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Smart Factory Market Worth $245.2 Billion by 2030: Market Sizes, Shares, Forecasts, Trends
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Smart factory solutions automate and integrate machines, systems, and processes, including manufacturing, supply chain & warehouse management, human safety, and other functions at the factory level using advanced technologies such as AI, IoT, cybersecurity, digital twin, and blockchain, to enhance overall production performance. Several industries are increasingly implementing smart factory solutions & services for their benefits, such as improved data insights, maximized plant efficiency, faster issue resolution, and minimized human error.
The benefits of cloud-based smart factory solutions & services, increasing investments in Industry 4.0 technologies, and the growing adoption of robots in the manufacturing sector are the key factors driving the growth of the smart factories market. However, high capital & operating expenses restrain the growth of the smart factories market. The implementation of smart factories in developing countries and technological advancements in industrial sensors are expected to create market growth opportunities. However, privacy, data security, and confidentiality concerns are major challenges for the players operating in this market. Additionally, the incorporation of IIoT, digital twins, and robotic process automation in smart factories and the proliferation of smart technologies for pharmaceutical manufacturing are prominent trends in the smart factories market.
The smart factories market is segmented by component (solutions [industrial sensors, industrial robots {articulated robots, SCARA, cartesian robots, autonomous mobile robots, other industrial robots}, machine vision systems {cameras, optics, and LED lighting}, industrial automation and control systems/plant-level controls {SCADA, distributed control systems, programmable logic controllers, and other plant-level controls}, enterprise-level controls {product lifecycle management, enterprise resource planning, manufacturing execution systems}, industrial safety systems, asset performance management solutions, other smart factory solutions], services [professional services, managed services, technologies {artificial intelligence, cloud computing & storage, digital twin, industrial cybersecurity, blockchain AR/VR}]), sector (automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, food & beverage, pharmaceuticals, oil & gas, FMCG, paints & chemicals, energy & power, pulp & paper, and other sectors), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Based on component, the solutions segment is expected to account for the largest share of the smart factories market in 2023. This segment's large market share is attributed to the increasing demand for automated factories, the rising popularity of connected factory solutions, and the growing need to analyze factory productivity and efficiency. Also, the increasing focus on solution-centric security capabilities and the rising R&D investments in developing advanced smart factory solutions are some of the factors driving the growth of this segment. In addition, the benefits of smart factory solutions, such as efficiency, reliability, improved quality control, and lower operating costs, contribute to the segment's growth. Also, this segment is projected to register the highest CAGR during the forecast period.
Based on sector, the automotive segment is expected to account for the largest share of the smart factories market in 2023. However, the pharmaceuticals segment is projected to register the highest CAGR during the forecast period. The increasing need to implement cost-control measures in the healthcare sector, the adoption of digital technologies in medical device manufacturing, and the rising need to ensure the safety and security of the pharmaceutical supply chain are expected to drive the growth of this segment.
Based on geography, Asia-Pacific is expected to account for the largest share of the smart factories market in 2023. The presence of key smart factory technology providers in the region contributes to the large share of this regional market. Furthermore, the surging demand for cost-effective robotics and automation solutions, increasing investments in managing essential resources & machinery across industries, and market players' increasing focus on launching advanced smart factory solutions & services are driving the growth of the smart factories market in Asia-Pacific.
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Asia-Pacific is also projected to register the highest CAGR during the forecast period. Infrastructural growth in APAC countries, particularly China, South Korea, Japan, and India, rapid economic growth in developing countries, the growing adoption of cloud-based smart factory solutions & services across emerging economies in APAC, and government initiatives to drive the adoption of smart factory technologies among small and medium-sized enterprises support the growth of this regional market.
The key players operating in the smart factories market are ABB Ltd (Switzerland), Emerson Electric Co. (U.S.), Rockwell Automation, Inc. (U.S.), General Electric Company (U.S.), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Honeywell International Inc. (U.S.), Yokogawa Electric Corporation (Japan), Schneider Electric SE (France), Endress+Hauser Group Services AG (Switzerland), SAP SE (Germany), Oracle Corporation (U.S.), International Business Machines Corporation (U.S.), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), and Ubisense Ltd. (U.K.).
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Scope of the Report:
Smart Factory Market, by Component
Solutions
Industrial Sensors
Industrial Automation & Control Systems/Plant-level Controls
SCADA (Supervisory Control and Data Acquisition)
Distributed Control Systems (DCS)
Programmable Logic Controllers (PLC)
Other Plant-level Controls
Industrial Robots
Articulated Robots
Cartesian Robots
SCARA (Selective Compliance Articulated Robot Arm)
Autonomous Mobile Robots
Other Industrial Robots
Machine Vision Systems
Cameras
Optics & LED Lighting
Enterprise-level Controls
Product Lifecycle Management (PLM)
Enterprise Resource Planning (ERP)
Manufacturing Execution Systems (MES)
Asset Performance Management Solutions
Industrial Safety Systems
Other Smart Factory Solutions
Services
Professional Services
Managed Services
Technologies
Cloud Computing & Storage
Industrial Cybersecurity
Augmented Reality/Virtual Reality (AR/VR)
Digital Twin
Artificial Intelligence
Blockchain
Other Technologies
Smart Factory Market, by Sector
Automotive
Heavy Machinery & Tools
Electronics & Semiconductors
Aerospace & Defense
FMCG
Medical Devices
Food & Beverage
Pharmaceuticals
Paints & Chemicals
Oil & Gas
Metals & Mining
Energy & Power
Pulp & Paper
Other Sectors
Smart Factory Market, by Geography
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of the Middle East & Africa
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Related Reports:
Smart Manufacturing Market by Technology (Robotics, AI, IIoT, Cloud, AR/VR), Application (Machine Inspection; Energy, Quality, and Warehouse Management; Planning, Surveillance, Optimization), End-use Industry, and Geography-Global Forecast to 2029
https://www.meticulousresearch.com/product/smart-manufacturing-market-5265
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