Pune, April 06, 2023 (GLOBE NEWSWIRE) -- As per the SNS Insider report, the Smart Factory Market had a worth of USD 87.12 billion in 2022, and it is projected to expand at a CAGR of 12.67% during the forecast period of 2023-2030, ultimately reaching USD 226.26 billion by 2030.
Market Overview
Smart factories are a key element of Industry 4.0, which is the fourth industrial revolution characterized by the integration of advanced technologies into manufacturing processes. The goal of Industry 4.0 is to create a fully digitized and automated manufacturing ecosystem that can adapt to changing market demands and deliver products more efficiently. The ability to make data-driven decisions also enables manufacturers to predict equipment failures before they occur, which can help to reduce downtime and maintenance costs.
Market Analysis
The concept of a smart factory has gained considerable momentum in recent years, as companies strive to increase their competitiveness by optimizing production processes and reducing costs. One of the key drivers of this trend is the growing emphasis on energy efficiency and resource optimization. By using advanced technologies such as IoT sensors, AI algorithms, and automation systems, manufacturers can minimize waste and maximize productivity, while reducing their environmental impact. Another significant factor contributing to the growth of the smart factory market is the increasing demand for industrial robots.
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Key Company Profiles Listed in this Report Are:
The Major key players are ABB Limited, Emerson Electric Co., Fanuc Corporation, General Electric Company, Honeywell International, Johnson Control International Plc, Mitsubishi Electric Corporation, Rockwell Automation, Schneider Electric, Yokogawa Electric & More
Impact of Russia-Ukraine Conflict
The Russia-Ukraine conflict has had a significant impact on the Smart Factory Market, primarily through disruptions to supply chains, increased uncertainty, and potential cyber threats. However, the market is expected to continue growing, driven by the increasing adoption of smart factory technologies and the integration of advanced technologies such as artificial intelligence and machine learning.
Smart Factory Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 87.12 Billion |
| Market Size by 2030 | US$ 226.26 Billion |
| CAGR | CAGR 12.67% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • By Component (Industrial Robots, Machine Vision, Sensors, Industrial 3D Printing) • By Solution (SCADA, PLC, DCS, MES, PLM, ERP, HMI, PAM) • By Industry (Process Industries and Discrete Industries) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
The growth of the smart factory market in the Asia-Pacific region is a reflection of the region's increasing economic importance and its commitment to embracing advanced technologies to drive innovation and growth. As the global market for smart factory solutions continues to expand, the Asia-Pacific region is likely to remain a key player, driving innovation and growth in the years to come.
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Key Takeaway from Smart Factory Market Study
- The market is rapidly growing, and one of the segments that is expected to dominate is the industrial robots segment. Industrial robots are programmable machines designed to carry out complex tasks in manufacturing and other industrial processes. They are equipped with advanced sensors and software that allow them to perform a wide range of tasks with high precision and efficiency.
- The SCADA segment is expected to lead the market due to the increasing demand for real-time monitoring and control of industrial processes. Manufacturers are looking for ways to improve efficiency and reduce downtime, and SCADA systems are an effective solution for achieving these goals.
Recent Developments Related to Smart Factory Market
- Samsung, the South Korean multinational electronics company, has announced plans to invest in smart manufacturing in Noida, India. This investment is a part of the company's larger global strategy to embrace Industry 4.0 technologies and enhance its manufacturing capabilities. The company has decided to invest around $760 million in the Noida plant, which is the world's largest smartphone factory.
- Kyocera Corporation, a global leader in advanced ceramics and electronic components, has announced its plans to acquire a construction site in Japan for a new smart factory. The facility will be used to manufacture ceramic packages for AI, 5G, and ADAS technologies. The new smart factory will be a significant addition to Kyocera's existing manufacturing capabilities and will enable the company to meet the growing demand for advanced ceramic packages in various industries.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Smart Factory Market Segmentation, By Component
9. Smart Factory Market Segmentation, By Solution
10. Smart Factory Market Segmentation, By Industry
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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