Pune, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Smart Factory Market Size & Growth Analysis:
“As per the SNS Insider Research, The Smart Factory Market size was valued at USD 116.50 Billion in 2023. It is expected to grow to USD 285.65 Billion by 2032, representing a CAGR of 10.50% over the forecast period of 2024-2032.”
The Smart Factory Market is in a state of transformation due to the implementation of Industry 4.0 technologies. These developments are transforming manufacturing processes, resulting in higher productivity, lower operational expenses, and improved product quality. The fundamental aspect of this transformation is the integration of the Internet of Things (IoT), which connects machines and devices to the Internet for real-time data collection and analysis. The IIoT has a significant impact by enabling the smooth integration of machinery and data analytics.
The rise in IoT connections within the manufacturing sector is expected to double by 2025, demonstrating a significant move towards smart manufacturing. Small and medium-sized manufacturers need to have access to smart technology to compete globally. Programs such as Manufacturing USA are crucial in propelling the U.S. manufacturing industry forward through promoting cooperation among industry, government, and academia. In 2020, this network sponsored more than 500 major research initiatives with funding of USD 400 billion, underscoring its role in promoting advancements in smart factory technologies.
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Major Players Analysis Listed in this Report 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
- Other Players
Smart Factory Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 116.50 Billion |
| Market Size by 2032 | USD 285.65 Billion |
| CAGR | CAGR 10.50% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
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Industrial Robots Lead the Smart Factory Market In 2023
In 2023, Industrial Robots dominate the Smart Factory Market, accounting for 34% of the market revenue. Their significant impact in current manufacturing settings is responsible for their dominance, emphasizing the importance of automation, precision, and efficiency. Combining industrial robots with sensors and IoT tech improves their performance by enabling live data tracking and preemptive upkeep. ABB, Siemens, and Honeywell are at the forefront of advancements in this industry. ABB's robots come equipped with advanced sensors for analyzing data in real-time, while Siemens provides sensors with Internet of Things (IoT) capabilities for improved operational insights.
Discrete Industries Led The Smart Factory Market With 58% Market Share In 2023
In 2023, Discrete Industries dominated the Smart Factory Market, accounting for 58% of the market share. Industries like automotive, electronics, aerospace, and machinery are progressively embracing smart factory technologies to enhance production efficiency and flexibility. Big car makers such as BMW and Tesla are using robotics and IoT-based automation to make production more efficient. Siemens offers digital solutions for real-time monitoring and optimization of manufacturing processes, while Bosch utilizes IoT sensors and AI to improve operational efficiency.
Smart Factory Market Key Segmentation:
By Component
- Industrial Robots
- Machine Vision
- Sensors
- Industrial 3D Printing
By Solution
- SCADA (Supervisory Control and Data Acquisition)
- PLC (Programmable Logic Controller)
- DCS (Distributed Control System)
- MES (Manufacturing Execution System)
- PLM (Product Life Cycle Management)
- ERP (Enterprise Resource Planning)
- HMI (Human–Machine Interface)
- PAM (Plant Asset Management)
By Industry
- Process Industries
- Oil & Gas
- Chemicals
- Pharmaceuticals
- Energy & Power
- Metals & Mining
- Pulp & Paper
- Food & Beverages
- Others
- Discrete Industries
- Automotive
- Aerospace & Defense
- Semiconductor & Electronics
- Machine Manufacturing
- Medical Devices
- Others
North America Leads Smart Factory Market With 34% Share
In 2023, North America was at the forefront of the Smart Factory Market, holding a 34% market share. The region's leading position is credited to embracing innovative manufacturing technologies early on and making substantial investments in Industry 4.0 initiatives. In the United States, incorporating IoT, AI, and cloud computing technologies helps combat workforce shortages and meet efficiency needs. General Electric and Rockwell Automation are leading the way by incorporating smart technologies to improve their operations.
Asia Pacific is experiencing rapid growth in 2023 with a 23% market share, driven by the rise in Industry 4.0 technologies and significant investments in smart manufacturing. China, Japan, and South Korea are important participants, with China's emphasis on advanced manufacturing technologies in its "Made in China 2025" initiative. Corporations such as Huawei and Mitsubishi Electric are leading the way in innovation in this area, improving productivity and reducing expenses with intelligent technologies.
Recent Developments:
- In January 2024, ABB launched YuMi Collaborative Robot 2.0. This robotic version has enhanced capabilities in AI, which boosts precision and implies ease of use in any manufacturing setup. Moreover, its integrated data acquisition capabilities and can be integrated with any existing system based on advanced real-time data.
- In March 2024, Siemens launched the MindSphere IoT platform. MindSphere enhanced advanced data and indirect analytics as well as improved integration, thereby resulting in more information for improving the smart factory’s efficiency.
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Key Takeaways for the Market Study:
- Obtain a thorough comprehension of the Smart Factory Market, covering essential factors, section examination, and regional advancements.
- Discover potential areas for investment and growth opportunities in the smart factory industry.
- Keep yourself informed about the newest technological developments and releases that are influencing the evolution of smart manufacturing.
- Comprehend the competitive environment and main companies fueling innovation and market expansion.
- Look into trends and progress in different regions, especially North America and Asia Pacific, to take advantage of market opportunities efficiently.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Smart Factory Market Segmentation, by Component
8. Smart Factory Market Segmentation, by Solution
9. Smart Factory Market Segmentation, by Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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