A new report on “Smart Factory Market” makes a brilliant attempt to unveil major opportunities available in the global Smart Factory industry to help players to gain a strong position in the market.
Smart Factory Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Product Type (Machine Vision Systems, Industrial Robots, Control Devices, Sensors, Others); Technology (enterprise resource planning, product lifecycle management, human-machine interface); Vertical (Automotive, Semiconductors, Oil & Gas, Others) and Geography
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Global Smart Factory Market Drivers and Restraints:
– Growth in the practice of modern manufacturing bases, increasing attention to energy consumption and improvement in production efficiency are the key factors driving the growth of the smart factory market.
– The growing industry of refurbished robots and untapped areas such as industrial robots and RFID are likely to propel the growth of the market over the forecast period.
– Growing demand for technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI).
– The smart factory market is constrained by the possibility of cyber attacks, security issues as well as the higher initial investment for automation and smart factory.
IMPACT OF COVID-19 ON THE SMART FACTORY MARKET
COVID-19 started in Wuhan (China) in December 2019 and since then it has spread at a rapid pace across the world. The United States, India, Brazil, Russia, France, United Kingdom, Turkey, Italy and Spain are among the worst affected countries in terms of confirmed cases and reported deaths. COVID-19 has affected the economies and industries of various countries due to lockdowns, travel bans and business closures. The closure of various factories and plants has affected global supply chains and negatively impacted manufacturing, delivery schedules and product sales in the global market. Few companies have already announced possible delays in product deliveries and a drop in future sales of their products. On top of that, global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting business collaborations and partnership opportunities.
The reports cover key developments in the smart factory market’s organic and inorganic growth strategies. Various companies focus on organic growth strategies such as product launches, product endorsements and others such as patents and events. The inorganic growth strategy activities observed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of the business and customer base of market players. Market players of the smart factory market expect lucrative growth opportunities in the future with the increasing demand for the smart factory market. Below is the list of few companies engaged in the smart factory market.
Top mentioned players are –
– Endress+Hauser AG
– Emerson Electric Co.
– Rockwell Automation, Inc.
– Honeywell International Inc.
– Siemens AG
-Yokogawa Electric Corporation
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This press release was published on openPR.