Rise in usage of technologies in the manufacturing sector coupled with an increase in adoption of industrial robots and evolution of Internet of Things is expected to boost the smart factory market during the forecast period
Smart Factory Market: Introduction
- Smart factories have been gaining popularity in the last couple of years owing to an increase in adoption of intelligence technologies in various industries including energy, mining, manufacturing, and petrochemicals
- Rise in usage of technologies in the manufacturing sector coupled with an increase in adoption of industrial robots and evolution of Internet of Things is expected to boost the smart factory market during the forecast period
Key Drivers and Opportunities of Global Smart Factory Market
- Increase in use of high-tech tools and high-tech machinery highlights a combination of manufacturing and technological developments. Furthermore, the industrial shift toward cyber world and each and every component of value chain is connected to ensure informed manufacturing with zero defects and no-time lags. The factors mentioned above are expected to propel the smart factory market during the forecast period.
- Various companies are providing industrial automation solutions on different processes and discrete industries. Furthermore, intelligent platform of business division offers software and hardware technology platforms, by primarily focusing on selling through solution providers. These are boosting the smart factory market.
- Smart factory helps boost efficient production, enhance production quality, is environment friendly and energy efficient. Thus, the associated benefits are expected to boost the companies adopting smart factory techniques during the forecast period.
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- Development of Manufacturing Execution Systems (MES), data models for rapid usage, and factory-specific templates are a few recent trends witnessed in the global smart factory market. Moreover, increasing number of industries adopting refurbished robots coupled with untapped fields such as industrial robots and RFID is projected to offer significant opportunities in the global smart factory market.
Asia Pacific to Hold Major Share of Global Smart Factory Market
- In terms of region, the global smart factory market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Asia Pacific is expected to hold a dominant share of the global smart factory market. Increase in usage of automotive technologies and technological innovations in various industries are expected to fuel the market. Information integration and intellectualization are the central focus of government policies, which also propel the smart factory market in Asia Pacific.
- Various research institutions and organizations are working together to improve manufacturing processes in China. Japan is creating smart factories by developing manufacturing sensors, robots, machine vision systems, and wireless technologies.
Key Players Operating in Global Smart Factory Market
- ABB Limited
- Emerson Electric Co.
- Fanuc Corporation
- General Electric Company
- Honeywell International
- Johnson Control International Plc
- Mitsubishi Electric Corporation
- Rockwell Automation
- Schneider Electric
- Yokogawa Electric
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