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Smart Factory Market worth $140.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

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MarketsandMarkets

05 Oct, 2022, 13:30 GMT

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CHICAGO, Oct. 5, 2022 /PRNewswire/ -- Smart Factory Market size is estimated to be USD 86.2 billion in 2022 and is projected to reach USD 140.9 billion by 2027, at a CAGR of 10.3%, according to a new report by MarketsandMarkets™. Increasing adoption of IoT (Internet of things) and artificial intelligence and increase in use of industrial robots in factories are major factors driving the growth of the smart factory market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1227

Browse in-depth TOC on "Smart Factory Market" 255 – Tables
63 – Figures
293 – Pages

Industrial sensor segment held the largest share during the review period

The industrial sensors segment is expected to hold the largest share of the smart factory market. Smart factories enable connectivity throughout manufacturing operations by deploying sensors. This factor can help establish a better flow of communication and information throughout a manufacturing facility. Modern manufacturing operations include an interconnected network of machines equipped with an extensive array of sensor technologies. Smart transducer (transducers comprise sensors and actuators) technology allows a two-level design approach that helps reduce the complexity of a system caused by issues between application designers and manufacturers. Installing smart sensors in production equipment or warehouse systems can improve efficiency and accuracy.

MES held the largest share of the solution segment in the year 2021

There is a growing need to centralize the business data in enterprises and track multi-plant operations with the help of real-time data analysis; these requirements can be fulfilled using MES, thus driving its growth. This demand for MES is expected to grow, even among SMEs, due to the availability of cost-efficient MES solutions for various process and discrete industries. MES solutions help optimize production costs by eliminating waste, downtime, rework, and defects in the products manufactured.

Mining & Metals held the largest market share of the process industry segment in the year 2021

The mining and metals industries must ensure supply cost containment, supply chain visibility, and risk management while considering the increasing customer demands and globalization. To stay competitive, many companies are adopting automation solutions to increase productivity and reduce operating costs while improving safety. Every metal manufacturer and mining company aims to reduce scrap and downtime while increasing yield. The implementation of smart manufacturing solutions in the mining industry would help the industry better manage processes and increase productivity.

Automotive segment to dominate the smart factory market in the year 2021

Advancements in automotive manufacturing and severe competition in the global market force automotive manufacturers to invest strategically in their manufacturing infrastructure to gain the highest production output with minimal wastage. Thus, automotive manufacturers are investing significantly in implementing smart factory solutions in their plants. Many automotive giants are investing significantly to transform their manufacturing facilities into smart factories to optimize the production.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1227

Asia Pacific held the largest share in 2021 and is projected to grow at the highest growth rate during the review period

The increasing number of automation activities in process and discrete industries is one of the major factors driving the growth of the smart factory market in the Asia Pacific. In addition, countries such as China, Japan, South Korea, and India are contributing to the growth of the smart factory market in the region. These countries account for considerable market size and hold significant potential for the development of the smart factory market in the Asia Pacific. The Asia Pacific is preferred as a manufacturing destination, and manufacturers such as Volkswagen (Germany), Toyota (Japan), Renault-Nissan (Netherlands), Daimler (Germany), Tata Motors (India), and Hyundai Motors (South Korea) are investing heavily in smart factory solutions in regional facilities.

Major companies operating in the smart factory market include ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric Company (US), Rockwell Automation Inc, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1227 

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports & Consulting

Related Reports:

Digital Twin Market by Enterprise, Application (Predictive Maintenance, Business optimization), Industry (Aerospace, Automotive & Transportation, Healthcare, Infrastructure, Energy & Utilities) and Geography - Global Forecast to 2027.

Artificial Intelligence in Manufacturing Market by Offering (Hardware, Software, and Services), Industry, Application, Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision), & Region (2022-2027).

Industrial IoT Market by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography (2021-2026).

Industrial Control & Factory Automation Market by Component, Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Industry (Process Industry and Discrete Industry) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2027.

Smart Manufacturing Market by Information Technology, Enabling Technology, Industry (Process and Discrete) and Geography (North America, Europe, Asia Pacific, Rest of World) (2021-2027).

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/smart-factory-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/smart-factory.asp

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