Information and Communication Technology Smart Factory Market is projected to grow up to 12.2% CAGR during the forecasting period 2...

Smart Factory Market is projected to grow up to 12.2% CAGR during the forecasting period 2021-2027.

The term "smart factory" refers to a variety of fully integrated automation solutions used in manufacturing facilities. Such integration aids in streamlining material flow throughout all manufacturing processes, allowing for efficient material mobility across the factory floor. Smart technologies can help to lessen the demand for human work, especially in difficult circumstances. Quality control processes have traditionally relied on human intervention, but as smart factory systems with more user-friendly controls become more widely available, they are projected to become increasingly popular in complicated industrial environments.

Sensors, motors, drives, switches, and relays are among the control devices used in smart factories, as are network technologies such as wired, wireless, and radio frequency identification (RFID). Manufacturing execution systems (MES), information technology (IT) systems, Programmable Logic Control (PLC), Enterprise Resource Planning (ERP), and Supervisory Control and Data Acquisition (SCADA) are examples of integrated systems that are designed to meet the specific needs of a manufacturing unit. The process is managed by these industrial control systems, which also streamline the movement of materials over the manufacturing line. This research segments the smart factory market in depth and provides the most accurate estimates of the overall market size, as well as that of the subsegments, across various component, solution, industry, and regional segments.

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Key Driving Factors: During the forecast period, industrial sensors will dominate the component market.

The industrial sensors category is predicted to account for the majority of the smart factory market. The expanding adoption of Industry 4.0 and IIoT, as well as the growing wireless sensors market, are driving the expansion of the industrial sensors segment. In the next years, the predictive maintenance industry is likely to provide attractive prospects to participants in the industrial sensors market. Predictive maintenance is enabled by three significant solution advancements over a standard maintenance schedule: sensor data capture, data transfer facilitation, and prediction. Because sensors are an essential component of predictive maintenance solutions, the demand for industrial sensors is likely to skyrocket in the future years.

Opportunities: Increasing use of wireless sensor networks in smart factories

A wireless sensor network is a wireless network containing dispersed autonomous devices that monitor physical or environmental parameters (WSN). WSNs are employed in industries including water and wastewater treatment. Oil and gas operations are usually located in isolated places with harsh weather. A SCADA system monitors, manages, and controls tanks, compressors, generators, and separators in an oil and gas plant. Using a WSN minimises the costs of setting up a sensor network and communication system.

This report offers the major market player’s profiles, such as ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan)

Based on Application: The smart factory market is divided into process and discrete industries. Food & beverage, chemical, and oil & gas are sub-sectors of Process Industry. It includes automotive, transportation, packaging, and minerals and metals. The automobile industry is the greatest revenue producing segment for Smart Factory.

The Smart Factory Market report has been categorized as below

By Component:

  • Industrial Sensors
  •  Industrial Robots
  •  Industrial 3D Printers
  •  Machine Vision Systems  

By Solution

  •  PAM
  •  MES 
  • Industrial Safety 

By Industry

     Process Industries

  •   Oil & Gas
  •  Chemicals
  •  Pharmaceuticals
  •  Energy & Power
  •  Metals & Mining
  •  Pulp & Paper
  •  Food & Beverages
  • Others (cement, glass, forging, water & wastewater management, precision engineering, ceramics & stone, and wood industries) 
Discrete Industries

  •  Automotive
  •  Aerospace & Defense
  •  Semiconductor & Electronics
  •  Machine Manufacturing
  •  Medical Devices
  •  Others

 By Region

  •  North America
  •  Europe
  •  Asia Pacific
  •  Rest of World

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Published Date : August-2021