According to the latest report by IMARC Group, titled “Smart Factory Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global smart factory market reached a value of US$ 161.4 Billion in 2021. A smart factory refers to a digitized manufacturing facility that employs connected devices, production systems and machinery to continuously gather and share data. The data is then used to optimize production processes, monitor the material flow and proactively address issues that may arise. A smart factory also utilizes advanced technologies like industrial robotics, human-machine interface (HMI) systems, supervisory control and data acquisition (SCADA) and programmable logic controller (PLC) to improve efficiency and productivity. These technologies are widely used for supply chain management, manufacturing, planning, product development and logistics. As a result, smart factory solutions are extensively being adopted across the oil and gas, food and beverage (F&B), chemical, automotive, aerospace, and pharmaceutical industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Factory Market Trends:
Rapid digitization across various industries and the growing need for industrial automation represent the primary factors driving the global market. Additionally, the shifting focus toward energy conservation and manufacturing efficiency is another major growth-inducing factor. Besides this, the rising adoption of refurbished industrial robots and radio frequency identification (RFID) systems, coupled with the increasing usage of manufacturing execution systems (MES) and advanced data models for process-specific functioning are bolstering the market growth. Furthermore, several technological advancements, such as the integration of connected devices with the Internet of Things (IoT), artificial intelligence (AI), and cloud computing, are creating a positive market outlook. These technologies also help perform electronic and mechanical assembly, automated material handling and product testing. In addition, the advent of the Industrial Internet of Things (IIoT), increasing shift toward sustainable manufacturing, and rising utilization of smart factory solutions for manufacturing intricate medical and automotive components are some other factors driving the market further. Looking forward, the market is anticipated to grow at a CAGR of 10.6% during the forecast period (2022-2027).
- Based on 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 technology, the market has been segmented 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 classified 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 segregated 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 Systèmes SE, Emerson Electric Co., General Electric Company, Honeywell International Inc., Johnson Controls, Inc., Microsoft Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Schneider Electric SE and Siemens AG.
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