Global Smart Factory Market Report 2022: Market to Reach $214.2 Billion by 2026 - Intelligent, Digitized & Automated Smart Factories to Transform the Manufacturing Industry
Dublin, Oct. 07, 2022 (GLOBE NEWSWIRE) -- The "Smart Factory - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Smart Factory Market to Reach $214.2 Billion by 2026
The global market for Smart Factory estimated at US$152.2 Billion in the year 2022, is projected to reach a revised size of US$214.2 Billion by 2026, growing at a CAGR of 7.4% over the analysis period.
`Smart Factory` or `Smart Manufacturing` or the `Factory of the Future` is a concept that envisages creation of intelligent factories, where the traditional disparate manufacturing processes are linked to generate intelligent data.
Growth in the global market is set to be driven by increasing investments in automation systems and advances in manufacturing technologies to achieve mass production and push overall efficiency and productivity. Enterprises in the industrial sector are implementing industrial robots, the Internet of Things (IoT), and connected devices for increased visibility, real-time data analysis and predictive maintenance.
In addition, increasing demand for automated manufacturing platforms in industries like manufacturing, automotive, chemical and medical devices is expected to propel market prospects. The COVID-19 pandemic has created a pressing need for manufacturing factories to ensure worker safety while maintaining their operations. The crisis is fueling the adoption of vision-guided robots for reducing the risk of infection to workers. The scenario is expected to prompt various factories to implement automated solutions and robotics for safeguarding their employees from the infection risk.
Control Equipment & Software, one of the segments analyzed in the report, is projected to record a 7.5% CAGR and reach US$99.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Reporting & Analysis Software segment is readjusted to a revised 8.7% CAGR for the next 7-year period.
MARKET TRENDS & DRIVERS
Pivotal Role of Smart Factory Solutions in the Evolution of the Digitized Intelligent Factories of the Future
Intelligent, Digitized & Automated Smart Factories to Transform the Manufacturing Industry
Digital Factory Technologies for Improved Manufacturing Cell Design and Robotic Automation
Intelligent Factories Provide Manufacturers New Business Opportunities
Intelligent Factory Positively Impact Changes in Workforce Deployment
Industrial IoT Enables Transition to Intelligent Factories
Discrete Manufacturers Experiment with IoT Implementations
IoT Set to Revolutionize the Supply Chain
Essential IoT-based Digital Initiatives for Successful Transition of Manufacturers to Industry 4.0
Emphasis on Gaining Competitive Edge Steers IIoT Adoption
Machine Monitoring: The Most Common Way to Implement IIoT in Machine Shops
Real-time Simulations: A Promising Technology Connecting Human, Machine, and Products in Smart Manufacturing
M2M Communication: Essential for Seamless Connectivity between Multiple IoT Devices
Need to Upgrade Existing Factories Offers Huge Untapped Market Growth Potential
Aging Workforce & Shortage of Skilled Labor Aggravates the Woes of Old Factories
Digital Talent: Need of the Hour for Digital Transition of Industrial Processes
The Promise of Smart Factory in Ensuring Supply Chain Resilience Widens the Business Case
AI for the 'Smart' Factor in Future Manufacturing Facilities
Steady Adoption of Sophisticated Connectivity Solutions Lends Traction to Market Growth
Mobile Technologies Enable Real-time Data Capture & Access for Creating Connected Production Environment
Growing Use of Mobile Devices & Mobile Apps in Manufacturing Environments
Overhaul of Existing Network Technologies: Essential for Industry 4.0
5G: A Network Technology with Enormous Potential to Drive Adoption of Industry 4.0
Big Data and Cloud Computing: The New ICT Frontiers for Industry 4.0 Implementations
Analytics: Critical for Making Sense of Data Deluge Resulting from the Transition to Smart Manufacturing
Using Data for Enhanced Decision Making
Smart Manufacturing: Major Application Area for Big Data Enabled Market
Manufacturing-as-a-Service: An Apt Answer to the Growing Needs for Mass Customization
Rising Need to Integrate Physical, Networking and Computation Processes Drive Demand for Cyber-Physical Systems
Machine Tools: Promising Cyber Physical Systems
Decentralized Model and BlockChain Enhances Continuous, Rapid Manufacturing
Augmented Reality: Facilitating Industry 4.0 in a Fast, Interactive, and Reliable Way
Industry 4.0 to Create Need for Mobile AR in Manufacturing Sector
Enterprise Mobility, BYOD and CYOD to Drive Adoption of Mobile AR and Smart Wearables in Production Plants
First-Person View (FPV) Communications Significantly Reduce Personnel Overheads
Inspection, Maintenance & Repair of Production Floor Machinery: The 'Hands-Free View' Attribute of Smart AR Glasses
The Vital Nature of Automated Material Handling in Industry 4.0 Spurs Market Demand
Autonomous Vehicles: The Future of Material Handling Automation
Self-Driving Vehicles to Transform Logistics Marketplace
Advanced Robotics Impacts Automated Material Handling Equipment
MES/MOM Systems: A Competing or Complimentary Technology to Smart Manufacturing?
