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Smart Factory Market Size, Share Analysis, Forecast By 2033
Smart Factory Market Size
As per the report, the smart factory market size has grown rapidly in recent years. It will grow from $76.11 billion in 2023 to $83.95 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The smart factory market size is expected to see rapid growth in the next few years. It will grow to $127.21 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
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Industrial Robots Fueling Growth In The Smart Factory Market
The growing demand for industrial robots is expected to propel the growth of the smart factory market going forward. Industrial robots refer to mechanical machines that are programmed to automatically perform production-related tasks in industrial environments. A smart factory focuses on the optimization and industrial automation of its resources, using tools such as information and smart sensor technologies, robotics, the internet of things, or artificial intelligence. For instance, in 2021, according to the International Federation of Robotics, a Germany-based non-profit organization, sales of new robots grew slightly by 0.5%, and robot installations are expected to rebound strongly and grow by 13%. Therefore, the growing demand for industrial robots is driving the smart factory market growth.
Advanced Technologies Reshape The Smart Factory Landscape
Technology advancements are a key trend gaining popularity in the smart factory market. Major companies in the smart factory sector are using advanced technologies to improve the production process and achieve better efficiency. For instance, in 2021, Panasonic, a Japan-based company operating in smart factory solutions, launched the Miraie Pro factory platform, an Industrial IoT/smart factory solution developed indigenously at the company's India Innovation Centre. Miraie pro factory uses new-age technologies such as Cloud, IoT, analytics, and mobile apps, to name a few, to manage end-to-end operations, resulting in enhanced production efficiency. By using this technology, manufacturing productivity can increase by 8-15%.
The smart factory market covered in this report is segmented -
1) By Product: Machine Vision Systems, Industrial Robotics, Control Devices, Sensors Communication Technologies, Other Products
2) By Component: Smart Factory Hardware, Smart Factory Software, Smart Factory Services
3) By Industry Vertical: Automotive, Aerospace and Defense, Electrical and Electronics, Food and Beverages, Energy and Utilities, Healthcare and Pharmaceuticals, Other Industry Verticals
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Major companies operating in the smart factory market report are ABB India Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., International Business Machines Corporation, Johnson Controls International PLC, Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corp., Cisco Systems Inc., Dassault Systèmes SE, Endress+Hauser AG, Kollmorgen Corp., Kuka AG, Omron Corporation, Oracle Corporation, Microsoft Corporation, PTC Inc., SAP SE, Hitachi Ltd., Amazon. com Inc., Fanuc Corporation, Cognex Corporation, FLIR Systems Inc., CoreTigo Ltd., Airbus Group Inc., Cellares Corp.
Contents of the report:
1. Executive Summary
2. Smart Factory Market Report Structure
3. Smart Factory Market Trends And Strategies
4. Smart Factory Market - Macro Economic Scenario
5. Smart Factory Market Size And Growth
…..
27. Smart Factory Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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