"Increasing Digitalization across the Manufacturing Facilities Is Driving the Smart Factory Market"
Globally, the smart factory market is expected to grow with a CAGR of 9.5% during the forecast period from 2019 to 2027. The growth of the market is driven by the increasing digitalization across the manufacturing facilities. The overall manufacturing industry is going through a phase of digital disruption over the past decade due to the increasing competition among and advancement in globalization. The market dynamics are changing and the demand for customized products are increasing. As a result, the product lifecycle is getting shorter due to greater variety of variants. This has led to shorter planning horizon and falling batch sizes. To address these challenges, the manufacturers are shifting toward advance technology solutions such as automation, robotics, additive manufacturing and Internet of Things (IoT).
These solution assist manufacturers create an intelligent and self controlled production network, which can be optimized with increased flexibility to enhance the operational performance. However, there are still some factors that are holding back the growth of the smart factories market. The data safety and security issues associated with the use of digital production and solutions are the primary factors organizations are hesitant to integrate the technology solutions. Moreover, the capital cost associated with the implementation of new technology and lack skilled professionals is also hindering the adoption among the market.
Market Synopsis
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"Aerospace & Defense Is Estimated To Grow Significantly During The Forecast Period"
The smart factory market is segmented based on the application into the automotive, aerospace & defense, food & beverages, electronics & electrical, pharmaceuticals, chemical, mining, and energy & utility sector. The aerospace & defense sector is estimated to grow at a CAGR of more than 10.2% during the forecast period. The growth of the market is driven by the rising need among the organizations to reduce the cost of operation and gain business agility. Furthermore, the increasing digitalization across the industry is also augmenting the growth of the market. On the other hand, food & beverages industry is also estimated to gain significant market share due to the rapid automation among the industry vertical.
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"Europe Is Leading the Smart Factory Market"
Europe dominated the smart factory market with over 37% share in the revenue in 2018. The market is driven by the increasing implementation of the industry 4.0 revolution in the region. The governments of European countries are investing significantly in order to escalate digitalization among the market players. Subsequently, Europe would continue leading the market through the forecast period. Further, Asia Pacific is estimated to demonstrate the highest CAGR during the forecast period.
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The prominent players in the Smart Factory market are ABB Ltd., Emerson Electric, FANUC, General Electric, Honeywell International, Mitsubishi Electric, Robert Bosch, Rockwell Automation, Schneider Electric, Siemens, and Yokogawa Electric.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The smart factory market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global Smart Factory market based on component, solution, application and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Component Segment (2017–2027; US$ Bn)
• Industrial Robots
• Machine Vision
• Industrial IoT
• Industrial Additive Manufacturing
|
|
Solution Segment (2017–2027; US$ Bn)
• Product Life Cycle Management (PLM)
• Manufacturing Execution System (MES)
• Programmable Logic Controller (PLC)
• Supervisory Control and Data Acquisition (SCADA)
• Enterprise Resource Planning (ERP)
• Distributed Control System (DCS)
• Human–Machine Interface (HMI)
• Plant Asset Management (PAM)
|
|
Application Segment (2017–2027; US$ Bn)
• Automotive
• Aerospace & Defense
• Food & Beverages
• Electronics & Electrical
• Chemical
• Pharmaceuticals
• Energy & Utility
• Mining
• Others
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of smart factory in 2018 and forecast up to 2027?
- Which is the largest regional market for smart factory solutions?
- What are the major trends followed in smart factory market across different regions?
- Who are the key companies in the smart factory market?
- What are the key strategies adopted by the leading smart factory companies in market?
Unique data points of this report
- Statistics on smart factory and spending worldwide
- Recent trends across different regions in terms of adoption of smart factory across industries
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
