Dublin, April 16, 2024 (GLOBE NEWSWIRE) -- The "Global Smart Factory Market by Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, Manufacturing Execution System, Industrial Safety, PAM), Industry and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global Smart factory market is expected to grow from USD 100.6 billion in 2024 to USD 164 billion by 2029, registering a CAGR of 10.3%. The global smart factory market is experiencing significant growth, driven by the increasing adoption of Industry 4.0 technologies. With a focus on automation, data exchange, and real-time analytics, smart factories enhance manufacturing efficiency and flexibility. Factors such as the rising demand for intelligent manufacturing, advancements in IoT and AI, and the pursuit of operational excellence contribute to the market's expansion. The integration of smart technologies across industries propels the market forward, creating new opportunities for manufacturers to optimize processes and improve overall productivity on a global scale. 
The Industrial 3D printing segment is experiencing robust growth in the market. The Industrial 3D printing sector is experiencing rapid growth within the smart factory market. Its integration enhances manufacturing efficiency, reduces production costs, and allows for complex, customized designs. As smart factories continue to evolve, the adoption of Industrial 3D printing is expected to surge, driving innovation, flexibility, and scalability in modern manufacturing processes. This transformative technology is poised to revolutionize the industrial landscape by fostering agile and intelligent production ecosystems.
Manufacturing Execution System (MES) is experiencing robust growth in the smart factory market. As industries increasingly embrace Industry 4.0, MES plays a pivotal role in optimizing production processes, enhancing efficiency, and ensuring real-time data management. The demand for smart manufacturing solutions continues to rise, driving the adoption of MES to streamline operations and enable intelligent decision-making, contributing to the overall expansion of the smart factory market.
Oil and gas sector is experiencing substantial growth within the smart factory market. This expansion is propelled by the integration of advanced technologies such as automation, the Internet of Things (IoT), and data analytics. Smart factories play a pivotal role in elevating operational efficiency, optimizing production processes, and facilitating real-time monitoring in the oil and gas industry. This synergy promotes streamlined operations, predictive maintenance, and enhanced decision-making capabilities, contributing to a significant upward trend in the industry's presence within the smart factory market.
The automotive industry's integration into the smart factory market has experienced exponential growth, leveraging advanced technologies like Industrial Internet of Things (IIoT), automation, and data analytics. Smart factories in the automotive sector optimize production processes, enhance efficiency, and ensure higher quality outputs. This synergy has led to streamlined manufacturing, reduced downtime, and increased overall productivity, marking a transformative shift towards more intelligent and connected production systems within the automotive industry.
Asia Pacific region has witnessed remarkable growth in smart factories, leveraging advanced technologies like IoT, AI, and robotics. Governments and industries are increasingly investing in digital transformation, enhancing manufacturing efficiency, and embracing Industry 4.0 principles. The integration of intelligent systems, data analytics, and automation has propelled the smart factory landscape, fostering innovation and competitiveness across diverse sectors. As a result, the Asia Pacific region continues to experience a significant surge in the adoption and expansion of smart manufacturing facilities, driving economic development and technological advancements.
Key Report Benefits:
The report will help market leaders/new entrants with information on the closest approximations of the revenue numbers for the Smart factory market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
- Analysis of Key Drivers (Growing emphasis on energy efficiency, resource optimization, and cost reduction in production operations, Increasing demand for industrial robots, Rising demand for technologies such as IoT and artificial intelligence in industrial environments), Restraints (Requirement of significant capital investments, Security risks associated with cyber-physical systems), Opportunities (Emergence of 5G technology in smart factories, Growing number of developments in wireless sensor networks and their adoption in smart factories), Challenges (Interoperability between information technology (IT) and operational technology (OT), Vulnerability to cyberattacks).
