The Smart Factory Market is expected to grow from USD 70.2 billion in 2020 to USD 134.9 billion by 2026 at a CAGR of 11.0% from 2020 to 2026.
Smart Factory is a concept for exhibiting the ideal goal of manufacturing digitization. A Smart Factory is an extremely digitized shop floor which gathers and shares data in real-time through connected machines, gadgets and production systems. Then the data can be utilized by self-optimizing devices or throughout the company to manage issues proactively, optimize production processes and respond to new demands. Big Data Analytics, AI, Cloud Computing and Industrial IoT (Internet of Things) technologies have allowed smart manufacturing techniques to be completely integrated. Increase in usage of high-tech tools and high-tech machinery highlights an integration of manufacturing and technological developments. Moreover, the industrial inclination towards cyber world and every element of value chain is linked to ensure informed manufacturing with no defects and time lags. The above mentioned factors are projected to drive the smart factory market during the forecast period. Increased demand for industrial robots is driving the market growth. On the other hand, a lack of standardization and accessibility, coupled with a shortage of skilled labor, is projected to hinder the smart factory market growth.
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The global Smart Factory Market has been segmented as below:
By Component
Industrial Sensors
Industrial Robots
Industrial 3D Printers
Machine Vision Systems
By Solution
Manufacturing Execution System (MES)
Plant Asset Management (PAM)
SCADA
Industrial Safety
Others
By Industry Vertical
Automotive
Semiconductor & Electronics
Chemicals & Pharmaceuticals
Food & Beverages
Oil & Gas
Aerospace & Defense
Medical Devices
Others
By Region
Europe
North America
Asia Pacific
Rest of The World
Competitive Rivalry
ABB Limited, Emerson Electric Co., Fanuc Corporation, General Electric Company, and others are among the major players in the global Smart Factory Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
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