Press release
Smart Factory Market Future Business Plan with Leading Key Vendors : FANUC, Mitsubishi Electric Corporation, Emerson Electric Co., Yokogawa India Ltd., Bosch Limited and Stratasys Ltd
Smart Factory Market Future Business
Smart factory market is expected to reach USD 405.96 billion growing at a substantial CAGR of 10.20% in the forecast period of 2020-2029.
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Some of the leading competitors currently working in smart factory market are Siemens, GENERAL ELECTRIC, ABB, Rockwell Automation, Inc., PTC, Schneider Electric, Honeywell International Inc, FANUC, Mitsubishi Electric Corporation, Emerson Electric Co., Yokogawa India Ltd., Bosch Limited and Stratasys Ltd. among others.
The growth of this market is attributed to the evolution of IoT and increasing usage of technology in manufacturing.
Smart Factory Market Drivers:
Increasing adoption of IoT is expected to drive the market growth.
Rising need for IoT security is driving the market growth.
Simplification of business processes drives the market growth.
Smart Factory Market Restraints:
Uncertain status of regulatory hindering the market growth.
Higher expectancy with increase in number of nodes hampering the market growth.
Smart factory market has been segmented on the basis of component, technology and industry.
On the basis of component, smart factory market is segmented into sensors, industrial robots, industrial 3D printing and machine vision. The industrial 3D printing segment is the dominating segment with largest market share in the forecast period.
Traditional industrial robots is further segmented into articulated robots, Cartesian robots, selective compliance assembly robot arm (SCARA), cylindrical robots and other robots.
Machine vision is further segmented into camera, frame grabbers, optics and led lighting, processor and software.
On the basis of technology, smart factory market is segmented into Product Life Cycle Management (PLM), Manufacturing Execution System (MES), Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Enterprise Resource Planning (ERP), Distributed Control System (DCS), Human Machine Interface (HMI) and Plant Asset Management (PAM).
Based on industry, smart factory market is segmented into process industry and discrete industry.
Based on the process industry, smart factory market is further segmented into oil and gas, chemicals, pulp and paper, pharmaceuticals, metals and mining, food and beverages, energy and power and others.
Based on discrete industry, smart factory market is further segmented into automotive, aerospace and defense, semiconductor and electronics, machine manufacturing, medical devices and others. Automotive is the dominating segment with the largest share in the forecast period.
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Country Level Analysis of Smart Factory Market : On the basis of region, the smart factory market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
Key Developments in the Market:
In November 2019, Schneider Electric has launched a new smart factory in Bengaluru, India. This is the second such unit in India which drives process automation and increase operational efficiency of the industries. This launch will expand the business growth as well as market share of the company.
In June 2018, PTC has announced partnership with Rockwell Automation, Inc. which is expected to boost the growth of both companies. This partnership extends resources, technologies as well as market size of these companies. This partnership has been expanded the product portfolio of the company.
Competitive Analysis and Smart Factory Market Share Analysis:
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Mr. A Naidu
Research for Markets
Tel: +44 8000-4182-37 (UK)
Email: alan.naidu@researchformarkets.com
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Research for Markets indulges in detailed and diligent research on different markets, trends and emerging opportunities in the successive direction to cater to your business needs. We have established the pillars of our flourishing institute on the grounds of Credibility and Reliability. RFM delve into the markets across Asia Pacific, North America, South America, Europe, Middle East and Africa.
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