Global Smart Factory Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Smart Factory Market Overview:

“The global Smart Factory Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global smart factory market report has been segmented on the basis of technology, component, end-user industry, and region.

This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Smart factory is a new and advanced technology which is trending in manufacturing industry. This factory is a perfect integration of high-tech machinery and high tech tools. The smart factory includes systems such as cyber-physical technology, Internet of things and cloud computing.

Increasing adoption of industrial robots and the evolution of Internet of Things (IoT) are major factors expected to drive growth of the global smart factory market. In addition, increasing technological advancements such as machine to machine communication enable smart factories to eliminate wastage of time is the other major factors expected to boost growth of the global smart factory market over the forecast period.

However, lack of standardization and interoperability issues is a major factor expected to restrain growth of the global smart factory market. In addition, shortage of trained workers and increasing skill gap is expected to hamper the market growth to a certain extent.

The market in North America accounted for highest revenue share in the global smart factory market in 2016, owing to rising adoption of smart factory concept in the automotive segment in countries in the region. The Asia Pacific market is the second-highest revenue share in the global smart factory market, due to the emerging industrial sector country.

The market in Europe is projected to register fastest growth rate in terms of revenue, due to increasing need for improving efficiency and energy saving in the manufacturing process in countries in the region. Moreover, the markets in Latin America and Middle East & Africa are expected to register moderate growth rate over the forecast period. Revenue from the market in Middle East & Africa is projected to register a CAGR of X.X% over the forecast period.

Global smart factory market segmentation:       

By technology:

• Product Life Cycle Management (PLM)
• Manufacturing Execution Systems (MES)
• Programmable Logic Controller (PLC)
• Supervisory Control and Data Acquisition System (SCADA)
• Enterprise Resource Planning (ERP)
• Distributed Control System (DCS)
• Human Machine Interface (HMI)
• Plant Asset Management (PAM)

By component:

• Sensors
• Industrial robots
• Machine vision systems
• Industrial 3D printing

 By end-user industry:

• Process industry
  • Oil and gas
  • Food and beverages
  • Energy and power
  • Mining and metals
  • Chemical
  • Pharmaceutical
  • Pulp and paper
  • Others (including cement and glass, and water and wastewater management)

• Discrete industry
  • Automotive
  • Semiconductor and electronics
  • Aerospace and defense
  • Medical devices
  • Machine manufacturing
  • Others (including packaging, printing and fabricating, precision and optics, solar panel manufacturing, and foundry and forging industries.)

 By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa