Press release
Smart Factory Market to Reflect Steady Growth Rate by 2021
One of the major factors driving the growth of smart factory market is the increasing need for improving efficiency and energy saving in the manufacturing process. Automation has enabled manufacturing units to utilize every second of production time through efficient streamlining of the manufacturing process. Technological advancements such as machine to machine communication enable smart factories to eliminate wastage of time caused due to the delay in the process change. Moreover, with rise of Internet of Things (IoT) and services, integration of manufacturing and engineering processes has experienced a tremendous leap forward.
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However, the growth of smart factory market faces a few restraints due to lack of standardization and interoperability issues. These factors raise concerns in designing integrated solutions using components provided by several automation solution providers. The shortage of trained workers and increasing skill gap further restrains the growth of smart factory market. Other crucial factors such as cyber security threats and associated costs limit the growth of this smart factory market in industries such nuclear, weapons and armaments.
With its immense applications in industries such as automotive and transportation, packaging, mining of minerals and metals, chemicals, pharmaceuticals and process industries such as oil and gas, the smart factory market is expected to experience immense growth in coming years. Thereby, companies have invested heavily to explore untapped opportunities in the applications of industrial robots and control devices.
Some of the major players in smart factory market include Intel Corporation, General Dynamics Corporation, CMC Associates, Freescale Semiconductor Inc., Honeywell International Inc., Johnson Controls Inc., Mitsubishi Electric Corporation, Rockwell Automation Inc., Siemens AG, Schneider Electric SA, General Electric Co., Apriso Corporation, Emerson Electric Co., Invensys Plc., Teledyne Technologies Inc., ABB Ltd., Fraunhofer-Gesellschaft, and National Instruments Corporation.
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