Smart Factory Market 2018 Revenue, Status and Prospect Analysis by 2024
Smart Factory Market size is witnessing a substantial growth, with increasing demand for smart production technology, includes quality & productivity and zero defect. Advanced technology comprises industrial value chain functions which includes production planning & execution, product design and services.
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Growing demand for efficient and energy saving production process is likely to fuel the smart factory market demand. The advanced factories provide complete automation solutions for production facilities to streamline the flow of materials without wasting any time by connecting machine to machine communication.
Increasing adoption of industrial robots, digital transformation and development of internet services by manufacturers are the major factors which will propel the smart factory market growth in future. Industrial evolutions in the technology enhancements has resulted in upgraded production facility in terms of efficiency couple with minimum waste & defects.
In manufacturing process, industrial robot is a disruptive technology and is anticipated to bring a revolution in smart factory market. Implementation of industrial robotics has led to advanced production processes which can improve the productivity, reduce the human errors and increase the production volume.
Strong automotive outlook coupled with upsurge in manufacturing of auto parts and is expected to hold the largest market share of smart factory market in future. Efficient and upgraded production plays a significant role in the production and development of quality automotive components. Moreover, adoption of advancement in technology in the oil and gas industry is anticipated to be highest owing to extensive need for reliability and safety in oil & gas manufacturing plants in order to enhance the overall efficiency and minimizing the operating cost.
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Expansion of packaging, transportation, pharmaceuticals and chemical industries is likely to propel the smart factory market owing to its immense use in this segment for enhancing the productivity without any wastage of time and material. Technology and automotive in product manufacturing makes the usage of several devices including motors, switches, sensors and technologies in radio frequency identification, manufacturing execution system programmable logic control and others are designed in order to meet the requirement of manufacturing units.
Lack of standardization and interoperability coupled with unavailability of efficient & trained workers are the key restraining factors for global smart factory market growth in upcoming years. Threats of cyber security and associated cost is hampering the product manufacturing market in weapons, armaments and nuclear industries.
North America, led by U.S. holds the major share of smart factory market. Presence of leading players and multinational companies will further augment the demand. Increasing research & development in internet of things (IOT) for improved and modern technology are major factors driving the product demand in this region.
Asia Pacific, is foreseen to be largest in smart factory market during the predicted timeframe owing to high investments in development of processing sectors along with favorable government regulations and availability of raw materials. Growth in pharmaceuticals and IT industry is likely to fuel the smart factory market demand in this region. For an instance, In April 2015, South Korea government has invested around USD 12 million in order to promote the product concept in this region.
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Large presence of automotive manufacturing units and high investments by leading companies are the key factors driving demand in the Europe region. Enhancing the production output along with quality products will further augment the demand in forecasted time period.
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