- Product Development/Innovation: Detailed insights on research and development activities and new product launches in the Smart factory market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the Smart factory market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Smart factory market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like ABB (Switzerland), Emerson Electric Co., Siemens, Schneider Electric, Mitsubishi Electric Corporation, General Electric, Rockwell Automation, Honeywell International, Yokogawa Electric Corporation, OMRON, Endress+Hauser, FANUC, WIKA, Dwyer Instruments, Stratasys, 3D Systems Corporation among others in the Smart factory market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 273 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $100.6 Billion |
| Forecasted Market Value (USD) by 2029 | $164 Billion |
| Compound Annual Growth Rate | 10.3% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Industrial Sensors Segment Estimated to be Largest in 2024
- MES Segment Estimated to Dominate Market in 2024
- Oil & Gas Process Industry Estimated to Lead in 2024
- Medical Devices Segment to Grow at Highest CAGR During Forecast Period
- Asia-Pacific Accounted for Largest Market Share in 2023
Premium Insights
- Attractive Opportunities for Players in Smart Factory Market - Increasing Use of Automation in Manufacturing to Boost Adoption of Smart Factory Solutions
- Smart Factory Market, by Component - Industrial 3D Printers Segment to Grow at Highest CAGR During Forecast Period
- Smart Factory Market, by Solution - MES Segment to Lead Market During Forecast Period
- Smart Factory Market, by Process Industry - Oil & Gas Process Industry Estimated to be Largest in 2024
- Smart Factory Market, by Discrete Industry - Automotive Discrete Industry Estimated to be Largest in 2024
- Smart Factory Market, by Country - Market in India to Grow at Highest CAGR During Forecast Period
Key Market Dynamics
Drivers
- Increasing Focus on Enhancing Energy Efficiency, Optimizing Resources, and Reducing Costs in Production Operations
- Increasing Demand for Industrial Robots
- Rising Demand for Technologies Such as IoT and Artificial Intelligence in Industrial Environments
Restraints
- Need for Significant Capital Investments
- Security Risks Associated with Cyber-Physical Systems
Opportunities
- Emergence of 5G Technology in Smart Factories
- Advancements in Wireless Sensor Networks and Integration into Intelligent Manufacturing Facilities
Challenges
- Interoperability Between Information Technology (IT) and Operational Technology (OT)
- Vulnerability to Cyberattacks
Case Study Analysis
- Elopak Installs Fully Aseptic Filling Machine for Gable Top Packaging with Robust Pneumatics from Emerson Aventics
- MP Equipment Joins Hands with Rockwell Automation Safety Consultants to Re-Evaluate Design of Protein Portioning Machine
- Mollart Engineering Selects Procter Smart Factory's Enclosed Guards to Install in Its Machine Tools
Technology Trends
- Key Technologies
- Artificial Intelligence
- Augmented Reality
- IoT
- Complementary Technology
- 5G
- Digital Twin
- Predictive Maintenance
- Adjacent Technology
- Blockchain
- Smart Energy Management
- Edge Computing
- Predictive Supply Chain
- Cybersecurity
Companies Profiled
- ABB
- Emerson Electric Co.
- Siemens
- Schneider Electric
- Mitsubishi Electric Corporation
- General Electric
- Rockwell Automation, Inc.
- Honeywell International Inc.
- Yokogawa Electric Corporation
- Omron Corporation
- Endress+Hauser Group Services AG
- Fanuc Corporation
- Wika
- Dwyer Instruments
- Stratasys
- 3D Systems, Inc.
- Fuji Electric Co. Ltd.
- Hitachi, Ltd.
- Krohne Messtechnik
- Azbil Corporation
- Vega Grieshaber
- Danfoss
- Kuka AG
- Triditive
- Roboze
- Softgripping GmbH
- Zivid
- Enersis Suisse AG
- Inxpect S.P.A.
- Inuitive
- Eartex Ltd (Eave)
- Canaria Technologies
- Fuelics
- Ultimaker
- Nano Dimension
- Deep Learning Robotics
- Pick-IT N.V.
- Onrobot A/S
For more information about this report visit https://www.researchandmarkets.com/r/84j6t6
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