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Dublin, April 16, 2024 (GLOBE NEWSWIRE) — “The global smart factory market is segmented by components (industrial sensors, industrial robots, industrial 3D printers, machine vision systems), solutions (SCADA, manufacturing execution systems, industrial Security, PAM), Industries and Regions – Forecast to 2029” report has been added to ResearchAndMarkets.com Dedication.
The global smart factory market is expected to grow from US$100.6 billion in 2024 to US$164 billion in 2029, with a compound annual growth rate of 10.3%. Driven by the increasing popularity of Industry 4.0 technologies, the global smart factory market is experiencing significant growth. Smart factories focus on automation, data exchange and real-time analysis to improve manufacturing efficiency and flexibility. Factors such as the growing demand for smart manufacturing, advancements in IoT and artificial intelligence, and the pursuit of operational excellence are all contributing to the expansion of the market. The integration of smart technologies across industries is driving the market forward, creating new opportunities for manufacturers to optimize processes and improve overall productivity globally.
The industrial 3D printing market is experiencing strong growth. The industrial 3D printing industry is experiencing rapid growth in the smart factory market. Its integration improves manufacturing efficiency, reduces production costs, and allows for complex customized designs. As smart factories continue to evolve, the adoption of industrial 3D printing is expected to surge, driving innovation, flexibility and scalability in modern manufacturing processes. This transformative technology is expected to revolutionize the industrial landscape by fostering an agile and smart production ecosystem.
Manufacturing execution systems (MES) are experiencing strong growth in the smart factory market. As industries increasingly embrace Industry 4.0, MES plays a key role in optimizing production processes, improving efficiency and ensuring instant data management. The demand for smart manufacturing solutions continues to rise, driving the adoption of MES to streamline operations and enable smart decision-making, thus contributing to the overall expansion of the smart factory market.
The oil and gas industry is experiencing substantial growth in the smart factory market. This expansion is driven by the integration of advanced technologies such as automation, Internet of Things (IoT) and data analytics. Smart factories play a key role in improving operational efficiency in the oil and gas industry, optimizing production processes and facilitating real-time monitoring. This synergy promotes streamlined operations, predictive maintenance, and enhanced decision-making capabilities, contributing to the industry’s significant upward trend in the smart factory market.
The integration of the automotive industry into the smart factory market has experienced exponential growth, leveraging advanced technologies such as the Industrial Internet of Things (IIoT), automation and data analytics. Smart factories in the automotive industry optimize production processes, increase efficiency and ensure higher quality output. This synergy simplifies manufacturing, reduces downtime and increases overall productivity, signaling a transformative shift in the automotive industry towards smarter and connected production systems.
The Asia-Pacific region has seen significant growth in smart factories leveraging advanced technologies such as the Internet of Things, artificial intelligence and robotics. Governments and industries are increasingly investing in digital transformation, improving manufacturing efficiency and adopting Industry 4.0 principles. The integration of smart systems, data analysis and automation drives the development of smart factories and promotes innovation and competitiveness in different industries. As a result, the adoption and expansion of smart manufacturing facilities in Asia Pacific continues to grow significantly, driving economic development and technological advancement.
Key report benefits:
The report will help market leaders/new entrants get the closest approximation of revenue figures for the Smart Factory market and its sub-segments. The report will help stakeholders understand the competitive landscape and gain additional insights to better position their businesses and plan a suitable go-to-market strategy. The report also helps stakeholders understand the pulse of the market and provides information on key market drivers, constraints, challenges, and opportunities.
- Analysis of key drivers (increasing emphasis on energy efficiency, resource optimization and cost reduction in production operations, increasing demand for industrial robots, growing demand for technologies such as IoT and artificial intelligence in industrial environments), limitations (requiring large capital investments, and Safety risks associated with industrial robots) cyber-physical systems), opportunities (the emergence of 5G technology in smart factories, the continued development of wireless sensor networks and their adoption in smart factories), challenges (information technology (IT) and Interoperability between operational technologies (OT), vulnerability to cyberattacks).
- Product Development/Innovation: Detailed insights on R&D activities and new product launches in the Smart Factory market.
