Smart Factory Market SWOT Analysis and Competitive Landscape By 2023 With Worldwide Overview By Size, Share, Global Leaders, Drivers-Restraints, Major Segments and Regional Trends

Smart Factory Market SWOT Analysis and Competitive Landscape By 2023 With Worldwide Overview By Size, Share, Global Leaders, Drivers-Restraints, Major Segments and Regional Trends

“”Smart Factory Market””
Smart Factory Market Research Report 2020: Industry Size, Share, Trends, Growth, Sales, Revenue, Risk and Opportunity Assessment with Regional Analysis and Segmentation By Component (Software, Hardware, Service), by Connectivity (Wired Connectivity, Wireless Connectivity), by Industry Vertical (Electronics and Semiconductor, Aerospace & Defense, Automotive, Oil & Gas, Chemicals, Healthcare & Pharmaceuticals and others) Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast to 2023

Global Smart Factory Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Risk and Opportunity Assessment, Country-level Analysis for Every Segment, Key Player’s Market Share Analysis, Competitive Landscape and Supply Chain Analysis.

The global smart factory market size 2020 is slated to expand at a rate of 11.7% during the forecast period (2017-2023), asserts Market Research Future (MRFR). The market can touch a substantial valuation of USD 257,485 million by 2024.

Leading players in the worldwide market for smart factory market include Cognex Corporation, Honeywell International Inc., Siemens AG, Johnson Controls International PLC, Rockwell Automation, Emerson Electric Co., Schneider Electric, Atos SE, ABB Ltd, FANUC Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Yokogawa Electric Corporation, General Electric Company (GE), Ubisense, to mention a few.

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Market Drivers and Main Barriers

With the emergence of Industry 4.0 trend coupled with the rising integration of numerous digital technologies such as AI, IoT, etc. with several supply chains has fueled the growth of the smart factory market over the years. Given the advanced operations technology, industries are now extensively using digitized supply chain management options, in an attempt to elevate the production quality as well as asset efficiency. It also helps prevent human as well as machine errors.

Furthermore, mounting popularity of intelligent manufacturing techniques that help improve productivity across industry verticals also favors the smart factory market. The robust electronics and automotive manufacturing industries, especially in the Asian countries combined with the surging focus on integrating automated technologies backed by supportive government policies can usher in a number of growth opportunities in the market. Case in point, the Indian government, in recent years, launched the ‘Make in India’ initiative in order to facilitate the development of factories along with the manufacturing sector within the country by endorsing Industry 4.0 as well as automation technologies. These initiatives have given a substantial boost to the smart factory concept across various industries in the region like India and China among others.

Over the years, industrial robots have gained massive prominence owing to more benefits they offer compared to the conventional human laborers. Industrial robots are used in modern factories to eliminate the need for humans for basic and complex tasks, in addition to increasing operational efficiency as well as productivity. Rising focus of players on curbing worker training & maintenance costs can facilitate replacement of workers with industrial robots and also benefit the smart factory market in the process during the review timeframe. Mounting awareness regarding smart concept benefits across nations around the world can also stimulate market growth in the following years.

Key Developments

  • In March 2019, Mitsubishi Electric Corporation announced the launch its new range of factory automation products, which will include programmable controllers, servo amplifiers, robots, GOTs (HMIs), inverters and CNCs that are compatible with the CC-Link IE TSN2 next-generation industrial open network.
  • In February 2019, Cognex Corporation partnered with KT, South Korea’s largest telecom company, to co-develop 5G edge cloud-based solutions for businesses such as smart factories.
  • In December 2018, Yokogawa Electric Corporation announced the launch of Sushi Sensor, an OpreX brand wireless solution, which is a compact wireless device with integrated sensing and communication functions that are intended for use in the monitoring of plant equipment vibration and surface temperature.
  • In April 2018, Ubisense Group plc., a global leader in enterprise location intelligence solutions, announced the launch of its SmartSpace IIoT platform for various production sites across the globe.
  • In June 2017, Honeywell announced the launch of ControlEdge Programmable Logic Controller (PLC) combined with Experion distributed control system (DCS), that provides a significant reduction in integration efforts and project costs as well as increased security and availability through enhanced cyber security for industrial facilities

Market Segmentation

The global Smart Factory Market has been extensively analyzed in the MRFR report, with the segmentation conducted on the basis of hardware, software, and services.

The market, depending on hardware, covers sensors, industrial robots, control devices, and machine vision systems.

The software segment has been considered for Programmable Automation Controller (PAC), Programmable Logic Controller (PLC), Distributed Control System (DCS), Enterprise Resource Planning (ERP), Supervisory Control and Data Acquisition (SCADA), and others.

The services segment consists of professional services and managed services. 

