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DUBLIN--(BUSINESS WIRE)--Dec 5, 2022--
The "Global Smart Factory Market by Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, PAM, MES, Industrial Safety), Industry (Process Industry, Discrete Industry) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global smart factory market size is estimated to be USD 86.2 billion in 2022 and is projected to reach USD 140.9 billion by 2027, at a CAGR of 10.3%
The key factors driving the growth of the smart factory market are the growing adoption of Industry 4.0 across process and discrete industries and growing necessity for predictive maintenance and real-time data analysis. Smart factory is a highly digitalized and connected production system.
It can self-optimize performance across a broader network, self-adapt to changing production conditions and requirements in real time, and autonomously run the entire production system. The main advantage of a smart factory is its ability to evolve with the changing needs of the organization.
Industrial 3D printers is expected to grow at the highest CAGR during the forecast period
The industrial 3D printers segment is expected to grow at the highest CAGR during the forecast period. 3D printing makes the fabrication of intricate shapes easier. This technology alters the tedious process of brazing and welding different components of an object to form a final object.
It helps transform the traditional manufacturing process and drives the smart factory market. Industrial 3D printing is used for constructing three-dimensional solid objects. Also known as additive manufacturing, it is used in a variety of applications such as tooling, robots manufacturing, and special machinery manufacturing, among others.
MES segment is projected to grow at the highest growth rate and held largest market share of the market in 2021
MES enables cost savings, improvements in operations, and delivery of high-performance production assets across the supply chain of industries for local manufacturers. Demand for MES across different industries is expected to increase with quantifiable improvements in production and efficiency.
In addition, potential improvements in supplier and inventory management are also expected to attract most industries to implement MES in their manufacturing units. MES enables cost savings, improved operations, and high performance of production assets across the supply chain for manufacturers.
Oil & gas held the largest market share in the year 2021
Several oil and gas companies are establishing their drilling operations in remote offshore locations. The focus on safety and efficiency is driving the need for smart factory solutions in the industry. IoT device in smart factory solutions of the oil & gas industry can complete those vital operations with less difficulty. Due to the installation of smart factory solutions, employee safety has increased in the oil & gas industry.
According to Forbes, the fatality rate among the workers in the oil & gas industry is steadily decreasing with various smart technologies taking charge. Key producers in the oil & gas industry are focused on digitalizing their plants to enhance process visibility, ensuring safety, improving production, increasing efficiency, and reducing operational costs.
Medical devices to grow at the highest CAGR during the forecast period
The medical devices industry has been evolving significantly over the past few years due to rapid technological advancements, intensive R&D activities, and investments in the sector. Medical devices are becoming smaller, less invasive, more efficient, and a part of the digital age; therefore, manufacturing methods have developed to meet the demand.
Manufacturers are adopting automated production processes and 3D printing & prototyping in manufacturing facilities. Thus, manufacturers operating in this industry are very optimistic about adopting innovative solutions to enhance their manufacturing process and operational efficiency. Market players are also developing innovative solutions for the medical devices industry.
Asia Pacific is projected to grow at the highest growth rate during the forecast period
Asia Pacific is preferred as a manufacturing destination, and manufacturers such as Volkswagen (Germany), Toyota (Japan), Renault-Nissan (Netherlands), Daimler (Germany), Tata Motors (India), and Hyundai Motors (South Korea) are investing heavily in smart factory solutions in regional facilities.
The governments of Asia Pacific countries have encouraged various IoT initiatives, such as the Smart Nation Singapore Initiative, Made in China 2025, Innovation in Manufacturing 3.0 of South Korea, Productivity 4.0 Program of Taiwan, and Industrial Value Chain Initiative of Japan. These initiatives are expected to boost the Asia Pacific smart factory market.
Competitive landscape
Major players operating in the smart factory market include ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric Company (US), Rockwell Automation Inc, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan).
Summary Findings
Premium Insights
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Value Chain Analysis
Technology Analysis
Case Study Analysis
Company Profiles
Key Players
Other Key Players
Other Small- and Medium-Sized Players
For more information about this report visit https://www.researchandmarkets.com/r/sopvqj
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/05/2022 11:41 AM/DISC: 12/05/2022 11:41 AM
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