The Smart Factory Market is anticipated to soar at a stellar CAGR of 10.8% and surge from a valuation of US$ 127.2 Bn in 2022 to US$ 288.1 Bn by 2030. Witnessing stupendous growth in the recent past, smart factory projects have been performing well on the back of the rising adoption of analytics and cyber security tools. The global smart factory market value surpasses US$ 127.2 Bn in 2022. A new Future Market Insights (FMI) study has projected solid double-digit growth for the market during the forecast period, 2022 – 2030.
The worldwide coronavirus (COVID-19) pandemic has triggered a considerable downturn across industries, particularly the smart factory market. The deployment of smart technologies could be beneficial in breaking the pattern of the virus. However, the massive slowdown in the manufacturing sector, especially in Asia, has strained economic activities across various industrial domains.
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Key Takeaways of Smart Factory Market Study
- Software demand will grow at a significant CAGR throughout the forecast period.
- Among software components, distributed control systems hold a leading market share as they are widely used in factories for monitoring and controlling various processes.
- Discrete industry remains key revenue generator in smart factory market and would maintain the trend through 2030.
- Business partnerships help increase revenue, and new innovations in IT domain are enabling smart factory solution providers reach new potential customers, globally.
Industry 4.0 and Technological Advancements Boost Adoption of Smart Technologies
Advantages such as cost efficiency and enhanced productivity have led to upsurge in adoption of smart factory technologies. In addition, technological advancements have diminished the boundaries between the digital (cyber) and physical factory infrastructure. Intelligent interconnected systems seamlessly support activities along the entire value chain in factories.
Governments worldwide are promoting and supporting the Industry 4.0 revolution. Further, they are encouraging entrepreneurs and small & medium enterprises (SME) to create innovative products by using robotics, AI and big data analytics.
A comprehensive view of the smart factory market reveals that the market is escalating at a significant rate owing to growing demand for real-time analytics to deliver personalized ads.
Impact of COVID-19 on Smart Factory Industry :
The worldwide coronavirus (COVID-19) pandemic has triggered considerable downturn across industries, particularly smart factory market. Vision guided robots play an important role to support fight against the COVID-19 outbreak. Leveraging machine vision technology and robotics can be a significant solution to prevent spread of coronavirus and help people to fight against the pandemic. But the pandemic has forced lockdowns across various countries in Asia, such as China, Japan, South Korea, India, Philippines and others.
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Smart factory companies are investing in the research and development of smart manufacturing technologies that utilize industrial IoT components to maximize productivity and efficiency.
- In January 2022, Neurala, a leading vision AI software company, announced the launch of its new detection technology that is aimed at improving quality inspection at smart factories. Manufacturers are aiming to optimize their smart manufacturing lines via such innovative solutions and technologies.
Some Key Players Are :
- ABB Ltd.
- Siemens AG
- Schneider Electric SE
- Rockwell Automation Inc.
- General Electric Company
- Johnson Controls International PLC
- Yokogawa Electric Corporation
- Honeywell International Inc.
Key Segments Of Smart Factory Industry Survey
Smart Factory Market by Component :
- Smart Factory Hardware
- Smart Factory Software
- Smart Factory Services
Smart Factory Market By End User :
- Discrete Industry
- Process Industry
Smart Factory Market By Industry Vertical :
- Smart Factories for Automotive
- Smart Factories for Aerospace & Defence
- Smart Factories for Electrical & Electronics
- Smart Factories for Food & Beverages
- Smart Factories for Energy & Utilities
- Smart Factories for Healthcare & Pharmaceuticals