dominated by North America. Even in 2017, North America continued to dominate the market. The region will have the largest share due to increasing investments in research and development, developments by multinational companies, and so on. Because of its technological advancements and established industrial sector, North America is a critical regional market. The United States is the most vital regional market in this region, and it is expected to grow during the forecast period. Many key contenders are based in this region, particularly in the United States.
The presence of multinational corporations funding R&D for industrial technologies, cloud technology and industrial Internet of Things (IoT), are factors that will further boost the growth of the smart factory market in the region, making North America the market leader. North America is rapidly establishing itself as an industrial powerhouse. As a result, there is a great deal of demand for modernizing existing infrastructure. Manufacturers may find the key to efficiency in the fourth industrial revolution’s smart factors. And any manufacturer, from those who are already “running smart” to those who have not yet adopted smart factory innovations, could adopt cutting-edge innovations which will add economic value.
APAC to Have Favorable Growth in Smart Factory Market
The Asia-Pacific region, on the other hand, will grow at the fastest rate during the forecast period. The growing use of automation technologies in different industrial sectors in India and China is driving the market in this region. In addition, South-East Asia’s low-cost services are attracting major corporations such as Toshiba, Siemens, GE, and HTC, which are looking to open manufacturing facilities. India is likely to overtake China as the world’s fifth-largest smart manufacturing market. The market in the Asia Pacific region is expanding as a result of technological advancements in the auto manufacturing industry. Japan, China, and South Korea are the countries in this region that are making significant progress in the industrial robotics and growing in the smart factory market.
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The Asia Pacific region is making significant investments in the smart factory industry. The APAC smart factory market is expected to grow at the fastest rate, thanks to China and India’s increasing use of automation technologies in different industries. Due to high labour wages coupled with the presence of several automotive manufacturing plants, factory automation is increasing in China. Growing populations, rising living standards, & developing economies have all contributed to increased energy demand. By 2035, APAC is expected to drive approximately 65 percent of global energy demand, with China and India accounting for 40 percent of that demand.
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