SEATTLE, May 11, 2020 (GLOBE NEWSWIRE) -- A smart factory is a development in automated manufacturing with the inclusion of advanced technologies. Smart factory is based on Industry 4.0, which is driving the next industrial revolution that promises to deliver adaptive, responsive, and connected manufacturing line. A smart factor includes different types of advanced technologies including artificial intelligence (AI), Big Data, Internet of Things (IoT), machine learning, etc. These factors offer better autonomy, visibility, and connectivity as compared to conventional factories. Moreover, these factors can learn and adapt in real-time and be more flexible as compared to traditional factories.
The global smart factory market accounted for US$ 116.3 Billion in value in 2019 and is expected to grow at a CAGR of 13.3% during the forecast period.
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Market Drivers
- Increasing focus on real-time data analysis, predictive maintenance, and augmented visibility is expected to support growth of the global smart factory market during the forecast period
- Growing investments by automobile companies in smart factories are expected to boost the global smart factory market growth over the forecast period
Market Opportunities
- Growing investment from the aerospace and defense industry can present major growth opportunities
- Rising adoption of smart sensors and automation systems can offer business opportunities
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Key Takeaways
- Asia Pacific region holds the dominant position in the global smart factory market and is expected to witness significant growth over the forecast period 2020-27. This is owing to increasing adoption of UAVs/drones for commercial and military applications in North America. For instance, US public safety agencies are adopting drones from the China-based drone maker. In July 2019, US public safety agencies ordered drones from China-based manufacturer DJI Technologies. Which represents a lucrative opportunity for smart factory in the region.
- Among Vertical segment, Automotive & Transportation sub segment is expected to dominate the global safety and security drones market over the forecasted period 2020-27. This is owing to the increase in the demand of the smart factory solutions in the automotive industry. For instance, instance, in November 2018, Rane Madras limited, a manufacturer of car parts, adopted automated solutions for its new plant in Gujarat of Mitsubishi Electric Corporation. Due to implementation of solutions there is significant decrease in energy consumption of plant.
- Among market structure segment fixed To connect sub segment is expected to create a lucrative opportunity for global smart factory market. This is owing to the recent developments in the iOT technology. To convert the traditional factory into smart factory the first step is to connect all the systems on the same platform. Owing to all these reasons the To connect Sub-segment is expected to drive the market during the forecast period.
Competitive Section
Major companies involved in the global smart factory market are IBM Corporation, PTC Inc., ABB Group, General Electric Co., Oracle Corporation, Siemens AG, Atos SE, SAP SE, Rockwell Automation, Inc., and Accenture plc.
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Key Developments
- Major companies in the market are involved in agreements and contracts, in order to strengthen market position. For instance, in July 2019, IBM Corporation entered into an agreement with AT&T to modernize AT&T Business Solutions’ internal software applications and enable migration to IBM Cloud.
- Key players in the market are focused on partnership and collaboration activities, in order to gain a competitive advantage in the market. For instance, in June 2018, PTC Inc. partnered with Rockwell Automation to drive innovation and boost growth of both companies.
Market Segmentation:
- By Market Structure
- To Connect
- Wired and Wireless Networking
- Wide Area Networking (WAN)
- Local Area Networking (LAN)
- Machine-to-Machine Network
- To Collect
- Sensors
- Digital Measurement Devices
- Auto Identification Hardware
- To Analyze
- Data Historian
- Reporting
- Complex Event Processing
- Predictive Algorithm
- To Control
- Actuators
- Programmable Logic Controllers
- Smart Robotics
- Additive Manufacturing Equipment
- By Component
- Hardware
- Software
- Services
- By Region
- North America
- Latin America
- APAC
- Europe
- MEA
- By Manufacturing Vertical
- Automotive & Transportation
- Food & Beverage
- Electrical and Electronics
- Aerospace & Defense
- Oil & Gas
- Garment & Textile
- Chemical & Material
- Others ( Healthcare & Pharmaceutical)
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Smart Factory Market is expected to be valued at US$ 276.12 Billion globally by end of 2027, Says CMI - GlobeNewswire
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