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.
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Browse in-depth TOC on "Smart Factory Market" 255 – Tables
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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.
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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).
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