Smart Factory Market Global Market – Overview
The manufacturing sector continues to evolve in order to achieve higher efficiency. Smart factory is a step forward taken towards the goal. Smart factory epitomises the word connective in manufacturing operations. However, it is not just connectivity that is in spotlight but also the superior digital control of facilities. In smart factory, a combination of cutting-edge technologies is leveraged. Smart factory allows manufacturers to shift from the traditional supply chain structure to an open system. Market Research Future (MRFR) projects that the global smart factory market will exhibit an impressive CAGR of 9% between 2016 and 2022, to reach a valuation of USD 73 Bn.
Smart Factory Market involves both operations technology (OT) and information technology (IT). The focus is on creating a fully connected ecosystem. The rising popularity of service-oriented business practices that are sustainable in future is prompting manufacturers to invest in smart factory. Modern manufacturing has become highly dynamic and require characteristics such as quick adaptability, flexibility, fault tolerance and effective risk management. Many of these requirements are being met by adopting smart technologies supervisory control and data acquisition (SCADA)¸ Programmable Logic Controller (PLC), Human Machine Interface (HMI)¸ Enterprise resource planning (ERP), Distributed Control System (DCS), and Programmable Automation Controller (PAC). Such technologies facilitate real time management operations.
Increased efforts to improve the efficiency of manufacturing process is having a positive influence on the global smart factory market. Moreover, rising of internet of things (IoT) coupled with increased focus on reducing power consumption is reflecting favorably on the market’s growth. As disruptive technologies give rise to new industrial formats such as industry 4.0, manufacturing processes will become smarter and robust.
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Global Smart Factory Market: Segmental Analysis
The report includes a detailed segmental analysis of the market based on components, technology, and end-user. By components, the market has been segmented into Industrial robotics (Articulated, Cylindrical, Scara & Cartesian robot), sensors and actuators and control device. By technology, the market has been segmented into enterprise resource planning (ERP), supervisory control and data acquisition (SCADA), programmable automation controller (PAC), programmable logic controller (PLC), distributed control system (DCS) and human machine interface (HMI). By end-user, the market has been segmented into machine manufacturing, oil & gas, aerospace & defense, electrical & electronics, automotive & transportation, chemical, pharmaceuticals, mining & metals, food & beverages and electric power generation.
Global Smart Factory Market: Regional Analysis
The regions that has been covered in the report include North America, Asia Pacific (APAC), Latin America, Europe, and the Middles East & Africa. Asia Pacific (APAC) market is expected to witness a significant growth over the next couple of years. This is primarily owing to the growth of the manufacturing sector in the region. Countries such as China and India are on their way to become global manufacturing hubs. In this regard, China has already gained a strong mileage being the world’s largest automobile manufacturer. Some of the advanced economies in the region such as Japan and South Korea are also expected to play an important role as they undergo substantial progress in industrial automation and robotics. North America and Europe are expected to remain the other two important markets for smart factory.
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Global Smart Factory Market: Competitive Landscape
Some of the leading players operating in the global smart factory market include Siemens AG (Germany), Emerson Electric Company (U.S.), General Electric Company (U.S.), Cognex Corporation, IBM Corporation (U.S.), Ametek, Inc. (U.S.), Fanuc (Japan), ABB Ltd. (Switzerland), Honeywell International, Inc. (U.S.), Yokogawa Electric (Japan), Robert Bosch GmbH (Germany), Rockwell Automation, Inc. (U.S.), and Oracle Corporation (U.S.).
- The Mechanical Engineering Industry Association headquartered in Frankfurt am Main, Germany has reportedly prepared new detailed blueprint for Additive Manufacturing. The framework for this new plan includes a detailed process of developing the Smart Factory.
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