Future Market Insights (FMI) has recently published a report titled “Smart Factory Market – Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028.” The fourth industrial revolution has begun. Information technologies, communicative sensors, Industrial Internet of Things (IIoT), simulation software tools, information-processing software, management software and the highest-performing machines are gradually making factories agile, efficient and competitive. The Industry 4.0 revolution has brought a new wave of connected manufacturing and smart factories. Industry 4.0 is a current digital trend in the manufacturing industry that involves a combination of cyber-physical systems, automation and the IoT, which together create a smart factory.
The global smart factory market is expected to grow at a CAGR of 13.2% during the forecast period. The smart factory market was valued at US$ 90,245.0 Mn in 2017, and is projected to grow significantly to reach US$ 339,305.9 Mn by 2028 due to the increasing adoption of industrial robots, digital transformation and the development of Internet services.
In this report, FMI has segmented the global smart factory market on the basis of market structure, manufacturing vertical, component and region. By market structure, the smart factory market is sub-segmented into to connect, to control, to analyse and to collect. The increasing penetration of IIoT devices in various industry verticals is encouraging factories to integrate a larger number of IIoT devices. Owing to this factor, the collect sub-segment of the global smart factory market is projected to register a 38.6% market share at the end of 2018. In addition, due to the rising adaptation of digital technologies and automation systems, the analyse sub-segment is estimated to register a high CAGR of 14.6% during the forecast period.
Based on manufacturing vertical, the smart factory market is sub-segmented into automotive & transportation, food & beverages, electrical & electronics, aerospace & defense, oil & gas, garments & textile, chemical & material and others. Due to increasing demand from automotive OEMs, the automotive & transportation sub-segment is expected to register a high CAGR of 12.9% during the forecast period in the global smart factory market. In recent years, the chemical & material industry is expected to witness the deployment of advanced technologies. With these advancements, the chemical & material industry sub-segment is projected to create potential growth in the smart factory market. In the recent past, it has been observed that established companies as well as growing companies have started investing on process automation. In addition, it has been observed that companies from various sectors are investing significantly on process automation and smart manufacturing. These factors are expected to boost the global smart factory market in near future.
Furthermore, to sustain in this highly competitive environment, global and regional automotive companies are moving towards smart manufacturing and adopting automated manufacturing processes. Worldwide, the automotive industry is the largest adopter of smart factories. The automotive industry is making huge investments and setting higher targets for its digital manufacturing operations than any other sector. Thus, the automotive industry is creating potential growth opportunities for the smart factory market.
Furthermore, on the basis of geography, North America is expected to dominate in the global smart factory market due to the advent of next-generation technological advancements in the U.S. and Canada. The smart factory market has high potential in China owing to major technological advancements in the country. China is now the most connected country in the world. In recent years, the smart factory market in China has witnessed a significant growth. The SEA and Others of APAC smart factory market will be a target market for market participants because governments in the region are promoting and supporting the Industry 4.0 revolution. Latin America is estimated to grow with a moderate CAGR over the forecast period. Furthermore, Japan is projected to exhibit a double digit-growth rate during the forecast period.
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According to FMI analysis, long-term contracts with business partners help increase revenue and new innovation strategies enable smart factory vendors to reach new growth markets. Some of the market participants featured in the global smart factory market report are ABB (ASEA BROWN BOVERI) Group, Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Honeywell International, Inc., General Electric Company, Johnson Controls International PLC, Yokogawa Electric Corporation, Robert Bosch GmbH, Oracle Corporation, SAP SE, IBM Corporation, Emerson Electric Company, Cisco Systems, Inc. and Wipro Limited.