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Smart Factory Market- Growth Opportunities by Manufacturers, Regions, Type and Application; Trends Forecast to 2021

04-18-2017 11:42 AM CET | Business, Economy, Finances, Banking & Insurance

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In smart factory, the term ‘smart’ refers to a surrounding where equipments and machinery are able to enhance techniques and procedures with the help of automation and self-optimization. The profits go further that mere physical production of goods and into working such as supply chain logistics, planning and also product development. Smart factories are cost efficient and render complete incorporated automation solutions for manufacturing facilities to rationalize the material flow at the time of manufacturing procedure. Such factories are distinguished by escalating technological use and field devices to provide complete automation in the process of manufacturing. By integrating cyber physical system into the vanguard of the flow of manufacturing, smart factories have the ability to link each procedure and element across the entire value chain. The interconnectedness of production and information has radically altered the automation industry and therefore, encouraged manufacturing units function at an optimal level. Furthermore, several manufacturing companies are able to acquire less time to market and waste production at zilch level with the help of smart factories. In such factories the automation makes use of numerous automated control devices like motors, sensors, switches and relays, drives, and network technologies such as wireless, wired and radio frequency identification (RFID).
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In 2016, the global smart factory market was evaluated at USD 120.98 billion, and is estimated to reach USD 205.42 billion by the end of 2022, thereby registering at a substantial CAGR of 9.3% during the forecast period. The several credits for this growth are evolution of Internet of Things (IoT), escalation in adoption of industrial robots, increase in prominence on regulatory compliances, and growth in need for smart automation solutions. Increasing demand for enhanced efficiency along with energy saving in the manufacturing procedures, accounts for the lucrative growth of this market during the forecast period. Many enhancements in technology such as machine to machine communication let smart factories to diminish time wastage caused due to the impediment in the process alteration. Nevertheless, there are few factors that act as a hindrance to this industry’s market growth such as lack of interoperability issues and standardization. Such factors heave concerns in fabricating incorporated solutions with the help of components rendered by many automation solution providers. Lack of skilled workers and elevating skill gap further restricts the growth of smart factory market. Additionally, many other vital factors like associated costs and cyber security threats curtail the growth of the global smart factory market, especially in industries such as weapons, nuclear and armaments.

The prime market players of the global smart factory market are ABB Group, Accenture PLC, Atos SE, General Electric Co., IBM Corporation, Oracle Corporation, PTC Inc., Rockwell Automation, Inc., SAP SE, and Siemens AG. Regionally, this market industry has been segmented into North America, Europe, China, Japan, Southeast Asia, and India. Based on the product type, this industry has been segmented into Wired and Wireless Networking, Wide Area Networking (WAN), Local Area Networking (LAN), and Machine-to-Machine Network. The end-user application of the smart factory market are Automotive & Transportation, Food & Beverage, Electrical & Electronics, Aerospace & Defence, Oil & Gas, Garment & Textile, and Chemical & Material, and others.

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