The study further explores and provides an in-depth analysis of current market dynamics and recent trends, focusing on various key factors and potential growth opportunities and risks. The report focuses on leading regions and their major countries to anticipate market growth in the forecast years.
The global Smart Factory Market will be worth USD 309.67 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing adoption of intelligent technologies across all major industries, including food beverage, petrochemicals, mining, and manufacturing. Increasing demand for energy efficiency and technological advancements of the sensors is expected to drive the smart factory market's growth. The rising need to eliminate human machine errors enhanced asset efficiency and production quality has increased the adoption of digitized supply chain management solutions. Assurance of labor wellness, improved operational efficiencies, enhanced efficiency of the manufacturing processes, and reduction in the operational and manufacturing cost are the factors driving the demand for smart farming technologies.
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Key participants include ABB, General Electric, Siemens, Rockwell Automation, Honeywell International, Schneider Electric, Mitsubishi Electric, FANUC, Yokogawa Electric, and Emerson Electric, among others.
Market Dynamics:
The report offers insightful information about the market dynamics of the Smart factory market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Smart factory market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Smart factory market.
Some Key Highlights from the Report
- In May 2019, ABB and the Vietnamese Ministry of Science and Technology (MoST) exchanged a Letter of Intent (LOI) in Stockholm, Sweden. The LOI was exchanged to accelerate the realization of smart manufacturing in Vietnam.
- Industrial Robotics held the largest market share of 36.9% in 2019. The increasing adoption of industrial robotics across all the major industries, including manufacturing, petrochemicals, energy, automotive, food beverages, and mining, is expected to drive the segment's growth.
- Manufacturing Execution System (MES) is forecasted to grow with the fastest CAGR of 11.6% over the forecast period. The growing need to track the business operations and movements locations of the raw materials with the help of real-time data analysis is expected to drive the growth of the manufacturing execution system (MES).
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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)
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Radical Features of the Smart Factory Market Report:
- The report encompasses Smart Factory market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
- An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
- Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
- Supply chain analysis along with technological advancements offered in the report
- The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Smart Factory industry
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