According to the latest report by IMARC Group, titled “Smart Factory Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global smart factory market reached a value of US$ 161.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 286.6 Billion by 2027, exhibiting a CAGR of 10.6% during 2022-2027.
Smart Factory Market Overview:
Smart factories are highly digitalized facilities that operate through cyber-physical systems to move materials effectively. They are integrated with computer codes and pre-programmed software to track the flow of and optimize production processes. Smart factories are self-adapting, hyperflexible, and equipped with cognitive and self-healing capabilities. They include advanced solutions, such as industrial robotics, machine vision systems, supervisory control and data acquisition (SCADA), programmable logic controllers (PLC), human-machine interface (HMI) systems, etc.
They require minimal human interaction and are commonly used in manufacturing, planning, supply chain management, logistics, and product development applications. As a result, they find widespread utilization across various sectors, including oil and gas, chemical, pharmaceutical, automotive, aerospace, food and beverage (F&B), etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends and Drivers:
The escalating requirement for industrial automation is primarily driving the smart factory market. Besides this, the elevating demand for manufacturing execution systems (MES) and advanced data models for process-specific functioning is further augmenting the market growth. Apart from this, the introduction of refurbished industrial robots and radio frequency identification (RFID) systems is also catalyzing the global market.
Moreover, continuous technological advancements, such as integrating connected devices with artificial intelligence (AI), cloud computing, and the Internet of Things (IoT) for performing electronic and mechanical assembly, product testing, and automated material handling, are acting as significant growth-inducing factors. Furthermore, the rising utilization of force sensors for verifying component insertion, polishing and deburring, collecting data for statistical process control (SPC) systems, etc., is expected to propel the smart factory market in the coming years.
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Important Note: If the link is not clickable please open it in a new tab, you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- ABB Ltd
- Dassault Systèmes
- Emerson Electric Co.
- General Electric Company
- Honeywell International Inc.
- Johnson Controls International
- Microsoft Corporation
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Schneider Electric SE
- Siemens AG
Key Market Segmentation Breakup by:
Field Devices:
- Industrial Sensors
- Industrial Robots
- Industrial Network
- Industrial 3D Printers
- Machine Vision Systems
Technology:
- Product Lifecycle Management (PLM)
- Human Machine Interface (HMI)
- Enterprise Resource Planning (ERP)
- Manufacturing Execution Systems (MES)
- Distributed Control Systems (DCS)
- Industrial Control System
- Others
End Use Industry:
- Pharmaceuticals
- Food and Beverages
- Chemical
- Oil and Gas
- Automotive and Transportation
- Semiconductor and Electronics
- Aerospace and Defense
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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