The Smart Factory Market Trends have shown exponential growth, with a valuation of USD 87.12 billion in 2022. Projections suggest substantial expansion, with the market expected to reach USD 226.26 billion by 2030, reflecting an impressive Compound Annual Growth Rate (CAGR) of 12.67% during the forecast period from 2023 to 2030.
The concept of a Smart Factory represents the ultimate objective of manufacturing digitization. A Smart Factory is a fully digital manufacturing floor that facilitates real-time data collection and exchange through interconnected equipment, devices, and production systems. The collected data can then be utilized by self-optimizing machinery or across the entire organization to proactively address issues, enhance manufacturing processes, and adapt to new demands.
Key Highlights:
1. Current Valuation: As of 2022, the Smart Factory Market is valued at USD 87.12 billion, highlighting the increasing adoption of digital manufacturing practices.
2. Projected Growth: Forecasts suggest substantial expansion, with the market anticipated to reach USD 226.26 billion by 2030, demonstrating an impressive CAGR of 12.67% during the forecast period.
3. Digital Integration: AI, Big Data Analytics, Cloud Computing, and Industrial IoT (Internet of Things) technologies play a pivotal role in fully integrating smart manufacturing practices within the Smart Factory concept.
4. Comprehensive Implementation: The Smart Factory concept involves more than deploying a single software across the entire factory floor; it encompasses a holistic approach to digitizing and optimizing manufacturing processes.
Industry analysts attribute the anticipated growth to the advancements in AI, Big Data Analytics, Cloud Computing, and Industrial IoT technologies, enabling the seamless integration of smart manufacturing practices. The Smart Factory Market presents opportunities for stakeholders, investors, and businesses operating within the manufacturing and technology sectors.
KEY MARKET SEGMENTATION
- Basis of Component
- Industrial Robots
- Machine Vision
- Sensors
- Industrial 3D Printing
- Basis of Solution
- SCADA (Supervisory Control and Data Acquisition)
- PLC (Programmable Logic Controller)
- DCS (Distributed Control System)
- MES (Manufacturing Execution System)
- PLM (Product Life Cycle Management)
- ERP (Enterprise Resource Planning)
- HMI (Human–Machine Interface)
- PAM (Plant Asset Management)
- Basis of Industry
- Process Industries
- Oil & Gas
- Chemicals
- Pharmaceuticals
- Energy & Power
- Metals & Mining
- Pulp & Paper
- Food & Beverages
- Others
- Discrete Industries
- Automotive
- Aerospace & Defense
- Semiconductor & Electronics
- Machine Manufacturing
- Medical Devices
- Others
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Key Players
The Major key players are 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 and Other Players
Driving Factors
- The Internet of Things (IoT) revolution (IoT).
- Government support for industrial automation increased usage of automation in manufacturing
Opportunities
- Increased use of industrial robots in industry, as well as advances
- WSN and other innovative manufacturing technologies are receiving more attention.
- The cost of constructing a sensor network and communication system is reduced when a WSN is used.
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Table of Contents (ToC)
1. Introduction
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Factory Market Segmentation, by Component
8.1 Industrial Robots
8.2 Machine Vision
8.3 Sensors
8.4 Industrial 3D Printing
9. Smart Factory Market Segmentation, by Solution
10. Smart Factory Market Segmentation, by Industry
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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