- Market development: Comprehensive information on the lucrative market – This report analyzes the smart factory market across different regions.
- Market Diversification: Detailed information on new products, untapped areas, latest developments, and smart factory market investments.
- Competitive Assessment: Market share, growth strategies and product offerings of leading companies such as ABB (Switzerland), Emerson Electric Company, Siemens, Schneider Electric, Mitsubishi Electric Corporation, General Electric, Rockwell Automation, Honeywell International, Yokogawa Electric Corporation, etc. Conduct in-depth assessment of Omron, Endress+Hauser, FANUC, WIKA, Dwyer Instruments, Stratasys, 3D Systems Corporation, and others in the Smart Factory market.
Key attributes:
Report properties | detail |
Number of pages | 273 |
forecast period | 2024-2029 |
Estimated market value in 2024 (USD) | $100.6 billion |
Forecast market value by 2029 (USD) | $164 billion |
CAGR | 10.3% |
Coverage area | Global |
Key topics covered:
executive Summary
- The industrial sensor market is expected to reach its largest size in 2024
- MES segment expected to dominate the market by 2024
- The oil and gas processing industry is expected to take the lead in 2024
- The medical device segment will grow at the highest CAGR during the forecast period
- Asia Pacific will account for the largest market share in 2023
quality insights
- Smart Factory Market Attractive Opportunities for Players – Increasing Use of Automation in Manufacturing to Boost Adoption of Smart Factory Solutions
- Smart Factory Market (by Component) – The industrial 3D printer segment will grow at the highest CAGR during the forecast period
- Smart Factory Market (by Solution) – MES segment will lead the market during the forecast period
- Smart Factory Market by Process Industry – The oil and gas process industry is expected to be the largest in 2024
- Smart factory market by discrete industry – the automotive discrete industry is expected to be the largest in 2024
- Smart Factory Market by Country – India market to grow at the highest CAGR during the forecast period
Major market dynamics
driver
- Greater emphasis on improving energy efficiency, optimizing resources and reducing production and operating costs
- Rising demand for industrial robots
- Growing demand for technologies such as IoT and artificial intelligence in industrial settings
limit
- Requires significant capital investment
- Security risks associated with cyber-physical systems
Chance
- The emergence of 5G technology in smart factories
- Advances in wireless sensor networks and integration with smart manufacturing facilities
challenge
- Interoperability between Information Technology (IT) and Operational Technology (OT)
- Vulnerability to cyber attacks
case analysis
- Elopak uses robust pneumatics from Emerson Aventics to install fully sterile filling machine for rooftop packaging
- MP Equipment partners with Rockwell Automation safety consultants to re-evaluate protein dispenser design
- Mollart Engineering selects P&G Smart Factory enclosed guards for installation in its machine tools
Technology trends
- Key technology
- AI
- augmented reality
- Internet of things
- complementary technologies
- 5G
- digital twin
- Predictive maintenance
- adjacent technologies
- Blockchain
- Smart energy management
- Edge operations
- Forecast supply chain
- Internet security
Company Profile
- ABB
- Emerson Electric Company
- Siemens
- Schneider Electric
- Mitsubishi Electric Corporation
- General Electric
- Rockwell Automation
- Honeywell International Corporation
- Yokogawa Electric Corporation
- Omron Corporation
- Endress+Hauser Group Services AG
- FANUC Corporation
- language
- Dwyer Instruments
- Stratasis
- 3D Systems, Inc.
- Fuji Electric Co., Ltd.
- Hitachi Manufacturing Co., Ltd.
- Cologne Measuring Technology
- Azbil Corporation
- Vega Grishab
- Danfoss
- KUKA AG
- Three dimensions
- robot
- Soft Clamp Co., Ltd.
- live
- swiss energy company
- Inkspes SPA
- intuitively
- Earthex Limited (Eaves)
- Canary Technologies
- fuel science
- Ultimek
- Nano size
- deep learning robot
- Pick-IT NV
- onrobot
For more information about this report, please visit https://www.researchandmarkets.com/r/84j6t6
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Global smart factory market
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