Smart Factory Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Smart Factory Market 
Industry / Sector Trends

Smart Factory Market size crossed USD 75 billion in 2018 and will grow at a CAGR of over 10% from 2019 to 2025.

The evolution of Industry 4.0 trend and the integration of several digital technologies including IoT, AI, etc. with various supply chains globally will drive the smart factory market development. Due to the advanced operations technology, industries are adopting the digitized supply chain management options. These intelligent technologies will enhance production quality and asset efficiency, eliminating human & machine errors. Additionally, the increasing popularity of intelligent manufacturing techniques to enhance productivity across various industry verticals is driving the smart factory market growth. The robust automotive & electronics manufacturing sector in the Asian countries and high focus on the integration of automated technologies owing to supportive government policies will create several industry growth opportunities. For instance, the Government of India launched the ˜Make in India initiative that supports the development of factories and manufacturing sector in the country by promoting Industry 4.0 and automation technologies.

A major factor hampering the market is data & security-related issues, which occur due to a high reliance on technology & data integrations. Intelligent manufacturing and supply chain systems are connected with data capabilities, which may be targeted for various cyber-attacks. As a result, cybersecurity and data protection is an issue in these intelligent production units. Moreover, the integration of various smart technologies such as PLM, ERP, etc. in conventional factories poses a challenge for manufacturers.

Market Segmentation, Outlook & Regional Insights: Smart Factory Market

Smart Factory Market, By Component

China smart factory market, by industrial robot, 2018 (USD Million)

In the smart factory market, industrial robots are expected to grow at over 10% CAGR from 2019 to 2025. The industrial robots are gaining high popularity due to benefits over conventional human laborers. These robots are utilized in modern factories to eliminate the requirement of humans for several basic & complex tasks and increase operational efficiency & productivity. Moreover, the high focus of industrial participants on saving the worker training & maintenance costs is supporting the replacement of workers with industrial robots. The increasing labor costs in the North American and European countries are creating high consumption of these robots, developing the market. Articulated robots are majorly used in the intelligent production & supply chain units to support several tasks including welding, palletizing, pick up, assembly, etc. The flexibility and faster working features of articulated models support their usage in various industrial applications, allowing human laborers to focus on other competent tasks.

Product Lifecycle Management (PLM) technology is developing rapidly in the market due to its high demand in the production & manufacturing sector globally. The technology reduces compliance risk and material & production cost as it aids enterprises in product recalls, enhance productivity, etc. PLM software reduces administrative overhead expenses and increases sales revenue by efficiently managing the product lifecycle. Moreover, the rising focus on controlling production quality through digitized options is adding up to the demand for PLM in the market. PLM technology users are experiencing revenue growth due to cost control & reduction features. The software allows product teams present at different locations to work together for product designs and project completion, which aid in saving huge operational costs.

Smart Factory Market, By Application

Food & beverage applications in the smart factory market are gaining popularity owing to productivity and cost-saving benefits associated with the industry offerings. Due to the advancements in electronics production and machines with data integrations, the production of food products has gained efficiency. Industry 4.0 solutions aided food manufacturers to provide fresh and ready to cook products depending on the increasing consumer demand. The transformation of traditional food & beverage factories into digital units improves production & operational management due to faster decision-making processes and cost-cutting solutions. The digital scheduling solutions aid in determining ideal operational parameters and managing employee allocation for various tasks, driving the market growth

Smart Factory Industry, By Region

Europe smart factory market, by region, 2025 (USD Million)

The North America smart factory market was valued at around USD 13 billion in 2018 and is growing at a rapid pace owing to the adoption of intelligent manufacturing & supply chain technologies across various industries. The U.S. witnessed a high demand for technically advanced production systems, reducing employee involvement and saving huge labor costs. The industrial sector in North America is witnessing high adoption of automated & robotic systems for performing various operational tasks at manufacturing & warehouse facilities to gain productivity. The automotive manufacturing companies such as BMW, Audi, etc. are investing huge amounts in factory automation operations to reduce production cycles and save costs.

Key Players, Recent Developments & Sector Viewpoints: Smart Factory Market

The prominent players operating in the smart factory market include General Electric, Honeywell International Inc., ABB, Emerson Electric, Robert Bosch GmbH, Schneider Electric, Rockwell Automation, Siemens, etc. These companies are involved in partnership & collaboration strategies for developing highly advanced and automated technologies that support intelligent manufacturing trends. The players in the market are also investing huge amounts for the development of IoT-based solutions that will aid manufacturers in gaining high efficiency and productivity. For instance, in June 2018, Rockwell Automation announced its strategic partnership with PTC Inc. for aligning its smart factory technologies. The companies are developing an integrated information solution that will increase customers plant efficiency and reduce operational risk. Under this agreement, Rockwell Automation is investing USD 1 billion in PTC Inc.

Industry Viewpoint

The smart factory industry is fragmented due to the presence of several major companies providing various hardware, software, and service components related to factory automation. The industry includes several players operating at the global level and partnering with other technology providers to develop specific industrial solutions. Moreover, due to the demand for automated options at production sites, the market companies are developing highly efficient industrial automation solutions. The industry is witnessing huge investments from government and private companies for promoting the utilization of Industry 4.0 technologies that aid manufacturers in gaining productivity benefits

Key Insights Covered: Exhaustive Smart Factory Market

1. Market size (sales, revenue and growth rate) of Smart Factory industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Smart Factory industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Smart Factory industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Smart Factory industry.

Research Methodology: Smart Factory Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.