Market Overview
The Smart Factory Market is estimated to grow at a CAGR of 5.23%. The market is estimated to reach around USD 138 Billion during the forecast period 2022-2030.
A smart factory is a digital platform that circulates data or information in real-time via different connected gadgets, machines, and other systems. These channeled data are transferred with the help of the smart factory market by technology for handling the complications easily and optimizing the devices.
The increasing use of robots in different sectors is considered the major growth-driving factor for the worldwide market. Therefore, these robots are widely used for various industrial and electronic tasks like product testing, assembling, polishing, and many others. Moreover, efficient market growth has been witnessed because of the increasing preference for components like electronics and sensors. In addition, the Smart Factory market growth is also relying on investments for developing advanced machineries like automation, software, and many others.
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Competitive Analysis
The central contenders in the smart factory market are ABB Ltd, Rockwell Automation, Emerson Electric Co., Honeywell International Inc., Robert Bosch GmbH, FANUC Corporation, Mitsubishi Electric Corporation, General Electric Company (GE), Johnson Controls International PLC, Schneider Electric, Siemens AG, Yokogawa Electric Corporation, Atos SE, Cognex Corporation and Ubisense to name a few.
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Market Segmentation
As per the Smart Factory Industry report, the global market has been segmented into connectivity, industry verticals, services, and components.
Based on the connectivity segment, the worldwide market has been divided into Wired Connectivity and Wireless Connectivity. Depending on the vertical industry segment, the global market has been divided into Pharmaceutical and Healthcare, Chemical, Defense and Aerospace, Automotive, Gas and Oil, Semiconductor and Electronics, Healthcare, and others.
The current global market has been bifurcated into Managed Services and Professional Services in terms of service segment. Based on the component segment, the present smart factory market has been segregated into software and hardware. Further, the hardware segment is sub-segmented into Machine Vision Systems, Control Devices, Robots, and Sensors.
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Regional Analysis
As per the Smart Factory market growth report, the global market has been divided into Europe, North America, Asia-Pacific, the Middle East and Africa and South America.
Among all these regions, the North American region holds the largest market share for the year 2017. It is further projected to continue the expansion of the regional market on a large scale in the period of analysis. Several factors fuel the regional market growth, such as developments by multinational companies and the increasing investments in research and developments.
Apart from that, the Asia-Pacific regional market is estimated to account for the fastest growth with generating the Smart Factory market size during the assessment timeframe due to the high use of automation technologies across different industrial sectors of China and India. Moreover, one of the major growth driving factors for this region is the affordable services in the South-East Asia region, which is grabbing the attention of the market leaders like GE, HTC, Toshiba, Siemens, and many others. These companies have the aim to develop manufacturing units in the region.
