Chicago, June 07, 2022 (GLOBE NEWSWIRE) -- According to the new market research report by MarketsandMarkets™, the "Smart Factory Market by Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, PAM, MES, Industrial Safety), Industry, and Region - Global Forecast to 2026", is expected to grow from USD 80.1 billion in 2021 to USD 134.9 billion by 2026; it is expected to grow at a CAGR of 11.0% from 2021 to 2026.
The major driving factor for the smart factory market is the increasing demand for real-time data analysis and proactive maintenance, which would enable manufacturers to obtain better visibility of the manufacturing plant and, therefore, enhance efficiency. Also, increase in emphasis on predictive maintenance and asset management solutions, which would provide better visibility to users regarding condition of equipment, is fueling their demand. Efficient flow of information across different units in an industry facilitates optimum conversion of raw materials to finished goods, and, therefore, emphasizes the system of connected enterprises, which serves as a major driver for the smart factory market.
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To cater to the rising demand and changing consumption patterns owing to rising population, governments from countries across the globe are focusing on the development of process and discrete industries by undertaking various initiatives and plans backed by investments to improve productivity. Such measures undertaken by governments of different countries are promoting the adoption of various smart factory and communication components and technologies for the structural development of industries.
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“Industrial sensors segment expected to hold largest size of the global smart factory components market during forecast period”
The industrial sensors segment is projected to account for the largest size of the smart factory market from 2021 to 2026. The growth of the industrial sensors segment is driven by the growing adoption of Industry 4.0 and IIoT and the expansion of the wireless sensors market. Industrial sensors are extensively used in the manufacturing industry, majorly for improving connectivity among various operations. Manufacturers worldwide have begun integrating sensors for collecting real-time data from various data points. Moreover, sensors being an important part of predictive maintenance solutions, are projected to witness rapid growth in demand in the coming years as predictive maintenance is expected to offer lucrative opportunities through capturing of sensor data, facilitating communications, and delivering projections to the players operating in the industrial sensors market in the coming years.
“Market for PAM is expected to grow at highest CAGR from 2021 to 2026 in the global smart factory solutions market”
The PAM segment is projected to register the highest growth rate from 2021 to 2026. Plant asset management (PAM) is a software that utilizes the intelligence embedded in industrial assets to accurately measure and provide information about condition of the assets in a plant. PAM is increasingly being used by manufacturers as it improves decision-making and turn-around time by tracking manufacturing defects and thereby avoiding system failures through real-time data collection and quality management techniques. Furthermore, PAM solutions are extensively being implemented in the food and beverages and automotive industries, owing to constant technical innovations and requirement of a complete data record of equipment installed. Also, the increasing demand for PAM technology can be attributed to the advantages of reduction of costs of manufacturing and enhancing operations of high-performance production assets offered by them. Therefore, it is projected that the PAM segment would witness the highest CAGR during the forecast period.
Major companies offering smart factory technologies include:
- ABB (Switzerland),
- Siemens (Germany),
- Schneider Electric (France),
- Rockwell Automation (US),
- Honeywell International Inc. (US),
- Emerson Electric Co. (US),
- IBM (US),
- General Electric (US)…..
“Industrial robots segment expected to hold second largest size of the global smart factory components market during forecast period”
The industrial robots segment is projected to account for the second largest size of the smart factory market from 2021 to 2026, next to industrial sensors segment. The growth of the industrial robots segment is attributed to the increasing demand for robots from industries for automating processes to achieve better production output. Several incentives are being offered by the governments of key countries across the world in order to aid the industrial sectors to cope better with the challenges faced as a result of the COVID-19 pandemic. As a result, the industries are better equipped with the financial resources that are required for the incorporation of robots in the industrial set-up. The industrial robots are targeted toward both small and medium-sized enterprises (SMEs) and large enterprises. These robots are also being adopted for both new and existing applications and hence have a wide-scale adoption owing to their versatility. Automotive and electronics industries have shown high adoption of robots. The increasing penetration of technologies, such as big data, artificial intelligence, machine learning, and cloud, across industries is expected to shift the focus of traditional industrial robots toward connectivity and collaboration to improve the manufacturing output. In the automotive industry, robots conduct activities such as material handling, palletizing, laser and camera operations, foundry operations, and painting. These factors have been significant in driving the growth of the industrial robots segment market.
“Automotive industry to hold largest share of smart factory market in 2026”
The automotive industry dominates the smart factory market with the highest market share and is expected to keep dominating the market during the forecast period owing to changing consumer preferences and the inefficiency of traditional processes. Changing consumer preferences, technological advancements, and the introduction of regulations associated with the automotive industry are responsible for the high complexity of automobile products. Automobiles are extremely complex and technologically sophisticated products. Manufacturing them requires advanced technological methods and processes. Technological innovations such as electric- and gas-powered vehicles lead to infrastructural changes in the automotive industry; also, the latest machines and equipment replace the need for human operators for most of the crucial processes in the automotive industry, resulting in the adoption of smart factory technologies.
“Smart factory market in APAC to grow at the highest CAGR”
The major factors driving the growth of the smart factory market in APAC are the rising demand for smart tools due to increasing automation in industries; growing adoption of technologies such as IoT, and IIoT; and increasing need to optimize productivity and reduce operational and maintenance costs. Government support in various APAC countries to drive industrialization is one of the important factors that will boost the demand for smart factory in the coming years. Various initiatives have been taken by the governments in the region. For instance, China’s “Made in China 2025,” Japan’s “Industrial Value Chain Initiative (IVI),” South Korea’s “The Manufacturing Innovation Strategy 3.0 (Strategy 3.0),” and India’s “Samarth Udyog Bharat 4.0,” are likely to play major roles in industrial advancement and consequently create growth opportunities for the smart factory market. The APAC region is evolving as one of the world’s strongest economies due to the increased spending on improving performance, security, and economic stability. The region is witnessing a surge in the deployment of smart factory technologies. China, being one of the top manufacturing countries, has been adopting enabling technologies to increase operational efficiency and production in the country.
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Industry 4.0 Market by Technology (Industrial Robots, Blockchain, Industrial Sensors, Industrial 3D Printing, Machine Vision, HMI, AI in Manufacturing, Digital Twin, AGV's, Machine Condition Monitoring) and Geography (2021-2026)
