BANGALORE, India, Sept. 8, 2020
BANGALORE, India, Sept. 8, 2020 /PRNewswire/ -- Major factors driving the smart factory market size are the growing use of technology in manufacturing, the increasing adoption of industrial robotics in the manufacturing sector powered by collaborative robots, and the evolution of the Internet of Things (IoT).
The Global Smart Factory Market size is expected to grow from USD 152,243.88 Million in 2019 to USD 267,421.67 Million by 2025 at a CAGR of 9.84%.
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TRENDS INFLUENCING THE SMART FACTORY MARKET SIZE
Smart Factory provides quality and time advantages in real-time, which are expected to accentuate the Industry's growth over the forecast period. It also offers greater knowledge, decentralizes manufacturing, and generates an integrated cognitive and self-healing mechanism.
Smart factory technologies play a key role in designing and producing high-quality automobiles. Vehicle manufacturers welcome advances in assembly-line methods to improve efficiency and increase factory productivity. The integration of smart factory technologies in the automotive Industry is expected to increase the Smart Factory Market size growth.
Furthermore, the growth of the oil and gas industry globally is also driving the demand for the smart factory market.
Smart sensors are capable of monitoring the location of vehicles, goods, inventories, and people; hence, data collected by smart sensors can be used by manufacturers to track the fleet trucks' shipments and position. These sensors also allow companies to track the movement of machinery or products and the final product temperature. The adoption of smart sensors by the logistic Industry is expected to increase the Smart Factory Market size.
A significant increase in the market rivalry is raising implications for factories to adopt digital technology to boost operating efficiency and business performance. As such, the advent of IIoT during the forecast period will drive the smart factory market size. Several manufacturing plants carry IIoT for supply chain management, as well as inventory monitoring.
SMART FACTORY MARKET SHARE ANALYSIS
Based on Component, Industrial robots are expected to hold the largest smart factory market share during the forecast period. Implementing industrial robotics in smart manufacturing processes will boost efficiency, minimize human errors, and increase the volume of production.
Based on Industry, the Automotive segment is predicted to account for the highest Smart Factory Market share. The automotive Industry relies on smart technologies such as Enterprise resource planning (ERP) and inventory management software to ensure increased efficiency and reduce labor costs. Furthermore, the adoption of smart factory technologies will remain prominent in the automotive Industry, owing to the transformation of automotive production units.
APAC region is projected to hold the largest Smart Factory Market share in 2019. Owing to technological advancement and the growing acceptance of automation technologies in various industries, APAC is expected to hold the largest market share. Industrial intellectualization and knowledge integration continue to be the core focus of government industrial policy in China. This initiative is expected to increase the country's demand for smart factory solutions.
Based on Geography, the Smart Factory Market studied across
The Americas region surveyed across
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SMART FACTORY MARKET SEGMENTATION
Based on Technology, the Smart Factory Market studied across
Based on Component, the Smart Factory Market studied across
The Industrial Robots further studied across
The Machine Vision further studied across
Based on Industry, the Smart Factory Market studied across
The Discrete Industry further studied across
The Process Industry further studied across
TOP COMPANIES IN THE SMART FACTORY MARKET
Companys' main strategies for growth in the smart factory market are product releases, mergers & acquisitions, and partnerships & alliances. These strategies will provide productive products and produce well-performing goods that support business regulations and demonstrate higher consumer satisfaction at the end of the process.
Top companies in the Smart Factory Market include,
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Factors such as the growing need for change in the business process to integrate HMIs along with high upfront capital will adversely affect the development of the market.
However, knowledge of HMIs among management and lower-level workers, along with a lack of skilled professionals, may also affect the Industry's growth.
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