Smart Factory Market Growth Expected by 2031
Industrialization levels have increased exponentially across various regions over the years. The rising industrial prospects attached with the technological developments across manufacturing facilities will help create a positive growth trajectory for the smart factory market during the assessment period of 2021-2031. Modernization and adoption of the latest advancements will further help in propelling the growth prospects across the smart factory market.
- The advent of Industry 4.0 and the use of smart mechanisms to complete repetitive and tedious processes will help in boosting the growth opportunities across the smart factory market. The COVID-19 pandemic has further influenced the growth of the smart factory market to a considerable extent.
- The rapid transmission of the virus due to frequent human interaction is prompting many industrialists and manufacturers to adopt smart technologies for a variety of processes. These processes assure minimal human contact. Thus, all these factors bode well for the growth of the smart factory market.
- The integration of technologies like the Internet-of-Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), and others will help in increasing the growth rate of the smart factory market. In such developments, partnerships and research and development activities will further help in enhancing the growth of the smart factory market.
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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.
- 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.
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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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