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Global Smart Factory Market was valued at USD 150.0 billion in 2019 and is predicted to reach USD 240.0 billion by 2025, growing at a CAGR of 9.9% during the forecast period (2020-2025)
Smart Factory Market
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On the basis of application, the smart factory market is categorized into automotive, aerospace & defense, food & beverage, electrical & electronics, and energy & power. During the forecast period, the automotive industry segment is expected to be largest among all the segments. Smart factory enhances the quality of the vehicle and also increase the productivity of the factory.
“North America to hold the largest regional market share in 2019.”
North America is the largest revenue contributor in the smart factory market. This is due to the growing adoption of intelligent manufacturing & supply chain technologies across various industries in the region. The industrial sector in North America is experiencing huge demand for automated and robotic systems for conducting different operational tasks at manufacturing and warehouse units to increase production. The automobile giants such as BMW, and Audi are doing investments in the field of factory automation operations to minimize production cycles and save costs.
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Some of the major players in the global smart factory market include General Electric, Honeywell International Inc., ABB, Emerson Electric, Robert Bosch GmbH, Schneider Electric, Rockwell Automation, FANUC, Yokogawa Electric, and Siemens.
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