NEWARK, Del, Aug. 17, 2022 (GLOBE NEWSWIRE) — Smart factory market set to soar 10.8% CAGR over an eight-year period. This surge is noticed from a valuation of US$127.2 billion in 2022 to US$288.1 billion by the end of 2030.
The proliferation of technology in every industry is propelling the demand for smart factories. Revenue from the smart factory sector accounted for 15% of the global industrial automation market in 2021.
An increase of 41 units in BPS values is observed in the smart factory market in the first half of 2022 – Outlook (O) compared to the first half of 2022 projected (P). For many years, the manufacturing industry has seen a growth in sensor technology. When sensors are adopted more widely and at a more affordable price in 2022, a critical mass breakthrough is likely to occur.
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Key points to remember
- The benefits of remote and offsite operational work are enormous and ever-expanding. According to Future Market Insights analysis, there are more benefits associated with the smart factory market, such as flexibility, security, and convenience. Due to these benefits, consumers and manufacturers are turning to the smart factory market.
- Facilities continue to explore ways to integrate even more remote access into their operations, including cloud-based technology, storage and analytics, even as life returns to normal in the wake of COVID. This is expected to boost the smart factory market.
- Changing digital trends and rapid technological advancements such as IoT (Internet of Things) processor, 5G technology, etc. should stimulate the creation of smart factories around the world.
- More and more facilities are adopting sensors as they provide continuous, real-time monitoring of machine condition and health. With these advantages, the need for a smart factory solution is expected to skyrocket.
- According to IMF analysis, industries are deploying smart factory solutions to more accurately estimate and plan maintenance, production capacity, inventory, sales, and other factors. Combined with technologies such as machine learning (ML) and artificial intelligence (AI), the smart factory market is expected to grow throughout the forecast period.
- Technological improvements in all walks of life have resulted in consumer conveniences that have led to changing trends. Due to the proliferation of technology, there is also a significant influence on the market potential of smart factories in the coming years. The demand for smart factories grew at a high CAGR of 9.7% from 2015 to 2021.
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More information on the smart factory market
Exponential growth has been witnessed in India’s manufacturing industry over the past few years, and this can be directly linked to the country’s rapid urbanization and industrialization. Attributed to these developments, the smart factory market is expected to rise during the forecast period 2022-2030.
The government is helping manufacturers to deploy smart manufacturing solutions and advance the industry 4.0 trend by providing grants to attract investors. Other initiatives such as Make in India are expected to boost the country’s industrial growth.
An increase in technological advancements such as 5G technology and cloud technology is expected to drive the demand for smart factory as a service during the forecast.
China is known as a well-established manufacturing hub and has a very lucrative industrial sector for the smart factory market. It is estimated that smart manufacturing and automation will see strong demand in China during the forecast period.
As the adoption of Industry 4.0 increases, smart factories as a service are also expected to see reasonable growth in China’s industrial sector. Industrial IoT components are also expected to see an increase in demand due to increasing automation in smart industries.
ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., General Electric Company, Johnson Controls International PLC, Yokogawa Electric Corporation, Honeywell International Inc., SAP SE, Oracle Corporation, IBM Corporation, Cisco Systems Inc., Microsoft Corporation , Kollmorgen are some of the major companies profiled in the full version of the report.
Smart factory companies invest in the research and development of smart manufacturing technologies that use industrial IoT components to maximize productivity and efficiency.
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Key segments of Smart factory industry survey
Smart Factory Market By Making up:
- Smart factory hardware
- Industrial robots
- Machine vision systems
- Industrial 3D printing
- Smart factory software
- Human Machine Interface
- Product life cycle management
- Distributed control system
- Smart factory services
- Integration and deployment
- Support & Maintenance
smart factory market By End User:
- Discreet industry
- Process industry
smart factory market By Industry Vertical:
- Automotive smart factories
- Smart factories for aerospace and defense
- Smart factories for electricity and electronics
- Smart factories for food and beverages
- Smart factories for energy and utilities
- Smart factories for healthcare and pharmaceuticals
smart factory market By Region:
- North America smart factory market
- Smart factory market in Latin America
- Smart factory market in Europe
- East Asia smart factory market
- South Asia and Pacific Smart Factory Market
- Middle East and Africa (MEA) smart factory market
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the smart factory market
3.2. Innovation / Development Trends
3.3. Key factors of success
4. Global Smart Factory Market – Price Analysis
4.1. Smart factory component, pricing models
4.1.1. Hardware Peripherals, Unit Price Analysis
4.1.2. Software pricing models
184.108.40.206. Subscription-based pricing (per user/month)
220.127.116.11. Perpetual license (one-time license fee)
4.2. Comparative analysis of world average prices
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