The global Smart Factory Market size was valued at USD 141.71 Billion in 2021 and is projected to reach USD 233.58 Billion by 2028, growing at a CAGR of 7.4% from 2022 to 2028.
The smart factory is a versatile system capable of autonomously running entire manufacturing processes, self-optimizing performance over a larger network, adapting and learning new situations in real or near real-time. real. Due to the increased implementation and adoption of Industry 4.0, the market is growing at a faster rate. Increasing automation and software-based procedures have increased the market share. Smart technologies have made real-time analysis and synchronization available in the global market, helping to reduce costs and save time.
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Each component of the smart factory generates massive amounts of data, and constant analysis of this data reveals flaws in asset performance that may require some sort of corrective optimization. One of the most obvious benefits of a smart factory is its ability to self-correct, which sets it apart from traditional automation and can lead to greater total asset efficiency. Increased asset efficiency is expected to lead to reduced downtime, optimized capacity, and shorter changeover times, among other potential benefits. The self-optimization inherent in the smart factory can anticipate and detect quality defect patterns earlier, helping to identify specific environmental, mechanical, or human sources of lower quality.
A wireless sensor network is a wireless network composed of distributed autonomous devices equipped with sensors to monitor physical or environmental conditions (WSN). WSNs are used in industries such as water and wastewater treatment, oil and gas, and pharmaceuticals. Oil and gas facilities are usually located in remote areas with harsh environmental conditions. A SCADA system in an oil and gas facility monitors, manages and operates tanks, compressors, generators and separators using sensors installed in a WSN. Using a WSN reduces the cost of establishing a sensor network and communication system.
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Smart Factory Market Segmentation Analysis
By type, industrial sensors dominate the smart factory market. Smart industrial sensors help manufacturers reduce their replacement asset value (RAV) by reducing unnecessary scheduled maintenance costs, parts replacement expenses, and potential downtime for their operations.
By deployment, the Cloud segment is expected to dominate the Smart Factory market. One of the main issues is that the IoT used in manufacturing and other industries produces a lot of data. Businesses need a place where they can store and retrieve this data.
Per End User Industry, the manufacturing sector dominates the smart factory market. Building a smart factory pays off for manufacturers by resulting in safer, more efficient and more reliable operation. Businesses will need to integrate digital technology to meet growing consumer demands for cheaper prices, free shipping, customizable items and faster turnaround times.
• Industrial sensors
• Industrial robots
• Industrial 3D printers
• Industrial vision systems
• On the cloud
• In the places
By End User Industry
• Aerospace and Defense
• Semiconductor and electronics
• Medical equipement
• Petroleum gas
• Chemical products
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Regional Analysis of Smart Factory Market
Asia-Pacific dominates the smart factory market. The Asia-Pacific region is highly diverse with localized characteristics, ranging from low-cost, low-productivity countries to technologically advanced, high-cost industrial countries. China, Japan, South Korea, Taiwan and Singapore can be classified as mature manufacturing countries, but India, Thailand, Vietnam, Malaysia and Indonesia are still considered developing manufacturing countries when the following important aspects are taken into account. China, the world’s largest manufacturer by production and where manufacturing will account for around 38% of the country’s GDP in 2020, has put in place policies to capitalize on advanced manufacturing to strengthen its position as a manufacturing giant. .
• North America (United States, Canada, Mexico)
• Europe (Germany, UK, France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, rest of APAC)
• Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South Africa)
Top Key Players Covered in Smart Factory Market
• Robert Bosch GmbH
• Siemens AG
• Rockwell Automation, Inc.
• Schneider Electric
• HP Development Company, LP
• Emerson Electric Co.
• General Electric
• Honeywell International, Inc.
• Mitsubishi Electric Corporation and other key players
Key Industry Development in the Smart Factory Market
• In November 2021, the first of its kind digital application for a smart factory was launched by ABB with the launch of ABB Ability Smart Melt Shop for the metals sector. With a six-month payback period, it aims to increase smelter production while saving energy and improving employee safety.
• In January 2021, the enhanced QuickStick HT smart conveyor system was released by Rockwell Automation, Inc. The state-of-the-art QuickStick HT 5700 inverter was installed in the recently announced conveyor system. Functional safety has been ensured by the revised system, which can also minimize the size of the control cabinet and free up space on the factory floor.
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Key Benefits of Purchasing the Report:
This report segments the Smart Factory market comprehensively and provides the closest approximations of the overall market size, as well as that of sub-segments across different components, solutions, industries, and regions.
The report helps stakeholders understand the pulse of the market and the expected market scenario and provides insights into key market drivers, restraints, challenges, and opportunities.
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