Smart Factory Market

Smart Factory Market Growth and Forecast (2022-2027):

The Global Smart Factory Market size was valued at USD 153.7 billion in 2021 and is predicted to grow at a (CAGR) of around 10% during the forecast period of 2022 – 2027.

Market Overview:

The smart factory serves the manufacturing and technological development, which is an ideal integration of high-tech machinery and high-tech tools. It is the advanced factory system, which creates cyber-physical systems permitting active movement of products across the factory floor. It provides real-time quality and time advantages, which are estimated to intensify the industry growth over the foreseen period. Furthermore, it offers higher intelligence, serves to decentralize manufacturing, and creates an overall cognitive and self-healing system.

The expansion of the global smart factory market is propelled by the evolution of the Internet of Things (IoT), increasing use of enabling technologies in manufacturing, rising adoption of commercial robots in the manufacturing sector and connected enterprise, alongside production to cater to increasing population. Increasing the use of high-tech tools and high-tech machinery portrays a gorgeous combination of producing and technological developments. Another significant factor driving growth within the global smart factory market is that the industrial shift towards the cyber world. In this, every useful component chain is likely to be connected to make sure informed manufacturing with zero defects and no-time lags which will further augment demand during this market.

Recent Developments in Smart Factory Industry:

• Smart Factory CEO Brendan Sheppard formed a part of an Industry leaders group that welcomed a delegation of California state legislators visits to Ireland. The tour was coordinated by Irish Department of Foreign Affairs, the IDA. Therefore, the O’Neill Group and the delegation came to Limerick to listen to the region’s recent economic successes, particularly within the area of research and style.
• Smart Factory was delighted to be included in the gift bag at the Nimbus Research Centre Beyond IoT event in Páirc Uí Chaoimh. 
• On June 15th, 2018, SmartFactory, a number one provider of solutions that add intelligence into manufacturing processes to drive continuous improvement, knowledge transfer and data-based deciding, announced a replacement release of software for its Work Area Performance System (WAPS). This is also the first commercial partnership for CONFIRM – the Science Foundation Ireland Research Centre with the NIMBUS Centre at Cork Institute of Technology.

REPORT COVERAGE:

Drivers:

One of the main factors driving the expansion of the global smart factory market is the increasing need for improving efficiency and energy-saving within the manufacturing process. Automation has enabled manufacturing units to utilize every second of production time through efficient streamlining of the manufacturing process. Technological advancements like a machine to machine communication, allow smart factories to eliminate wastage of your time caused thanks to the delay within the process change. Moreover, with the rise of the Internet of Things (IoT) and services, the integration of producing and engineering processes has experienced an incredible breakthrough.

Restraints:

The growth of the global smart factory market faces a couple of limitations because of the lack of standardization and interoperability issues. These factors hike concerns in designing integrated solutions using components provided by several automation solution providers. The scarcity of trained workers and the increasing skill gap further restrains the expansion of the smart factory market. Other crucial factors like cybersecurity threats and associated costs limit the development of this global smart factory market in industries such as nuclear, weapons and armaments.

Smart Factory Market Segmentation Analysis:

By Technology:

• Information Technology System
• Enterprise Resource Planning (ERP)
• Manufacturing Execution System
• Industrial Control System

ERP is the most vital revenue-generating segment due to the software usage application for embodying the products and process, relationships between functions, activities, and knowledge flow.

By Field Devices:

Industrial Robotics:

• Articulated Robot
• Cylindrical Robot
• Scara Robot
• Cartesian Robot

Control Devices:

• Sensors
• Relays & Switches
• Motors & Drive

Industrial Network:

• RFID System
  • Chipless RFID
  • Chip-Based RFID

Wireless Network:

• Chipsets
• Microprocessor System
• Sensors
• Wired Network
  • Ethernet Media Converters
  • Unmanaged Switches
  • Managed Switches

By Application:

Process Industry:

• Pharmaceuticals
• Food & Beverages
• Chemical
• Oil & Gas
• Discrete Industry
  • Automotive & Transportation
  • Packaging
  • Mining, Minerals & Metals

In the process industry, the adoption of smart factory related technologies and components is predicted to be the very high within the oil & gas industry due to the increasing need for safety and reliability in oil and gas plants. Companies operating within the oil and gas industry are always trying to find new ways to satisfy the rising demand for energy, cut operating expenses, and enhance the general efficiency of plants.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Region Analysis:

North America smart factory market is projected to be the dominant region due to rising adoption within the automotive segment. Asia Pacific smart factory market is predicted to carry a notable share within the global business in the coming years. The presence of dominant players is mainly driving the Asia Pacific market. Additionally, increasing the use of automotive technologies and technological innovations in various industrious industries also fueled growth in this local market.

Key Players in the Market:

Major Key Players in the Global Smart Factory Market are

• System Insights Inc
• Invensys PLC
• Mitsubishi Electric Corporation
• Ubisense Group PLC
• CMC Associates
• Johnson Controls Inc
• Microsoft
• General Electric Co
• Apriso Corporation
• Siemens AG
• Rockwell Automation
• ABB Ltd

The prominent strategies applied by the players include product launches, mergers and acquisitions, collaborations, and agreements to expand the industry. These strategies would provide strongly performing and efficient products, which exhibit better customer satisfaction and support the market regulations, which are expected to impel market growth further.