New York, USA, May 24, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), "Smart Factory Market Information by Connectivity, Component, Industry Vertical, and Region - Forecast till 2030”, Market could thrive at a rate of 5.23% between 2022 and 2030. The market size will be reaching around USD 136.1 billion by the end of the year 2030
Smart Factory Market Synopsis:
Smart Factory refers to a highly automated and digitized manufacturing facility that utilizes advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and robotics to streamline operations and optimize productivity. Smart factories leverage real-time data analytics to monitor and control production processes, enabling manufacturers to make data-driven decisions and respond quickly to changing market demands. Smart factories are transforming the manufacturing industry by enabling manufacturers to improve efficiency, reduce costs, and enhance product quality.
The applications of Smart Factory are numerous and varied. One key use of smart factories is in the production of complex products, such as high-tech electronics, medical devices, and aerospace components. Smart factories are also being utilized in the production of consumer goods, such as clothing and food products, as well as in the automotive industry for the production of vehicles.
Smart factories can be applied across various stages of the manufacturing process, including design and engineering, production, and supply chain management. Smart factory technologies enable manufacturers to create products that are more customized to the needs of individual customers while reducing lead times and costs. They can also help to reduce waste, increase safety, and optimize energy consumption.
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Smart Factory Market Competitive Landscape:
The affluent companies in the Smart Factory industry include
- Mitsubishi Electric Corporation
- FANUC Corporation
- Siemens AGHoney
- well, International Inc.
- Schneider Electric
- Yokogawa Electric Corporation
- ABB LtdJohnson Controls International PLCR
- Robert Bosch GmbH
- Emerson Electric Co.
- Cognex Corporation
- Atos SE
- General Electric Company (GE).
Scope of the Report – Smart Factory Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 136.1 billion |
| CAGR during 2023-2030 | 5.23% |
| Base Year | 2021 |
| Forecast | 2023-2030 |
| Key Market Opportunities | The emergence of 5G technology |
| Key Market Dynamics | Growing emphasis on energy efficiency, resource optimization, and cost reduction in production operations. Increasing demand for industrial robots. |
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Latest Industry Updates (October 2020):
Siemens AG, a leading player in the Smart Factory market, announced the launch of a new industrial 5G router designed to support private 5G networks for use in manufacturing facilities. The router is designed to enable high-speed data transfer and low-latency communication between machines and devices within a factory, facilitating the implementation of smart factory technologies. The launch of this router is expected to drive the adoption of 5G technologies in the manufacturing industry and accelerate the development of smart factories.
Smart Factory Market USP Covered:
Market Drivers:
Increasing demand for automation and digitization in manufacturing: As manufacturers seek to improve efficiency and reduce costs, there is a growing demand for automation and digitization in manufacturing. Smart factory technologies offer a range of benefits, including increased productivity, reduced errors, and improved quality, making them an attractive investment for manufacturers. The development of IoT and AI technologies is driving the growth of the smart factory market, as manufacturers seek to leverage these technologies to optimize their production processes. IoT sensors and devices enable real-time monitoring and control of manufacturing processes, while AI technologies can analyze data to identify patterns and optimize production.
Market Restraints:
Despite the potential benefits of smart factory technologies, several challenges may restrain the growth of the market. One key challenge is the high cost of implementing smart factory technologies, which may be prohibitive for smaller manufacturers. Additionally, the complexity of smart factory systems may require significant investment in training and support for employees. There may also be concerns about data privacy and cybersecurity, which could deter manufacturers from investing in these technologies.
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COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the smart factory market, as several manufacturing industries across the globe were forced to halt or reduce their operations due to lockdown measures and supply chain disruptions. However, the pandemic also highlighted the importance of automation and digitalization in the manufacturing industry, leading to a surge in demand for smart factory solutions. As companies look to minimize the risks associated with human contact and reduce their dependence on labor, they are increasingly turning to smart factory technologies such as robotics, AI, and IoT to improve efficiency, reduce costs, and enhance safety.
Smart Factory Market Segmentation
- By Connectivity- The connectivity in the market includes Optimization, Machine Learning, Simulation, and Others.
- By Component- By Component, the segment includes Hardware, Software, and Services
- By Industry Vertical- By Industry Vertical, the segment includes Aerospace & Defense, BFSI, Energy & Power, Healthcare, Information Technology & Telecommunication, Transportation, and Others.
Regional Insights
The smart factory market is dominated by the Asia-Pacific region, owing to the presence of major manufacturing hubs such as China, Japan, and South Korea. These countries have been adopting advanced technologies in manufacturing, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), to enhance productivity and efficiency in manufacturing. Additionally, the increasing demand for electronic products, automotive components, and consumer goods in this region has also been driving the growth of the smart factory market. The region is expected to continue its dominance in the coming years, with the rising focus on Industry 4.0 and the increasing adoption of smart manufacturing technologies.
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Europe is also a significant market for smart factories, owing to the presence of major automotive manufacturers and their focus on smart manufacturing. The region has been adopting smart factory technologies to enhance production efficiency, reduce lead times, and lower costs. The presence of strong government support and initiatives promoting Industry 4.0 is also driving the growth of the smart factory market in Europe. The market is expected to witness significant growth in the coming years, with businesses increasingly investing in smart factory technologies to improve their production processes and meet the growing demand for high-quality products.
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