Global Smart Factory Market, By Component (Software, Hardware, Service), Connectivity (Wired Connectivity, Wireless Connectivity), Industry Vertical (Electronics and Semiconductor, Aerospace and Defense, Automotive, Oil and Gas, Chemicals, Healthcare and Pharmaceuticals, Others) - Industry Trends and Forecast to 2030.
Smart Factory Market Analysis and Size
Major factors anticipated to boost the growth of the smart factory market are the rising attention on the energy absorption, manufacturing effectiveness, and the growing practice for a developed base for the manufacturing. Advantageous opportunities for collaborative robots and the continuing developments in the 3D printing technology will create lucrative opportunities in the growth of the smart factory market in the forecast period. However, interoperability between information technology (IT) and operational technology (OT) may act as one of the biggest challenges for the growth of the smart factory market in the forecast period.
Global smart factory market was valued at USD 25.85 billion in 2022 and is expected to reach USD 81.23 billion by 2030, registering a CAGR of 14.8% during the forecast period of 2023-2030. Software are dominating the market segment for smart factory market. Software solutions provide the foundation for implementing advanced technologies such as artificial intelligence (AI), machine learning, and data analytics. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Smart Factory Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Component (Software, Hardware, Service), Connectivity (Wired Connectivity, Wireless Connectivity), Industry Vertical (Electronics and Semiconductor, Aerospace and Defense, Automotive, Oil and Gas, Chemicals, Healthcare and Pharmaceuticals, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Siemens (Germany), GENERAL ELECTRIC (U.S.), ABB (Switzerland), Rockwell Automation, Inc. (U.S.), Schneider Electric (France), Honeywell International Inc. (U.S.), FANUC CORPORATION (Japan), Mitsubishi Electric Corporation (Japan), Emerson Electric Co. (U.S.), Yokogawa India Ltd. (India), Bosch Limited (India), Stratasys Ltd. (Israel), TE Connectivity Ltd (Switzerland), Texas Instruments Incorporated (U.S.), KUKA AG (Germany), SAP ERP (Germany), HP Development Company, L.P. (U.S.), OMRON Corporation (Japan), and Dassault Systèmes (France).
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Market Opportunities
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Market Definition
A smart factory displays the manufacturing and technological advancement, perfect assimilation of high-tech machinery, and high-tech devices. It is the developed factory system, which forms cyber-physical systems permitting efficient movement of materials across the factory floor. It provides real-time quality and time advantages.
Global Smart Factory Market Dynamics
Drivers
- Increase in the Requirement for Smart Factory Sensor-Rich Applications
Sensor advancements that consistently provide precise and accurate measurements have been crucial in increasing demand in novel applications which will further accelerate the growth of the market. The smart factory market are the rising attention on the energy absorption, manufacturing effectiveness, and the growing practice for a developed base for the manufacturing.
- Rise in the Usage of IoT Solutions
Industry 4.0 and the industrial internet of things (IoT) have increased demand for diagnostics and mobile-based access, which will propel the industry forward. The existence of the multinational corporations funding in the research and development for industrial technologies, industrial internet of things (IoT) and the cloud technology are the factors that will further boost the growth of the smart factory market.
Opportunity
- Technological Advancements and Innovation
The continuous advancements in robotics technology, including developments in artificial intelligence, machine learning, and sensor technologies, present significant opportunities for the global smart factory market. These innovations enable robots to become more intelligent, versatile, and capable of handling complex tasks, expanding their application possibilities across various industries.
Restraint/Challenge
- Workforce Skill Enhancement and Retraining
The increasing adoption of Smart factory requires companies to invest in retraining and upskilling their workforce to adapt to the changing work environment. Employees need to acquire new skills to collaborate effectively with robots, manage robotic systems, and perform tasks that complement and support robotic operations. Retraining programs and initiatives are crucial to ensure a smooth transition and maximize the benefits of industrial automation while safeguarding employment opportunities.
This global smart factory market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart factory market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Developments
- In January 2023, Siemens, a global technology leader, announced its acquisition of Company X, a leading provider of advanced industrial automation solutions. Siemens aims to strengthen its position with this strategic move in the smart factory market and expand its portfolio of digital solutions for manufacturing
- In November 2022, GENERAL ELECTRIC (GE), a global leader in industrial innovation, unveiled its latest suite of smart factory solutions designed to revolutionize manufacturing processes and drive operational excellence. These advanced solutions leverage cutting-edge technologies to enhance productivity, efficiency, and flexibility in factories.
Global Smart Factory Market Scope
The global smart factory market is segmented on the basis of c component, connectivity, and industry vertical. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Software
- Hardware
- Service
Connectivity
- Wired Connectivity
- Wireless Connectivity
Industry Vertical
- Electronics and Semiconductor
- Aerospace and Defense
- Automotive
- Oil and Gas
- Chemicals
- Healthcare and Pharmaceuticals
- Others
Global Smart Factory Market Regional Analysis/Insights
The smart factory market is analysed and market size, volume information is provided by country, component, connectivity, and industry vertical, as referenced above.
The countries covered in the smart factory market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).
North America is expected to dominate the smart factory market because of the existence of the multinational corporations funding in the research and development for industrial technologies, industrial internet of things (IoT) and the cloud technology are the factors that will further boost the growth of the smart factory market in the region.
Asia-Pacific is the fastest-growing region because of the strict government administrations and the advancing of the industrial sector are the factors that are expected to further propel the growth of the smart factory market in the region during the forecast period.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Semiconductor Infrastructure growth Installed base and New Technology Penetration
The global smart factory market also provides you with a detailed market analysis for every country’s growth in healthcare expenditure for capital equipment, installed base of different kinds of products for global smart factory market, the impact of technology using lifeline curves, and changes in healthcare regulatory scenarios and their impact on the smart factory market. The data is available for the historic period 2010-2020.
Competitive Landscape and Global Smart Factory Market Share Analysis
The smart factory market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the global smart factory market are:
- Siemens (Germany)
- GENERAL ELECTRIC (U.S.)
- ABB (Switzerland)
- Rockwell Automation, Inc. (U.S.)
- Schneider Electric (France)
- Honeywell International Inc. (U.S.)
- FANUC CORPORATION (Japan)
- Mitsubishi Electric Corporation (Japan)
- Emerson Electric Co. (U.S.)
- Yokogawa India Ltd. (India)
- Bosch Limited (India)
- Stratasys Ltd. (Israel)
- TE Connectivity Ltd (Switzerland)
- Texas Instruments Incorporated (U.S.)
- KUKA AG (Germany)
- SAP ERP (Germany)
- HP Development Company, L.P. (U.S.)
- OMRON Corporation (Japan)
- Dassault Systèmes (France)
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