Redding, California, Oct. 18, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Smart Factory Market by Component, Technology, and End-use Industry (Automotive, Heavy Machinery & Tools, Aerospace & Defense, Metals & Mining, Electronics & Semiconductors, and Other End-use Industries)—Global Forecast to 2029’, the global smart factory market is projected to reach $262.2 billion by 2029, at a CAGR of 21.3% from 2022 to 2029.
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A smart factory is a digitized manufacturing facility that uses connected devices, machinery, and production systems to continuously collect and share data. It is a factory where physical production processes and operations are combined with digital technology, smart computing, and big data to create a more opportunistic system for companies that focus on manufacturing and supply chain management.
Smart factory solutions are increasingly gaining traction due to their increasing adoption across various industries, including automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, and food & beverage. The growth of the global smart factory market is driven by the surge in demand for smart and connected solutions across industry verticals, increasing investments in industry 4.0, and the increasing adoption of robots in the manufacturing sector. However, high capital and operating expenses are notable restraints for the market growth.
The implementation of smart factory solutions in developing countries and the increasing developments in wireless sensor networks and their adoption in smart factories are expected to offer significant growth opportunities for the players operating in this market. However, vulnerability to cyberattacks and the rising data sensitivity & security concerns pose serious challenges to the growth of the smart factory market.
Impact of COVID-19 on the Smart Factory Market
The COVID-19 outbreak significantly influenced the manufacturing industry by exposing its dependency on manual labor and highlighted the importance of adopting advanced technologies such as AI, machine learning, and IoT to implement smart factories. Thus, there is an increasing demand for smart factory solutions in production processes from various industries. The implementation of smart factory solutions is highly regarded to drive improved productivity, higher production quality, near-zero design errors, enhanced energy efficiency, leaner process, flexibility in production scale, increased agility, improved predictability, and enhanced process monitoring in warehouses. These benefits align with the requirement of the new dynamic protocols, which influence the adoption of smart technologies to develop smart factories, digital automation solutions, and industrial IoT solutions across different industry verticals. Smart manufacturing improves companies' productivity and optimizes the workforce. It also offers remote factory monitoring functionalities at greater efficiency, irrespective of time and place constraints.
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During the pandemic, many leading smart factory solution providers put in efforts to develop new technologies to automate manufacturing processes at different levels. For instance, in 2021, Mitsubishi Electric Corporation (Japan), along with the National Institute of Advanced Industrial Science and Technology (AIST) (Japan,) developed an AI technology that predicts changes during automated manufacturing processes and then makes real-time adjustments in the factory-automation (FA) equipment, such as motion, speeds, etc., during manufacturing operations. Such developments are expected to fuel the growth of the global smart factory market over the coming years.
The global smart factory market is segmented by component (solutions, services), technology (Industrial Internet of Things (IIoT), cloud computing & storage, robotics & automation (robots, automated storage and retrieval systems and automatic guided vehicles, automated assembly lines, wearables & mobile devices), industrial cybersecurity, additive manufacturing, augmented reality/virtual reality, digital twin, artificial intelligence, blockchain, and other technologies (modern databases & modern ERP systems)), and end-use industry (automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, food & beverage, pharmaceuticals, oil & gas, fast-moving consumer goods, paints & chemicals, energy & power, pulp & paper, other end-use industries (agriculture and prefabricated construction)). The study also evaluates industry competitors and analyses the regional and country-level markets.
Based on component, the global smart factory market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global smart factory market. The large share of this segment is attributed to the increasing proliferation of smart factory solutions in discrete manufacturing, the increasing need to automate factory production with smart factory software, the rising popularity of connected factory solutions, and the growing demand to analyze productivity and efficiency in factories. This segment is also projected to register the highest CAGR over the forecast period.
