BANGALORE, India, Oct. 31, 2022 /PRNewswire/ -- Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Smart Factory market is projected to reach USD 131740 million by 2028 from an estimated USD 71200 million in 2022, at a CAGR of 10.8% during 2023 and 2028. Global Opportunity Analysis and Industry Forecast, 2023 - 2028. It is published in Valuates Reports under the Industrial Materials & Equipment Category.
Major Factors Driving The Growth of The Smart Factory Market are
The smart factory market is being driven by the industrial sector's growing adoption of Industry 4.0. It is projected that the latest technical development and digital trends, including industrial IoT, 5G, etc., will accelerate the development of smart factories around the world.
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TRENDS INFLUENCING THE GROWTH OF SMART FACTORY MARKET
The rising Adoption of Industry 4.0 is expected to drive the growth of the Smart Factory market. The Internet of Things (IoT), cloud computing, analytics, AI, and machine learning are among the cutting-edge technology that manufacturers are incorporating into their manufacturing processes. Advanced sensors, embedded software, and robotics are all featured in these smart factories, which collect and analyze data to help with decision-making. When operational data from ERP, supply chain, customer service, and other corporate systems is linked with data from production processes, even greater value from previously segregated information is produced. Smart factories with IoT technology have higher production and better quality. Manufacturing errors are decreased, and money and time are saved when manual inspection business models are replaced with AI-powered visual insights.
All the sectors and components involved in the Smart Factory market were impacted by or shut down during the COVID-19 epidemic. Global supply chains and operational logistics were suddenly impacted during the initial global shutdown. The market began to concentrate more on producing the essential goods needed to survive the pandemic as the demand for non-essential goods declined. Nevertheless, the Smart Factory market expanded during the epidemic because businesses needed to deliver goods and services fast and safely. The market expanded as a direct result of demand, as well as government financial and technical support, during this historic event.
The Automotive Industry is expected to further drive the growth of the Smart Factories market. The automotive industry has been undergoing some significant changes, with electric vehicles now taking center stage as opposed to IC engines. To cut operating costs and improve output, automakers are investing in the development of smart manufacturing and automation.
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SMART FACTORY MARKET SHARE ANALYSIS
North America is the largest market, with a share of about 25%, followed by China, and Europe, both having a share of about 45 percent. The presence of significant corporations and the quick development of cloud manufacturing technologies and smart manufacturing solutions are driving the adoption of smart factories in the North American region.
With a market share of about 45%, Process Manufacturing is the largest product-related segment.
In terms of application, oil and gas come in first, followed by transportation and automobiles, chemicals and materials, food and beverage, etc.
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By Type
- Process Manufacturing
- Discrete Manufacturing
- Others
By Application
- Automobile and transportation
- Food and beverage
- Electrical and electronics
- Chemical and material
- Oil and Gas
- Others
Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Siemens AG
- ABB Ltd.
- Honeywell International, Inc.
- Yokogawa Electric Corp.
- General Electric Company
- Emerson Electric Company
- Schneider Electric
- Atos SE
- Rockwell Automation Inc.
- Robert Bosch GmbH
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