Market Overview The global smart factory market was valued at USD 230. 99 billion in 2018 and is expected to reach USD 391. 29 billion by 2024, at a CAGR of 9. 22% during the forecast period (2019 - 2024).
New York, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Factory Market - Growth, Trends and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05865709/?utm_source=GNW
- Smart factory refers to the various fully-integrated automation solutions adopted for manufacturing facilities. This integration helps streamline the material flow during all the processes involved in the manufacturing, thus, enabling effective movement of materials across the factory floor. Combining the digital and physical worlds has revolutionized the automation industry, thereby, enabling optimum performance.
- Effortless monitoring, reduction of waste, and speed of production are some of the major advantages of a smart factory. This technology advancement offers customers an improved quality, with standardization and dependable products, within time and at a much lower cost.
- The rise of wireless networking technologies is enabling revolutionary developments in this market (including the increasing number of smart factories) and also spurring the use of mobile devices, to monitor and manage industrial processes.
- The US manufacturing sector is the second largest in the world, after China. According to the World Economic Forum’s 2018 report, the United States is globally renowned for its ability to innovate and is currently at the forefront of major developments surrounding the emerging technologies of Industry 4.0 which is also going to drive the growth of smart factory market.
Scope of the Report
A smart factory is an environment where machines and equipment are able to improve processes through automation and self-optimization. The benefits also extend beyond the physical production of goods and into functions like planning, supply chain logistics, and even product development.
Key Market Trends
Industrial Robots to Witness the Highest growth
- Industrial robots are a very important part of the manufacturing industry. Robots have evolved with many technological advancements which include vision recognition, skill learning, failure prediction, utilizing AI, man-machine-collaboration.
- Robotic installation in the US has increased to a new peak. The driver for this growth in manufacturing industries has been the ongoing trend to automate production in order to strengthen the US industries in both domestic and global markets.
- The automobile manufacturing industry is the largest adopter of robots globally with a share of 33% of the total supply in 2017 according to the international federation of robotics. The manufacturing of passenger cars has become more complex over the past ten years, a substantial proportion of the production processes requires an automation solution using robots.
- Moreover, the ever-rising demand for electronic products and the need for batteries, chips, and displays are also a driving factor for the market as it requires an automated production process. Hence, as the need to automate production process increases, the demand for the industrial robots that can handle very small parts at high speeds, with very high degrees of precision, enabling manufacturers to ensure quality with optimized production costs is also increasing.
North America Occupies the Largest Market Share
- North America is on the verge of the fourth industrial revolution (Industry 4.0), wherein, data is being used on a large scale for manufacturing products, by integrating the data with a wide variety of manufacturing systems, throughout the supply chain.
- The United States accounts for the largest share in the North American market. This dominance is buoyed by smart manufacturing initiatives such as the Smart Manufacturing Leadership Coalition (SMLC), that drives and facilitate the broad adoption of manufacturing intelligence and automation.
- The growth of the automotive and oil and gas industry in North America is also driving the demand for the smart factory market. The United States is also one of the largest automotive markets in the world and is home to over 13 major auto manufacturers.
- The automotive manufacturing sector has been one of the largest revenue generators for the country, in the manufacturing sector. In addition, the US oil production is an area of interest, with a fall in the oil prices. The shale boom is considered as one of the most important energy developments, during the past decade.
The smart factory market is a highly competitive market and consists of several major players. In terms of market share, few of the major players currently dominate the market and the market is moving towards a consolidated stage. These major players in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic initiatives like mergers and acquisitions, partnerships, product innovation to increase their market shares and profitability. The major players in the market are Siemens Ag, Schneider Electric SE, Honeywell international, Robert bosch GmbH among others.
- June 2018 - PTC Inc. and Rockwell Automation, Inc. have entered into a strategic partnership that will accelerate growth for both companies and enable them to be the partner of choice for customers around the world who want to transform their physical operations with digital technology.
- March 2018 - ABB opened a smart factory for electrical safety and energy efficiency products, in Bangalore. It enables continuous monitoring of the production process through visualization of operational data, to increase efficiency and flexibility of the manufacturing process.
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