Smart Factory Market Research Report

 

Smart Factory Market

GMI Research forecasts the Smart Factory Market to reach a value of USD 150 billion by 2027, growing at a CAGR of 11.4% over the forecast period. The market is driven by the increasing demand for advanced technologies such as IoT in an industrial environment, increasing emphasis on resource optimization, cost reduction, and energy efficiency.

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Smart Factory Market Dynamics

The smart factory market is projected to witness significant growth, owing to the advent of smart technologies. The adoption of smart technologies decreases the need for human labor across all major industries, such as energy, mining, manufacturing, and petrochemicals. Further, rapid digitalization across industries and the growing need for industrial automation are other prominent factors stimulating market growth. Smart factory helps in effortless supervision, reduces factory waste, and improves production speed.

Also, the technological improvements in sensing components such as sensors within the industrial set-up because of the lower energy consumption and incorporated computing abilities are anticipated to drive the market growth. Smart factory boosts productivity and reduces functional cost as compared to conventional systems.

However, the outbreak of the coronavirus has negatively influenced the smart factory market because of the disruption in the supply chain, insufficient availability of raw materials, and scarcity of labor. These disruptions decreased the shipments of components and thereby reduced the revenue.

Technology Segment Analysis

The Manufacturing Execution System (MES) segment is likely to expand at a higher compound annual growth rate during the forecast period. MES provides a cost-efficient solution for various processes and industrial sectors.

Industry Segment Analysis

The medical devices discrete industry segment is projected to register a higher CAGR over the forecast period. The ongoing innovations and technological developments have driven the market growth. In the medical devices sector, smart factory solutions help enhance the production process, technological enhancement, and remote support. Also, it helps in decreasing the production cost by automating the production process will further augment the smart factor market size.

Regional Drivers

The Asia-pacific smart factory is anticipated to hold a larger share during the forecast period, driven by the growing adoption of automation technologies across industries such as food and beverages, manufacturing, and automotive. The ongoing technological advancements and the presence of various automotive manufacturing plants will drive market growth.

The North American region will expand at a robust rate over the forecast period. The accelerating penetration of smart manufacturing & supply chain technologies across retail, food & beverages, oil & gas, metal & mining, healthcare, and manufacturing will fuel the global smart factor market share.

Smart Factory Market Segmentation:

Smart Factory Market by Component           
  • Sensors
  • Industrial Robots
    • Traditional Industrial Robots
      • Articulated Robots
      • Cartesian Robots
      • Selective Compliance Assembly Robot Arm (SCARA)
      • Cylindrical Robots
      • Other Robots
    • Collaborative Robots
  • Industrial 3D Printing
  • Machine Vision
    • Camera
      • Digital Camera
      • Smart Camera
    • Frame Grabbers, Optics, and Led Lighting
    • Processor and Software
Smart Factory Market by Technology
  • Product Life Cycle Management (PLM)
  • Manufacturing Execution System (MES)
  • Programmable Logic Controller (PLC)
  • Supervisory Control and Data Acquisition (SCADA)
  • Enterprise Resource Planning (ERP)
  • Distributed Control System (DCS)
  • Human–Machine Interface (HMI)
  • Plant Asset Management (PAM)
Smart Factory Market by Industry
  • Process Industry
    • Oil and Gas
    • Chemicals
    • Pulp and Paper
    • Pharmaceuticals
    • Metals and Mining
    • Food and Beverages
    • Energy and Power
    • Others
  • Discrete Industry
    • Automotive
    • Aerospace and Defense
    • Semiconductor and Electronics
    • Machine Manufacturing
    • Medical Devices
    • Others

Smart Factory Market by Region:

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
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Website: www.gmiresearch.com


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