The latest report by IMARC, titled “Smart Factory Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global smart factory market size reached US$ 173.2 Billion in 2022. Smart factory refers to an advanced factory with cyber-physical systems where materials can be moved efficiently across the factory floor. This system has integrated computer codes and pre-programmed software to track the material flow and optimize production procedures. It is self-adapting, hyperflexible, and equipped with cognitive and self-healing capabilities. It includes advanced solutions such as industrial robotics, machine vision systems, supervisory control, and data acquisition (SCADA), human-machine interface (HMI) and programmable logic controller (PLC) systems. Smart factory needs minimal human interaction and is usually used for planning, supply chain management, manufacturing, logistics, and product development. In recent years, smart factory has gained momentum as it is widely used in various industry verticals, including food and beverage (F&B), oil and gas, chemical, aerospace, automotive, and pharmaceutical industries.
Global Smart Factory Market Trends:
One of the primary factors driving the market is the rising need for industrial automation, along with rapid digitization. Additionally, the shifting focus toward energy conservation and manufacturing efficiency is creating a positive market outlook. Other than this, the extensive utilization of manufacturing execution systems (MES) and advanced data models for process-specific functioning is positively influencing the market growth. Besides this, there has been rising utilization of refurbished industrial robots and radio frequency identification (RFID) systems. Along with this, various technological advancements, including the integration of connected devices with cloud computing, the Internet of Things (IoT), and artificial intelligence (AI), are creating a favorable market outlook. Furthermore, the introduction of the Industrial Internet of Things (IIoT), rising utilization of smart factory solutions and the increasing adoption of sustainable manufacturing are creating lucrative growth opportunities for key players operating in the industry. Looking forward, IMARC Group expects the market value to reach US$ 317.7 Billion by 2028, expanding at a CAGR of 11.13% during the forecast period (2023-2028).
- Based on the field devices, the market has been divided into industrial sensors, industrial robots, industrial network, industrial 3D printers, and machine vision systems.
- On the basis of the technology, the market has been segregated into product lifecycle management (PLM), human machine interface (HMI), enterprise resource planning (ERP), manufacturing execution systems (MES), distributed control systems (DCS), industrial control system, and others.
- Based on the end use industry, the market has been segmented into pharmaceuticals, food and beverages, chemical, oil and gas, automotive and transportation, semiconductor and electronics, aerospace and defense, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being ABB Ltd., Dassault Systemes, Emerson Electric Co., General Electric Company, Honeywell International Inc., Johnson Controls International, Microsoft Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Schneider Electric SE, and Siemens AG.
|Base Year of the Analysis
||Field Devices, Technology, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Ltd, Dassault Systèmes, Emerson Electric Co., General Electric Company, Honeywell International Inc., Johnson Controls International, Microsoft Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Schneider Electric SE and Siemens AG
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