Currently, the automotive industry accounts for 41.3% of the global smart factory industry, and is anticipated to maintain this stance through the forecast period as well. The electrical and electronics industry currently holds a market share of 21.4% in the global landscape, and is expected to rise at a high CAGR through 2030
NEWARK, Del, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The smart factory market is expected to soar at a stupendous CAGR of 10.8% over the span of eight years. This surge is noticed from a valuation of US$ 127.2 Bn in 2022 to US$ 288.1 Bn by the end of 2030.
Technological proliferation in every industry is propelling the demand for smart factories. Revenue from the smart factory sector accounted for a 15% share of the global industrial automation market in 2021.
An increase of 41 units in BPS values is witnessed in the smart factory market in H1, 2022 – Outlook (O) over H1, 2022 Projected (P). For many years, the manufacturing industry has seen a growth in sensor technology. When sensors are adopted more widely and at a more affordable price point in 2022, a critical mass breakthrough is likely to occur.
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The benefits of remote and off-site operational work are enormous and constantly expanding. According to Future Market Insights analysis, there are more pros associated with the smart factory market such as flexibility, safety, and convenience. Owing to such benefits, consumers and manufacturers are shifting toward the smart factory market.
Facilities continue to explore ways to integrate even more remote access into their operations, including cloud-based technology, storage, and analysis, even as life returns to normal in the wake of COVID. This is likely to drive the smart factory market.
Changing digital trends and rapid technological advancements such as IoT processor (Internet of Things), 5G technology, etc. are expected to boost the establishment of smart factories across the world.
More and more facilities are adopting sensors as they provide continuous, real-time machine health and condition monitoring. Backed by such benefits, the need for a smart factory solution is expected to skyrocket.
As per FMI analysis, industries are deploying smart factory solutions in order to estimate and plan maintenance, production capacity, inventories, sales, and other factors more precisely. Combined with technology like Machine Learning (ML) and Artificial Intelligence (AI) smart factory market is anticipated to fuel throughout the forecast period.
Technological improvements in all walks of life have driven consumer conveniences that resulted in changing trends. Due to the proliferation of technology, there is a significant influence on the smart factory market potential in coming years as well. Demand for smart factories rose at a high CAGR of 9.7% from 2015 to 2021.
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More Insights into Smart Factory Market
Exponential growth has been witnessed in the Indian manufacturing industry over the past few years, and this can be directly linked to rapid urbanization and industrialization in the nation. Attributed to these developments, the smart factory market is expected to surge during the forecast period of 2022-2030.
The government is supporting manufacturers to deploy smart manufacturing solutions and advancing the industry 4.0 trend by providing subsidies to attract investors. More initiatives like Make in India are expected to boost industrial growth in the country.
An increase in technological advancements such as 5G technology and cloud technology are estimated to boost smart factory as a service demand over the forecast.
China is known as a well-established manufacturing hub and has a highly lucrative industrial sector for the smart factory market. Smart manufacturing and automation are estimated to see high demand in China over the forecast period.
As the adoption of industry 4.0 increases, smart factories as a service is also anticipated to see reasonable growth in the Chinese industrial sector. Industrial IoT components are also anticipated to see an increase in demand due to increasing automation in smart industries.
ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., General Electric Company, Johnson Controls International PLC, Yokogawa Electric Corporation, Honeywell International Inc., SAP SE, Oracle Corporation, IBM Corporation, Cisco Systems Inc., Microsoft Corporation, Kollmorgen are some of the key companies profiled in the full version of the report.
Smart factory companies are investing in the research and development of smart manufacturing technologies that utilize industrial IoT components to maximize productivity and efficiency.
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Key Segments of Smart Factory Industry Survey
Smart Factory Market by Component:
Smart Factory Hardware
Machine Vision Systems
Industrial 3D Printing
Smart Factory Software
Human Machine Interface
Product Life Cycle Management
Distributed Control System
Smart Factory Services
Integration & Deployment
Support & Maintenance
Smart Factory Market By End User:
Smart Factory Market By Industry Vertical:
Smart Factories for Automotive
Smart Factories for Aerospace & Defence
Smart Factories for Electrical & Electronics
Smart Factories for Food & Beverages
Smart Factories for Energy & Utilities
Smart Factories for Healthcare & Pharmaceuticals
Smart Factory Market By Region:
North America Smart Factory Market
Latin America Smart Factory Market
Europe Smart Factory Market
East Asia Smart Factory Market
South Asia & Pacific Smart Factory Market
Middle East & Africa (MEA) Smart Factory Market
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Smart Factory Market
3.2. Innovation / Development Trends
3.3. Key Success Factors
4. Global Smart Factory Market - Pricing Analysis
4.1. Smart Factory Component, Pricing Models
4.1.1. Hardware Devices, Unit Price Analysis
4.1.2. Software Pricing Models
18.104.22.168. Subscription-based Pricing (Per User/Month)
22.214.171.124. Perpetual License (One Time License Fee)
4.2. Global Average Pricing Analysis Benchmark
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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