The smart factory market is predicted to grow from USD 140.7 billion in 2023 to USD 388.7 billion by 2033. This market is expected to grow at a phenomenal CAGR of 10.7% over the forecast period.
Smart factories have grown in popularity in recent years, owing to the greater acceptance of intelligence technology across a wide range of industries. During the forecast period, the manufacturing sector’s increased usage of technology is expected to boost the market for smart factories.
Furthermore, increased industrial robot usage and the development of the Internet of Things are likely to drive market growth. The introduction of Industry 4.0 and the use of intelligent gadgets to perform repetitive and arduous operations would improve the market’s development prospects for smart factories.
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The Internet of Things (IoT), machine learning (ML), artificial intelligence (AI), and other technologies will all help to accelerate the growth of the smart factory sector. Collaborations and research and development initiatives will help to accelerate the market growth for smart factories in such advancements.
Several firms provide industrial automation solutions for various processes and industries. The use of high-tech equipment and tools has expanded, showing both production and technological progress.
An environmentally friendly, energy-efficient, and smart factory aids in increasing output efficiency. As a result, the related benefits are expected to motivate enterprises to embrace smart manufacturing approaches throughout the forecast period.
Over the forecast period, North America is expected to lead the smart factory market. This increase can be attributed to an increase in government initiatives to create IoT technologies. Furthermore, in countries such as the United States and Canada, there is a growing emphasis on increasing manufacturing production.
KEY TAKEAWAYS
- The market for smart factories in the United States is anticipated to grow at a CAGR of 11.8% through 2033.
- With a CAGR of 10.7%, the United Kingdom smart factory market is expected to grow significantly during the forecast period.
- With a CAGR of 8.8% throughout the research period, Japan is predicted to grow rapidly in the market for smart factories by 2033.
- The smart factory market in China is expected to grow at a CAGR of 8.6% over the forecast period.
- With a CAGR of 10.4% throughout the research period, the market for smart factories in South Korea is anticipated to increase speedily.
- The software category of the smart factory market’s component segment is predicted to develop at a CAGR of 10.6% through 2033.
- In the market for smart factories, the discrete industry section of the end-user category is estimated to showcase a CAGR of 10.6% over the forecast period.
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COMPETITIVE LANDSCAPE
Key companies in the smart factory market are ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., General Electric Company, Johnson Controls International PLC, Yokogawa Electric Corporation, Honeywell International Inc., SAP SE, Oracle Corporation, IBM Corporation, Cisco Systems Inc., Microsoft Corporation, Kollmorgen and others.
These companies have used a few techniques to improve their market share in the smart factory sector. To increase their clientele and revenue, they have used both organic and inorganic development techniques, including new product releases, acquisitions, corporate expansions, and partnerships.
RECENT DEVELOPMENT
- In March 2022, the industrial control platform Movicon.NExT 4.1.33 has been updated by Emerson Electric Company with MT Connect. It has the potential to boost productivity while reducing downtime and improving efficiency.
- In October 2020, together with Microsoft, Rockwell Automation created market-ready, integrated solutions that support industrial clients in becoming more digitally agile. The two companies will work together for five years to create cutting-edge edge-to-cloud solutions that combine data from the development, operations, and maintenance teams through a single trusted data environment.
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Key Segments Of Smart Factory Industry Survey
Smart Factory Market By Component:
- Smart Factory Hardware
- Sensors
- Industrial Robots
- Machine Vision Systems
- Industrial 3D Printing
- Smart Factory Software
- Human Machine Interface
- Product Life Cycle Management
- Distributed Control System
- SCADA
- ERP
- Others
- Smart Factory Services
- Integration & Deployment
- Consulting
- Support & Maintenance
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
- Others
Smart Factory Market By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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