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Smart Factory Global Market Report 2024 To 2033 | ABB India Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., International Business Machines Corporation
Smart Factory Market Segment
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According to The Business Research Company's, 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 growth in the historic period can be attributed to adoption of industry 4.0 and digital transformation, increasing adoption of data analytics and big data, automation and robotics, cyber-physical systems, cloud computing and edge computing..
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%. The growth in the forecast period can be attributed to government support and regulatory initiatives, increasing focus on sustainability, supply chain resilience and visibility, flexible and scalable manufacturing solutions, greater emphasis on cybersecurity.. Major trends in the forecast period include customization and personalization in production, remote monitoring and management, sustainable manufacturing practices, human-centric design in human-machine collaboration, smart sensors and actuators, collaborative robotics (cobots). .
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Smart Factory Market 2024 Key Insights:
• 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%.
• Industrial Robots Fueling Growth In The Smart Factory Market
• Advanced Technologies Reshape The Smart Factory Landscape
• Asia-Pacific was the largest region in the smart factory market in 2023
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