Rising demand for IoT and artificial intelligence, a growing emphasis on energy efficiency, resource optimization, and cost reduction in manufacturing operations with the aid of industrial robots, are among the factors driving the growth of the market.
JERSEY CITY, N.J., July 27, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Smart Factory Market" Smart Factory Market Size By Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers), By Solution (SCADA, MES, PAM), By Industry (Process Industries, Discrete Industries), and By Geography. According to Verified Market Research, the Global Smart Factory Market was valued at USD 70.65 Billion in 2020 and is projected to reach USD 152.94 Billion by 2028, growing at a CAGR of 10.00% from 2021 to 2028.
Increased demand for industrial robots is driving market growth. Industrial robots undertake activities such as electronic and mechanical assembly, product testing, and material handling. Force sensors assist industrial robots in confirming part insertion, maintaining constant force during buffing, polishing, and deburring, gathering force data for loT testing and statistical process control (SPC), and performing a variety of other duties.
In recent years, the usage of industrial robots and automation has grown at an exponential rate in the manufacturing industry. With better production efficiency, safety, and quality assurance at the forefront of enterprises' concerns, it's not surprising that there is significant ongoing investment and adoption of robotics in manufacturing facilities all over the world.
Industrial robots can perform operations with high precision and repeatability without the need for stoppages or pauses. Because of their capacity to perform continuously without weariness, robots are highly productive and can provide producers with a quick return on investment. Robot precision also means that fewer errors are made throughout the manufacturing process, which often correlates to a reduction in waste and production. Technological advancements in sensing components such as sensors and actuators within the industrial setup are expected to increase demand during the forecast period due to their increasing self-sufficiency with reduced power consumption and integrated computing abilities.
Key Developments inSmart Factory Market
In March 2021, Stratasys launched a new 3D printer that combines the efficiency of 3D printing with the realism and precision of PolyJet. The only multi-material dental 3D printer that allows technicians to load mixed trays of dental components is the J5 DentaJet 3D printer.
In March 2021, Stratasys collaborated with Xometry to offer numerous new high-performance nylon material options to Xometry's worldwide custom manufacturing marketplace clients. Xometry's customer base, which ranges from startups to Fortune 100 corporations, may now benefit from Stratasys Direct's deep expertise and large manufacturing capacity in SLS 3D printing.
The major players in the market are 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).
Verified Market Research has segmented the Global Smart Factory Market On the basis of Component, Solution, Industry, and Geography`.
Smart Factory Market, By Component:
Industrial 3D Printers
Machine Vision Systems
Smart Factory Market, By Solution
Smart Factory Market, By Industry
Oil & Gas
Energy & Power
Metals & Mining
Pulp & Paper
Food & Beverages
Aerospace & Defense
Semiconductor & Electronics
Smart Factory Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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