Rising investment in Industrial Internet of Things (IIoT) platforms by discrete manufacturing industries such as automotive, aerospace and defence amongst others is driving the growth of smart factory market across the globe. For instance, according to studies, the total investment in the IIoT platforms by the manufacturing industry amounted to US$ 1.67 Bn in 2018. The IIoT platforms are being highly adopted across manufacturing units for inventory management, quality and production maintenance amongst others for automating factories. The increasing adoption of collaborative robots across factories to minimize human intervention is expected to influence the growth of the global smart factory market over the forecast period. Cobots across manufacturing industries have experienced an increase in demand owing to its large sale of applications across factories such as material handling, welding, assembling, dispensing, and processing, amongst others. This is accelerating the demand for the collaborative robots across both discrete and processing industries. Estimates indicate that in 2017, the sale of industrial robots experienced an increase by 30% compared to the previous year. Similarly, automotive manufacturing robots experienced a hike in sale by 14% on an average in a year during 2012 to 2017. Hence, the rapid adoption of collaborative robots across industries is expected to contribute towards the growth of smart factory market over the forecast period.
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The outbreak of the corona virus has adversely affected the manufacturing industries across the globe. The rapid spread of the virus among the global population have led to nationwide lockdown across all major economies such as United States, France, United Kingdom, Germany, India, Australia, and China amongst others. Manufacturing sites have witnessed huge losses as human presence on site is important for supervising and handling machines in the production process. Thus, in order to combat the imposing threat of losses owing to the strict social distancing norms laid down by government bodies, a marked increase in the adoption of smart factory solutions across various manufacturing industries in order to continue operations with minimum human intervention in the production site is being observed globally. Thus, the rising demand for automated equipment and solutions across factories is expected to sustain and further influence the growth of the global smart factory market over the forecast period.
In terms of revenue, global smart factory market was valued at US$ 123.80 Bn in 2019 and is anticipated to grow at a CAGR of 13.3% over the forecast period (2020 - 2028). The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
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The detailed research study provides qualitative and quantitative analysis of global smart factory market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- Power monitoring products segment is expected to register a substantial growth in the global smart factory market. This growth is attributed to the rising demand of manufacturers to reduce the cost of power consumption by closely monitoring its usage in the whole production process.
- In 2019, large organizations accounted for the highest share in the smart factory market. The rising production capacity coupled with the surge in demand for real-time analyzing of processes for downtime detection is contributing to the segment’s growth in the market.
- North America accounted for the highest share in the global smart factory market owing to the presence of established infrastructure across the region, thereby making the deployment of the solutions easier and cost effective over the years.
- Some of the players operating in the global smart factory market are ABB, Atos SE, CISCO, Cognex Corporation, Emerson Electric Co., FANUC America Corporation, Hewlett Packard Enterprise Development LP., Honeywell, IBM Corp., Johnson Controls, Mitsubishi Electric Automation, Inc., Omron Corporation, Oracle, Robert Bosch GmbH, Rockwell Automation, Inc., SAP SE, Schneider Electric, Siemens Digital Industries Software, The General Electric Company, Yokogawa India Ltd, and other market participants
Global Smart Factory Market:
- By Offering
- Hardware
- Controller
- Computerized Numerical Controllers (CNCs)
- Programmable Controllers
- Motion Controllers
- Others
- Industrial Human-Machine Interface (HMI)
- Industrial and Collaborative Robots
- Power Monitoring Products
- Others
- Software
- Services
- Design & Development Services
- Implementation Services
- Training & Consulting Services
- Others
- By Technology
- Big Data & Analytics
- Edge/Cloud Computing
- Artificial Intelligence (AI) & Machine Learning (ML)
- Industrial Internet of Things (IIoT)
- Digital Twin
- Robotics
- Others
- By Application
- Industrial Security
- Energy Management
- Predictive Maintenance
- Operations Management
- Workforce Management
- Others
- By Organization Size
- Large Organizations
- Small and Medium organizations
- By End Use Industry
- Discrete Manufacturing
- Automotive
- Consumer Products
- Aerospace and Defence
- Medical Devices
- Pulp and Paper
- Metal
- Others
- Process Industries
- Food and Beverage
- Oil and Gas
- Pharmaceutical
- Chemical
- Energy, Power and Utilities
- Others
- Discrete Manufacturing
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Argentina
- Brazil
- Rest of Latin America
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