Press release
Smart Factory Market to Witness Robust Expansion, Market Insights, Latest Analysis, Future Growth, Top Companies, SWOT Analysis, Forecast to 2028
The Insight Partners
Smart Factory Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Machine Vision Systems, Industrial Robots, Control Devices, Sensors, Others); Technology (Enterprise Resource Planning, Product Lifecycle Management, Human Machine Interface); Industry Vertical (Automotive, Semiconductors, Oil and Gas, Others) and Geography
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Global Smart Factory Market Drivers & Restraints:
- The growth in practice of modern manufacturing bases, increasing focus on energy consumption, and enhanced production efficiency are the key factors driving the Smart Factory market's growth.
- Increasing industry of refurbished robots and untapped field like industrial robots and RFID are likely to propel market growth during the forecast period.
- Growing demand for technologies such as the Internet of Things (IoT) and artificial intelligence (AI).
- The smart factory market is restrained by possibility of cyber attacks, security concerns along with higher initial investment for automation and smart factory.
IMPACT OF COVID-19 ON SMART FACTORY MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
The reports cover key developments in the smart factory market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from smart factory market are anticipated to lucrative growth opportunities in the future with the rising demand for smart factory market. Below mentioned is the list of few companies engaged in the smart factory market.
Top Mentioned Players are -
- ABB Ltd
- Endress+Hauser AG
- Emerson Electric Co.
- Rockwell Automation, Inc
- General Electric
- Honeywell International Inc
- Omron Corporation
- Schneider Electric
- Siemens AG
- Yokogawa Electric Corporation
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