Fort Collins, Colorado, Oct. 08, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Smart Factory Market Size, Growth, Share, Statistics Report, By Component (Industrial Sensors, Industrial Robots, Industrial 3D Printing, Machine Vision), By Solution (SCADA, MES, Industrial Safety, and PAM), By End-User Industry, By Region Forecasts, 2023-2032."
According to DataHorizzon Research, the smart factory market size was valued at USD 107.3 Billion in 2022 and is anticipated to reach USD 256.5 Billion by 2032 with a CAGR of 9.2%.
The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights. Smart factories are digital production facilities that use intelligent manufacturing and are crucial to Industry 4.0. They rely on advanced technology like robotics, prominent data analytics, artificial intelligence, and the Internet of Things. Smart factories can self-correct and operate noninteractively on a big scale.
Smart factories are highly advanced and operate automatically, providing connectivity, autonomy, and visibility. They are more adaptable than traditional factories, as they incorporate modern technology that allows them to learn and change in real-time. Due to these advanced technologies, manufacturers can reduce costs by improving efficiency, minimizing downtime, and reducing waste. Manufacturers can save significantly by automating routine tasks and optimizing production using real-time data.
Technology advancements like AI, machine learning, and IoT have enabled smarter and more efficient factory systems. This allows manufacturers to automate tasks and improve production. Consumers want personalized products and faster delivery, which smart factory technologies can provide by producing customized products and optimizing supply chains.
Smart factories are in demand due to technological advancements, changing consumer demand, and the need for greater efficiency and cost savings in manufacturing operations. These factories improve product quality by providing real-time data on performance and quality, allowing manufacturers to detect and resolve issues before they become major concerns.
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Segmentation Overview:
The smart factory market is segmented according to component, solution, and end-user industry segments.
The smart factory market is divided into several industries. Industrial sensors are expected to have the largest market share. Sensors enable connectivity throughout manufacturing processes and intercommunication of machines, making them crucial for modern manufacturing operations.
The automotive industry proliferates the smart factory market with the preeminent revenue share. Automotive manufacturers are shifting to smart manufacturing to slash waste and operational costs. Smart factory settings assist vehicle manufacturers in retaining a high level of worker safety and product consistency.
The smart factory market's largest shareholder is North America because of several large manufacturers, technology companies, and research institutions. The United States holds the major prominent market, accounting for most of the market share. The increased level of automation evolved technology integration, and the need for efficient manufacturing techniques drive growth in the region.
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Industry Trends and Insights:
- Yokogawa Electric Corporation has successfully acquired Fluence Analytics, a US-based startup that provides real-time analytics solutions to biopharmaceutical and polymer companies. The acquisition will enable Yokogawa to integrate Fluence Analytics with its existing business, enhancing its technological capabilities. As a result, the newly combined entity will operate under the name Yokogawa Fluence Analytics.
- Schneider Electric and ArcelorMittal Nippon Steel India have announced their collaboration to develop a smart campus in Ahmedabad, Gujarat. This mutually beneficial partnership aims to leverage the expertise of both companies to create a cutting-edge facility that will drive innovation and enhance productivity. The project is expected to significantly impact the local economy by attracting top talent and boosting regional investment.
Smart Factory Market Report Highlights:
- The smart factory market is anticipated to reach 256.5 billion USD with a CAGR of 9.2% by 2032. Smart factories use advanced technology like robotics, data analytics, AI, and IoT to operate automatically, improving efficiency and reducing waste. They produce customized products and optimize supply chains, improving quality by providing real-time data.
- Industrial sensors are crucial for modern manufacturing operations, enabling connectivity and intercommunication of machines. The automotive industry is a leading adopter of smart manufacturing to reduce waste and costs while maintaining worker safety and product consistency.
- Some of the prominent players in the global smart factory market report include ABB Ltd., Endress+Hauser AG, Emerson Electric Co., General Electric Company, Rockwell Automation, Inc., Microsoft Corporation, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corp., Honeywell International Inc., Yokogawa Electric Corp.
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Smart Factory Market Segmentation:
- By Component: Industrial Sensors, Industrial Robots, Industrial 3D Printing, Machine Vision.
- By Solution: SCADA, MES, Industrial Safety and PAM.
- By End-User Industry: Automotive, Oil & Gas, Semiconductors, Pharmaceutical, Chemical & Petrochemical, Aerospace & Defense, Food & Beverage, Mining, and Other.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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