Regional Insight

The global smart factor market is mostly concentrated in the primary regions of North America, Asia Pacific (APAC), the Middle East & Africa (MEA), South America, and Europe, as per MRFR analysis.

In 2017, North America was noted to be the leading market for smart factory, while APAC was projected to have the potential to attain the fastest growth rate during the forecast period. Europe has emerged as a strong regional market and had secured the second position in the global smart factory market in 2017.

North America’s reign over the global market is supported by the vast pool of multinational corporations that make sizeable investments in research and development (R&D) for industrial Internet of Things (IIoT), cloud technology and industrial automation. The United States (U.S.) experiences strong demand for technically advanced production systems, with the rising focus on reducing employee involvement as well as saving labor costs. The industrial sector in the region is noting a surge in adoption of automated & robotic systems that conduct numerous operational tasks at manufacturing & warehouse facilities to enhance productivity. Automotive manufacturing vendors like Audi, BMW, etc. are known for investing huge amounts in factory automation operations, which works in favor of the smart factor market in the region.

Europe stands as the second leading market for smart factory, with Germany claiming the top position, trailed by the United Kingdom (UK) and France. The factors that have led to strong market growth in the region include the surging number of industrial robots as well as advancements in sensor technology among others. In addition, a number of manufacturers are moving towards digitization of industrial processes. Besides, the fast-paced adoption of IoT as well as industrial automation has also aided in market growth for smart factory in the region.

APAC has the highest possibility of achieving the highest CAGR during the given timeframe, while China will be dominating the regional market. The market growth in APAC can be attributed to the high concentration of numerous manufacturing firms along with Internet Plus initiatives being implemented by the governments, encouraging the use of internet technologies. Some of the top companies in the APAC smart factory market are Mitsubishi Electric Corporation (Japan), Fanuc Corporation (Japan) and Yokogawa Electric Corporation (Japan), to name a few.

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TABLE OF CONTENTS

1 Executive Summary

2 Market Introduction
2.1. Definition
2.2. Scope Of The Study
2.3. Market Structure

3 Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List Of Assumptions

4 Market Insights

5 Market Dynamics
5.1. Introduction
5.2. Drivers
5.2.1. Growing Adoption Of Robots In Industries
5.2.2. Advancements In Sensor Technology
5.2.3. Drivers Impact Analysis
5.3. Restraint
5.3.1. Risks Associated With Cybersecurity And Data Loss
5.3.2. High Cost Of Smart Factory Transformation
5.3.3. Restraint Impact Analysis
5.4. Opportunity
5.4.1. Advancements In 3D Printing Technology

Continued………

List of Tables

TABLE 1 LIST OF ASSUMPTIONS
TABLE 2 GLOBAL SMART FACTORY MARKET, BY COMPONENT, 2017–2023 (USD MILLION)
TABLE 3 GLOBAL SMART FACTORY MARKET, BY SOFTWARE, 2017—2023 (USD MILLION)
TABLE 4 GLOBAL SMART FACTORY MARKET, BY HARDWARE COMPONENT, 2017—2023 (USD MILLION)
TABLE 5 GLOBAL SMART FACTORY MARKET, BY INDUSTRIAL ROBOT, 2017—2023 (USD MILLION)
TABLE 6 GLOBAL SMART FACTORY MARKET, BY SENSORS, 2017—2023 (USD MILLION)
TABLE 7 GLOBAL SMART FACTORY MARKET, BY MACHINE VISION SYSTEMS, 2017—2023 (USD MILLION)
TABLE 8 GLOBAL SMART FACTORY MARKET, BY CONTROL DEVICES, 2017—2023 (USD MILLION)
TABLE 9 GLOBAL SMART FACTORY MARKET, BY CONNECTIVITY, 2017— 2023 (USD MILLION)

Continued……….

List of Figures

FIGURE 1 MARKET SYNOPSIS
FIGURE 2 GLOBAL SMART FACTORY MARKET: MARKET STRUCTURE
FIGURE 3 RESEARCH PROCESS OF MRFR
FIGURE 4 TOP DOWN & BOTTOM UP APPROACH
FIGURE 5 NORTH AMERICA MARKET SIZE & MARKET SHARE BY COUNTRY (2018 VS 2023)
FIGURE 6 EUROPE MARKET SIZE & MARKET SHARE BY COUNTRY (2018 VS 2023)
FIGURE 7 ASIA-PACIFIC MARKET SIZE & MARKET SHARE BY COUNTRY (2018 VS 2023)
FIGURE 8 REST OF THE WORLD MARKET SIZE & MARKET SHARE BY COUNTRY (2018 VS 2023)
FIGURE 9 DROC ANALYSIS OF GLOBAL SMART FACTORY MARKET
FIGURE 10 DRIVERS IMPACT ANALYSIS: SMART FACTORY MARKET

Continued……….

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