The Smart Factory by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Factory, The smart factory market size has grown rapidly in recent years. It will grow from $76.11 billion in 2023 to $83.95 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to adoption of industry 4.0 and digital transformation, increasing adoption of data analytics and big data, automation and robotics, cyber-physical systems, cloud computing and edge computing..
The smart factory market size is expected to see rapid growth in the next few years. It will grow to $127.21 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to government support and regulatory initiatives, increasing focus on sustainability, supply chain resilience and visibility, flexible and scalable manufacturing solutions, greater emphasis on cybersecurity.. Major trends in the forecast period include customization and personalization in production, remote monitoring and management, sustainable manufacturing practices, human-centric design in human-machine collaboration, smart sensors and actuators, collaborative robotics (cobots). .
The growing demand for industrial robots is expected to propel the growth of the smart factory market going forward. Industrial robots refer to mechanical machines that are programmed to automatically perform production-related tasks in industrial environments. A smart factory focuses on the optimization and industrial automation of its resources, using tools such as information and smart sensor technologies, robotics, the internet of things, or artificial intelligence. For instance, in 2021, according to the International Federation of Robotics, a Germany-based non-profit organization, sales of new robots grew slightly by 0.5%, and robot installations are expected to rebound strongly and grow by 13%. Therefore, the growing demand for industrial robots is driving the smart factory market growth.
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The smart factory market covered in this report is segmented –
1) By Product: Machine Vision Systems, Industrial Robotics, Control Devices, Sensors Communication Technologies, Other Products
2) By Component: Smart Factory Hardware, Smart Factory Software, Smart Factory Services
3) By Industry Vertical: Automotive, Aerospace and Defense, Electrical and Electronics, Food and Beverages, Energy and Utilities, Healthcare and Pharmaceuticals, Other Industry Verticals
Technology advancements are a key trend gaining popularity in the smart factory market. Major companies in the smart factory sector are using advanced technologies to improve the production process and achieve better efficiency. For instance, in 2021, Panasonic, a Japan-based company operating in smart factory solutions, launched the Miraie Pro factory platform, an Industrial IoT/smart factory solution developed indigenously at the company’s India Innovation Centre. Miraie pro factory uses new-age technologies such as Cloud, IoT, analytics, and mobile apps, to name a few, to manage end-to-end operations, resulting in enhanced production efficiency. By using this technology, manufacturing productivity can increase by 8–15%.
Major Players:
- ABB India Ltd.
- Emerson Electric Co.
- General Electric Company
- Honeywell International Inc.
- International Business Machines Corporation
The smart factory market report table of contents includes:
1. Executive Summary
2. Smart Factory Market Characteristics
3. Smart Factory Market Trends And Strategies
4. Smart Factory Market – Macro Economic Scenario
5. Global Smart Factory Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30.Appendix
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