The smart factory market size is expected to grow from USD 80.1 billion in 2021 to USD 134.9 billion by 2026; it is expected to grow at a CAGR of 11.0% from 2021 to 2026. The key factors driving the growth of the market include growing emphasis on energy efficiency, resource optimization, and cost reduction in production operations, increasing demand for industrial robots, rising demand for technologies such as IoT and artificial intelligence in industrial environments, and fiscal policies to keep manufacturing facilities afloat amidst COVID-19 crisis.
Market for industrial sensors to account for largest market share in component during forecast period The industrial sensors segment is expected to hold the largest share of the smart factory market. The growth of the industrial sensors segment is driven by the growing adoption of Industry 4.0 and IIoT, and the growing wireless sensors market. Predictive maintenance is expected to offer lucrative opportunities to the players in the industrial sensors market in the coming years. Predictive maintenance is enabled by 3 major solution enhancements over a traditional maintenance schedule: capturing sensor data, facilitating data communications, and making predictions. As sensors are an important part of predictive maintenance solutions, the demand for industrial sensors is expected to increase significantly in the coming years.
PAM solution to grow at highest rate during forecast period The PAM segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing deployment of PAM solutions in process and discrete industries to build a comprehensive data repository related to different equipment installed in these plants, right from their uptime performance to their life cycle cost assessment.
Oil & gas process industry to account for largest market share during forecast period Smart factory solutions can enable the oil & gas industry to monitor the facilities remotely and gain insights into daily inventory and equipment conditions.Remote monitoring can compensate for the shortage of skilled workforce for collecting equipment data.
It also reduces the risk to the lives of employees and improves the overall safety and efficiency of industrial workers.
Medical devices discrete industry to grow at highest CAGR during the forecast period In the medical devices industry, smart factory solutions help improve manufacturing processes, planning, technology assessment, third-party services, and remote support. Smart factory technologies also help reduce recalls and wastes, and increase the profitability of the companies engaged in the manufacturing of medical devices due to precision in manufacturing.
APAC is expected to capture largest market size during forecast period” The APAC smart factory is projected to capture largest market size, driven by the increasing adoption of automation technologies across industrial sectors in China and India.Factory automation is increasing in China, due to high labor wages and the presence of a large number of automotive manufacturing plants.
Growing population, rising standards of living, and developing economies have led to the rising demand for energy.It is estimated that APAC could drive approximately 65% of the global energy demand by 2035, with China and India collectively expected to fulfill 40% of the demand.
Oil and gas companies in North America and Europe have started investing in APAC to fulfill the growing energy demand.The increasing energy demand would lead to the development of the energy sector, including oil & gas and power industries.
This, in turn, would generate demand for automation products in the APAC region.
The break-up of the profiles of primary participants for the report has been given below: • By Company Type: Tier 1 = 40%, Tier 2 = 35%, and Tier 3 = 25% • By Designation: C-Level Executives = 48%, Directors = 33%, and Others= 19% • By Region: North America = 35%, Europe = 18%, APAC = 40%, and RoW = 7%
Major players operating in the smart factory market include ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan).
Research Coverage: The research report on the global smart factory market covers the market based on component, solution.Industry, and region.
Based on component, the market has been segmented into industrial sensors, industrial 3D printers, industrial robots, machine vision systems.Based on solution, the smart factory market has been segmented into SCADA, PAM, MES, industrial safety.
Based on industry, the market has been segmented into process industry (oil & gas, chemicals, pharmaceuticals, energy & power, pulp & paper, food & beverages, metals & mining, others) and discrete industry (automotive, aerospace & defense, semiconductor and electronics, machine manufacturing, medical devices, others). The report covers four major regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report: This report segments the smart factory market comprehensively and provides the closest approximations of the overall market size, as well as that of the subsegments across different component, solution, industry, and regions. The report helps stakeholders understand the pulse of the market, expected market scenario and provides information on key market drivers, restraints, challenges, and opportunities. The report helps to understand the COVID-19 impact on the smart factory market
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