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Based on technology, the smart factory market is segmented into industrial Internet of Things (IIoT), cloud computing & storage, robotics & automation, industrial cybersecurity, additive manufacturing, augmented reality/virtual reality, digital twin, artificial intelligence, blockchain, and other technologies. In 2022, the industrial IoT segment is expected to account for the largest share of the smart factory market. The large market share of this segment is attributed to the growing need to improve the performance and productivity of industrial processes, the consistently declining cost of industrial IoT sensors, and the growing investments to interconnect equipment to upgrade the existing factories to smart factories. However, the blockchain technology segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising proliferation of blockchain technology in the energy & power and industrial sectors, the surge in demand for real-time data analysis, and the growing need to enhance production with minimum maintenance, simplified business processes, and reduced downtime.
Based on end-use industry, the global smart factory market is segmented into automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, food & beverage, pharmaceuticals, oil & gas, fast-moving consumer goods, paints & chemicals, energy & power, pulp & paper, and other end-use industries. In 2022, the automotive segment is expected to account for the largest share of the global smart factory market. The large market share of this segment is attributed to the increasing emphasis on developing next-generation automobile production facilities and warehouses, the rising need to reduce costs & downtime in automotive production lines, and the increasing need for IoT & connected devices in the automotive industry. However, the pharmaceuticals and medical device manufacturing segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing need to adopt cost-control measures in the healthcare sector, the growing adoption of digital technologies in medical device manufacturing operations, and the increasing need to ensure the safety and security of the supply chain.
Based on geography, the global smart factory market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, the Asia-Pacific region is expected to account for the largest share of the global smart factory market. The large share of this market is attributed to the increasing adoption of smart manufacturing solutions in the region, the increasing adoption of industrial robots and Industry 4.0 solutions, the rising adoption of cloud-based smart manufacturing solutions, the growing presence of well-established market players operating in the region, and the increasing popularity for IIoT & connected systems among regional automotive industries. This region is also slated to register the highest CAGR over the forecast period.
The key players operating in the global smart factory market are ABB Ltd (Switzerland), Emerson Electric Co. (U.S.), General Electric (U.S.), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (U.S.), Yokogawa Electric Corporation (Japan), Endress+Hauser Group Services AG (Switzerland), SAP SE (Germany), Oracle Corporation (U.S.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), and Ubisense Ltd. (U.K.).
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Scope of the Report
Smart Factory Market, by Component
- Solutions
- Industrial Sensors
- Industrial Robots
- Articulated Robots
- SCARA
- Cartesian Robots
- Autonomous Mobile Robots (AMRs)
- Other Robots (Humanoids & Cobots)
- Machine Vision Systems
- Cameras
- Optics and LED Lighting
- Industrial Automation and Control Systems/Plant Level Controls
- Supervisory Control and Data Acquisition (SCADA)
- Distributed Control Systems (DCS)
- Programmable Logic Controllers (PLC)
- Other Plant-level Controls
- Enterprise-level Controls
- Product Lifecycle Management (PLM)
- Enterprise Resource Planning (ERP)
- Manufacturing Execution Systems (MES)
- Industrial Safety Systems
- Asset Performance Management Solutions
- Other Solutions
- Services
- Professional Services
- Managed Services
Smart Factory Market, by Technology
- Industrial Internet of Things (IIoT)
- Cloud Computing & Storage
- Robotics & Automation
- Robots
- Automated Storage and Retrieval Systems (ASRS) & Automatic Guided Vehicles (AGVS)
- Automated Assembly Lines
- Wearables & Mobile Devices
- Industrial Cybersecurity
- Additive Manufacturing
- Augmented Reality /Virtual Reality
- Digital Twin
- Artificial Intelligence
- Blockchain
- Other Technologies
Smart Factory Market, by End-use Industry
- Automotive
- Heavy Machinery & Tools
- Aerospace & Defense
- Metals & Mining
- Electronics & Semiconductors
- Medical Devices
- Food & Beverage
- Pharmaceuticals
- Oil & Gas
- Fast-moving Consumer Goods (FMCG)
- Paints & Chemicals
- Energy & Power
- Pulp & Paper
- Other End-use Industries
Smart Factory Market, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Netherland
- Switzerland
- Rest of Europe
-
- Asia-Pacific
-
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
-
- Latin America
-
- Mexico
- Brazil
- Rest of Latin America
-
- Middle East and Africa
-
- UAE
- Israel
- Rest of MEA
-
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