The Impact of Smart Factory Market Size and Share on the Future Growth of Top Companies 2023-2030
The Smart Factory is a concept for expressing the end goal of digitization in manufacturing. The way the term is most commonly used, a Smart Factory is a highly digitized shop floor that continuously collects and shares data through connected machines, devices, and production systems. The data can then be used by self-optimizing devices or across the organization to proactively address issues, improve manufacturing processes and respond to new demands. Various technologies such as AI, Big Data Analytics, Cloud Computing, and Industrial IoT (Internet of Things) have made smart manufacturing practices fully comprehensive. By connecting the physical and digital world, smart factories can monitor the entire production process, from manufacturing tools and the supply chain to individual operators on the shop floor. When fully realized, Smart factories use fully-integrated, collaborative manufacturing systems to make operations flexible, adaptable, and optimizable. In the digital age, enterprises need more efficient manufacturing technology to improve production efficiency and ensure revenue. This requires enterprises to adopt agile, more intelligent and innovative ways to promote production. Intelligent factory technology can supplement and increase labor through robot technology, and reduce industrial accidents caused by process failures. In addition, the intelligent factory can use real-time monitoring and feedback to ensure faster development and quality, so that end users can get greater benefits. The main factor hindering the market is the problems related to data and security, which are caused by high dependence on technology and data integration. Intelligent manufacturing and supply chain systems are connected with data functions, which may be the targets of various network attacks. As a result, network security and data protection become a problem in these intelligent production units. In addition, the integration of various intelligent technologies (such as PLM, ERP, etc.) in traditional factories poses challenges to manufacturers. The booming automobile and electronic manufacturing industry in Asian countries attaches great importance to the integration of automation technology due to the government's supporting policies, which will create some industry growth opportunities. In 2021, the share of the Smart Factory market in Asia-Pacific stood at 35.29%. ABB Ltd., is one of the major players operating in the Smart Factory market, holding a share of 12.73% in 2022.
Smart Factory market reached a value of USD 149791.39 million in 2022. It's expected that the market will achieve USD 356952.22 million by 2028, exhibiting a CAGR of 15.57% during the forecast period.
A thorough understanding of the Machinery and Equipment sector and its commercial potential is the aim of the market study. The Smart Factory Market Report has 109 pages and has a detailed table of contents, a list of data, tables, and charts, along with an in-depth analysis.
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Leading Players in the Smart Factory Industry:
Rockwell Automation Inc.
Robert Bosch GmbH
Emerson Electric Co.
Yokogawa Electric Corporation
Mitsubishi Electric Corporation
Schneider Electric SE
Siemens PLM Software Inc.
General Electric Company
Honeywell International Inc.
To preserve their position, these big corporations relied on primary growth tactics such as product portfolio expansion, current trends, financing, mergers and acquisitions, partnerships, new product invention, and geographical development.
Based on Type:
Based on Application:
Automobile and transportation
Food and beverage
Electrical and electronics
Chemical and material
Oil and Gas
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Key Factors Considered:
COVID-19 - Amid the COVID-19 crisis, the Smart Factory market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research. The epidemic is still causing tremendous disruption in industries throughout the world. We've been tracking the direct and indirect consequences of the COVID-19 outbreak on the Smart Factory market. To Know How Covid-19 Pandemic will Impact this Industry - https://www.precisionreports.co/enquiry/request-covid19/23298710
Regional Conflict / Russia-Ukraine War - The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it's going to evolve in the years to come.
Challenges & Opportunities - Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.
Organization: Precision Reports
Phone: US: +1 424 253 0807 | UK: +44 203 239 8187
Market is changing rapidly with the ongoing expansion of the industry. Advancement in the technology has provided today's businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategize better. An efficient strategy offers the companies with a head start in planning and an edge over the competitors. Precision Reports is the credible source for gaining the market reports that will provide you with the lead your business needs.
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