Smart Factory Market Growth, Future Scope, Challenges, Opportunities, Trends, Outlook And Forecast To 2027 | Impact of COVID-19

 Market Scenario

The smart factory represents the technological and manufacturing development and is combination of high-tech tools and high-tech workers. Smart factory can be defined as a combination of production, information, and communication technologies, having the ability for integration across the entire manufacturing supply chain. The growing demand for sustainable and service-oriented business practices the smart factory is designed. It depends upon flexibility, adaptability, fault tolerance, and risk management.

According to MRFR analysis, the Smart Factory Market is estimated to grow at a CAGR of 11.7%. The market is estimated to reach around USD 257,485 million during the forecast period 2018-2023

Smart Factory consists of different technologies such Enterprise resource planning (ERP), Supervisory control and data acquisition (SCADA), Programmable Automation Controller (PAC), Programmable Logic Controller (PLC), Distributed Control System (DCS) and Human Machine Interface (HMI). Enterprise resource planning (ERP) is the real time management of business processes facilitated by software. Supervisory control and data acquisition is a controlled system architecture which uses computers, graphical user interfaces and network data communications for high-level processes. Human Machine Interface includes the electronics required to signal and control the state of Smart Factory equipment.

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The industry players are emphasized on improving the efficiency of manufacturing process which is the major driver in Smart Factory market. Apart from it, developments in internet of things (IoT), focus on power consumption are the factors driving Smart Factory. Usage of robots in has been a market trend. The shortage of skilled and trained workers is observed as a threat in smart factory market. The study indicates that many organizations have increased investments in big data analytics, internet of things (IoT) and cloud technologies which is a booster for the smart factory market.

Key Players:

The prominent players in the Smart Factory Market are - Siemens AG (Germany), ABB Ltd. (Switzerland), Emerson Electric Company (U.S.), Robert Bosch GmbH (Germany), General Electric Company (U.S.), Honeywell International, Inc. (U.S.), Cognex Corporation, Oracle Corporation (U.S.), IBM Corporation (U.S.), Yokogawa Electric (Japan), Ametek, Inc. (U.S.), Rockwell Automation, Inc. (U.S.) and Fanuc (Japan) among others.

Study Objectives of Smart Factory Market:

  • To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Global Smart Factory Market
  • To provide insights about factors affecting the market growth
  • To analyze the Smart Factory market based on various factors- supply chain analysis, porter’s five force analysis
  • To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
  • To provide country level analysis of the Market with respect to the current market size and future prospective
  • To provide country level analysis of the Market for segment by Capacity, Battery Type, Power bank Type, No. of USB ports and sub-segments.
  • To provide strategic profiling of key players in the Market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
  • To Track and Analyze competitive developments such as Joint Ventures, Strategic Alliances, Mergers and acquisitions, new product developments, and research and developments in the Global Smart Factory Market.

Smart Factory Market Segmentation

The Smart Factory Market has been segmented on the basis of component, technology, and end user. Looking through the industry segments it has been observed that manufacturing industry and automotive industry would expect a substantial increase in smart factory market. There has been a trend of automated and technologically developed vehicles, which has resulted to increase in smart factory market in the automotive sector. Whereas metals and mining, oil and gas, and other industries are also leading industries in Smart Factory market.

Regional Analysis:

The regional analysis of Smart Factory market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. Asia-pacific region has shown a considerable growth in smart factory due to technological improvements in the automotive manufacturing sector. The study indicates that countries like Japan, China, South Korea and many others have shown substantial progress in industrial robotics leading to an increase in smart factory market. United States, Germany, France and others are also showing rapid progress in the smart factory market.

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