Smart Factory Market -Overview
Smart Factory Market Size was prized at USD 95.3 billion in 2022. The smart factory market industry is projected to grow from USD 100.2 Billion in 2023 to USD 136.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.23% during the forecast period (2023 - 2030).
The progress in the sensor technologies is estimated to open up new areas for the expansion of the smart factory market. The improvement in the adoption of robots in industries is expected further to stimulate the progress of the smart factory market. The attractiveness of the internet of things (IoT) is predicted to unlock favorable growth opportunities in the market.
Smart Factory Market Segmental Analysis
The segmental investigation of the smart factory market has been conducted on the basis of connectivity, services, industry vertical, component, and region. On the basis of services, the smart factory market is segmented into managed professional services. Based on the industry vertical, the smart factory market is segmented into aerospace defense, chemicals, automotive, oil gas, electronics semiconductor, healthcare and pharmaceutical, and others. Based on the components, the smart factory market is segmented into hardware and software. On the basis of the connectivity, the smart factory market is segmented into wireless connectivity and wired connectivity. Based on the regions, the smart factory market is segmented into the Middle East Africa, Asia-Pacific, North America, South America, and Europe.
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Smart Factory Market Detailed Regional Analysis
The regional analysis of the smart factory market encompasses regions such as the Middle East Africa, Asia-Pacific, North America, South America, and Europe. The North American region directed the smart factory market in the year 2017, while the Asia-Pacific region is likely to be the fastest increasing region in the smart factory market throughout the forecast period. The European region is anticipated to be at the next position for the smart factory market in terms of market share in the year 2017. The North American region guides the market due to the existence of the international corporations funding the RD for the industrial Internet of Things (IIoT), industrial automation, and cloud technology.
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Smart Factory Market Industry Updates:
April 2020 HGZN has collaborated with Hyundai Robotics to get on a project to create a smart factory to produce robots in China. The groundbreaking ceremony for the HGZN’s Intelligent Robot Industrialization Project was conducted lately at the economic development zone in Haining. With a well-built industrial city as its objective, HGZN is concentrating on the smart robot industrialization development.
Smart Factory Market Competitive Analysis
The establishment of a definite competitive advantage is estimated to spur market development in the forecast period. The inducements offered by the government are expected to display a positive influence on the overall market development in the impending period. The reinvention of the supply chains by integrating technology in them is estimated to spur the advance of the market in the intergrated period. The state of technological development is estimated to be staggered as the development of the global market is at a relative standstill. The effect of unpredictable events has created significant barriers that will have to suitably addressed and overcome to achieve normalcy in the global market. The need to invest in building a robust consumer base is estimated to rank on the top priorities of market leaders for the upcoming period. The weakening of trade channels is projected to present new challenges that have to be overcome expediently in the coming years. The regulations in various regions can be relied upon to rebuild market clout fought in the future.
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.