Manufacturing Execution System (MES): A Vital Cog in the Digitized Manufacturing Industry
Supervisory Control and Data Acquisition (SCADA): The Backbone of the Smart Manufacturing Industry
Complexity of Modern Industrial Processes Provides a Business Case for SCADA
Smart & Intelligent Sensors: Basic Building Blocks of Smart Factory
Sensor Manufacturers Enhance Capabilities to Meet Turnkey Solutions Demand of Manufacturers
Myriad Benefits of Robots in Various Processes and Applications to Make the Fourth Industrial Revolution a Reality
Growing Installations of Robots across Industrialized Countries Boost Market Prospects
Growing Automation Rapidly Change Manufacturing Sector Landscape
3D Printing Revolutionizes Manufacturing with Improved Productivity & Competitiveness, Bodes Well for the Market
How 3D Printing Gains Over Commercial Manufacturing
Additive Manufacturing (AM): Applications Timeline
Loss of Employment Opportunities
Solutions to Resolve Technical Challenges Facing Establishment of Smart Factories
End-Use Application Sectors: Trends & Drivers
Ushering the Era of Smart Automotive Factories
Automotive OEMs Spearhead Smart Factory Initiatives
Auto Industry: Pioneering Smart Factory Solutions Adoption
Automotive Production Moves towards Energy Efficiency through Industry 4.0 Solutions
Anticipated Resurgence in Demand Will Continue to Shape Market Interest in the Oil & Gas Sector
Industry 4.0 Presents Attractive Opportunity for the Industrial Equipment Sector
Relevance in Aerospace & Defense Applications
Adoption of Industry 4.0 Inevitable for Food & Beverage Manufacturers for Driving Efficiencies
Beer Brewing Industry: Another Important Industry Set to Adopt Industry 4.0
Digitization in Beer Brewing Industry
Innovations and Advancements
Autonomous Robots: Powering the Factory of the Future
Collaborative Robots to Work Hand-in-Glove with Humans in Smart Factories
Digital Twin: The Next-Gen Manufacturing Software for Industry 4.0
Edge Computing Seeks Role in Smart Factory
Exosuits: Safety Standard for Workers in Dangerous Factory Jobs
Siemens' Totally Integrated Automation (TIA) & Digital Enterprise Platform
GE's Transformational Real-time Operational Intelligence
FlexSim Simulation Technology
genua's Cyber-Diode for Improved IT Security in Smart Factory Environments
Baxter Robot: The Worker's Friend
HARTING's Solutions for Integrated Industry
SmartFactoryOWL: An Integrated System for Needs-Oriented Assembly Operations
Asseco's APplus ERP II Solutions for SMEs
BOGE airstatus Remote Diagnostics Tool
Huawei's Smart and Connected Industrial Network Solution
Flexible Conveyor Matrix Enables Networked & Cognitive Production
M&M Cloud-based Service Platform Aids Continual Condition Monitoring
ORBIS MPS for Transparency of Processes in Production & Intralogistics Areas
Programmable Automation Controller (PAC): Combining PLC Features with Real-Time Motion Control
Schaeffler Develops New Torque Sensor Technology
SICK IO-Link Sensors Provide Better Capabilities to Packaging Machines
Trebing + Himstedt Develop Self-Organized Capacity Management System
Openmatics Develops ZF Logistics Tag based on BLE Technology
Notable AR Innovations in Digital Manufacturing
Noteworthy Adoptions and Implementations
Audi's Smart Factory
Nokia Digital Factory to Leverage 5G and Cobots for Complete Automation
Foxconn Uses CNC Machines
BMW Group Implements Industry 4.0
FirstBuild's Internet-enabled Refrigerator with 3D-Printed Accessories
Weidmuller Chooses Smart Technology for Regulating Fluctuations in Production
ARBURG Employs Industrie 4.0 for Production of Individualized Products
Bosch Rexroth Adopts Industrie 4.0 Concepts
ebm-papst Benefits from Digitalization of Production Processes
Siemens & Festo Collaborate for Innovative Multi-Carrier-System
KUKA's Robot Provides Flexibility to Siemens Lead Factory for Electric Motors
Sigma Air Manager 2 Master Controller Enables Intelligent Use of Compressed Air
KSB's Digital Pump Solutions: Improving Production Functions & Services
Schwering & Hasse Uses proALPHA Software for Automated Analysis of Production Data
Eickhoff Wind Power Implements PROXIA Software for Seamless Production Monitoring
Other Noteworthy Smart Factory/Industry 4.0 Adoptions & Implementations
Industry 4.0 Enabling Technologies Adoption by 20 Global Players in a Nutshell: Company Name, Enabling Technology, and Industry 4.0 Initiative
FOCUS ON SELECT PLAYERS (Total 209 Featured):
ABB Ltd.
Accenture Plc
Atos SE
ATS International B.V.
Autodesk Inc.
Bosch.IO GmbH
CENIT AG
Cisco Systems, Inc.
Dassault Systemes
Emerson Electric Co.
FANUC Corporation
Fraunhofer IAO
General Electric Company
Honeywell International Inc.
Huawei Technologies Co., Ltd.
IBM Corporation
Infosys Ltd.
Intel Corporation
Johnson Controls International Plc
Keyence Corporation
KUKA AG
Microsoft Corporation
Mitsubishi Electric Corporation
OMRON Corporation Industrial Automation Company
Oracle Corporation
PTC, Inc.
Rockwell Automation, Inc.
SAP SE
Schneider Electric SE
Siemens AG
Siemens EDA
Telefonaktiebolaget L. M. Ericsson
Wipro Limited
WITTENSTEIN SE
YASKAWA Electric Corp.
Yaskawa Motoman
Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/vd0o6e
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