Smart Factory Market - Future Scope Detailed Analysis to 2025
The global smart factory sector has been propelled by the need for efficient and precise ways of operating a manufacturing unit. The increasing adoption of industrial robots in the global manufacturing sector was the first step for the smart factory market. Modern factories incorporate sophisticated industrial robotic systems, Internet of Things technology, and machine communication technology to enable smooth automated manufacturing. The rising government support to the smart factory sector, due to their increased output and the benefit of the same on the nation’s economy, is likely to enable sustained growth of the smart factory market in the coming years.
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Global Smart Factory Market: Key Trends
The rising demand for industrial robots and the steady technological progression of the industrial robotics sector is one of the key drivers for the global smart factory market. Industrial robots offer significantly higher precision and a lower error rate than human workers. Large-scale use of industrial robots also raises the productivity of the manufacturing unit, providing a significant cost advantage. As a result, human factory workers across the world could find themselves without a livelihood following steady growth of the global smart factory market.
The booming automotive industry is one of the prime consumers in the global smart factory market and is likely to remain influential in the smart factory sector in the coming years. Due to the rising need for extremely precise engineering in automotive design, smart factory solutions such as industrial robotics are becoming popular in the automotive industry. The steady growth of the automotive industry due to the rising disposable income of consumers across the world is thus one of the key drivers for the global smart factory market in the coming years. The rising automotive industry in Southeastern and Eastern Asia could play a particularly important role in the global smart factory market in the coming years.
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Global Smart Factory Market: Market Potential
South Korea is likely to be a leading regional market for smart factory technology in Asia Pacific due to rising government as well as corporate interest. The South Korean government had earlier set the target of having 10,000 smart factories operational in the country by 2020. In April 2017, the government extended its support to the smart factory market in the country by upping the target to 30,000 smart factories by 2025. South Korea’s determination to remain a leading light in the industrial sector has made it a pioneer in terms of the adoption of digital and automation technologies, which is likely to benefit the smart factory market immensely in the coming years.
Global Smart Factory Market: Geographical Dynamics
Developing countries in Asia Pacific are likely to be the dominant leaders in the global smart factory market in the coming years. Apart from South Korea, the smart factory market has also received steady government support in China, Japan, Taiwan, and India. The rapid pace of urbanization in these dynamic economies is a prime factor aiding the smart factory market’s growth in the region.
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Global Smart Factory Market: Competitive Dynamics
The global smart factory market is dominated by companies that have established mutually beneficial partnerships with technology companies. Fanuc-Cisco and Kuka-Huawei are among the leading lights in the global smart factory market. ABB-IBM, a relatively recent collaboration, could also play a key role in the development of the global smart factory market in the coming years. Other key players in the global smart factory market include Emerson Electric Co., General Electric Co., Atos SE, Schneider Electric SE, Mitsubishi Electric Corporation, Robert Bosch GmbH, Siemens AG, and Yaskawa Electric.
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