NEW
YORK, July 4, 2024 /PRNewswire/ -- The global
smart factory market size is estimated to grow by USD 97.1 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 10.87%
during the forecast period. Increasing focus of vendors on setting
up new smart factories is driving market growth, with a
trend towards emergence of industrial internet of things
(IIoT). However, data privacy and security concerns poses a
challenge. Key market players include ABB Ltd., Azbil Corp., Cisco
Systems Inc., Dassault Systemes SE, Emerson Electric Co., Endress
Hauser Group Services AG, FANUC Corp., FUJI Corp., General Electric
Co., Honeywell International Inc., Johnson Controls International
Plc., Microsoft Corp., Mitsubishi Electric Corp., Oracle Corp.,
Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, Schneider
Electric SE, Siemens AG, and Yokogawa Electric Corp..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Component (Industrial
sensors, Industrial robots, Industrial 3D printers, and Machine
vision systems), Solution (SCADA, MES, DCM, PLC, and PLM), and
Geography (North America, Europe, APAC, South America, and Middle
East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
ABB Ltd., Azbil Corp.,
Cisco Systems Inc., Dassault Systemes SE, Emerson Electric Co.,
Endress Hauser Group Services AG, FANUC Corp., FUJI Corp., General
Electric Co., Honeywell International Inc., Johnson Controls
International Plc., Microsoft Corp., Mitsubishi Electric Corp.,
Oracle Corp., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE,
Schneider Electric SE, Siemens AG, and Yokogawa Electric
Corp.
|
Key Market Trends Fueling Growth
The Industrial Internet of Things (IIoT) and technological
advancements are driving the adoption of smart machines in
industries and services sectors. The increasing use of smart
devices, wireless technology, and cloud services will expand the
utility and flexibility of smart machines. Vendors offer remote
services and control modules through Wi-Fi technology, enabling
human operators to manage multiple machines at once. IIoT
integrates various smart machines to help companies meet strategic
goals and key performance indicators (KPIs). The forecast period
will see an increase in IIoT adoption for creating connected and
synchronized factories. To meet the evolving needs of smart
factories, equipment must be adjustable, and robots must be highly
flexible. Vendors are improving user interfaces to make smart
machine operation accessible to non-technical staff. IIoT's growth
will benefit vendors in the smart machines market, with demand for
expert systems, autonomous robots, and other smart machines. These
factors are expected to fuel the growth of the smart machines
market during the forecast period.
In today's business world, Smart Factories are trending due to
their ability to increase speed and quality in manufacturing
processes. These factories prioritize workplace safety, optimize
floor space utilization, and integrate navigation systems with
mobile robots. The plastic and wood industries are embracing this
technological trend, using real-time scenario data from compatible
devices like smartphones and HMIs. Engineers utilize physics-based
modeling for improved employee productivity, capturing data in
real-time through sensors like level, temperature, flow, pressure,
force, image, and gas sensors. Decision-making is enhanced through
real-time analysis, while organizational design and distribution,
strategic, and commercial activities are streamlined. Energy
efficiency and product quality are key benefits, along with risk
mitigation, cost savings, and asset utilization. The process
industry segment, including oil & gas, is a significant
adopter, focusing on energy efficiency and offshore regions. IoT
devices play a crucial role in Smart Factory operations, enabling
uninterrupted production and reducing unplanned downtime.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- Smart factories are revolutionizing industrial processes with
automation and data-driven decision making. However, the increasing
use of connected devices and web-based communication in industrial
settings also exposes these systems to cyberattacks. In the
oil and gas industry, data breaches can disrupt operations and lead
to financial or intellectual losses. In the power industry, the
adoption of smart grids and SCADA systems increases vulnerability
to cyberattacks, which can compromise sensitive data and disrupt
network operations. Vendors offer anti-malware solutions, but
hackers continue to find new ways to bypass security. A single
compromised system in a network can bring down the entire system,
posing significant risks to data centers and industrial networks.
The evolving nature of cyberattacks poses a significant challenge
to the growth of the smart factory market.
- In today's business landscape, the Smart Factory Market is
facing several challenges. The integration of smart field devices
and industrial robots requires reliable communication technologies
like 5G and IoT for seamless data exchange. Cyberattacks pose
a significant threat to networked devices, including sensors in the
Metal & Mining industry. Augmented and virtual reality, machine
learning, and artificial intelligence are transforming
manufacturing methods, but ensuring safety and quality control in
real-time data is crucial. 5G technology and cellular connections
offer reliable and robust wired connectivity for high-speed
manufacturing, reducing downtime. Self-optimizing equipment and
machine learning improve plant efficiency and consistency. However,
organizations must address new requests for data insights and issue
resolution, ensuring on-time delivery and product improvement.
Covid-19 pandemic and lockdown orders have disrupted production
activities, making it essential to adapt to Industry 4.0 and Smart
Manufacturing Technology. Industrial robot usage in sectors like
Aerospace & Defense and 3D printing segments is increasing,
requiring consistent and efficient production systems. Ensuring
data security and privacy is vital as more gadgets and production
systems become interconnected.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This smart factory market report extensively covers market
segmentation by
- Component
- 1.1 Industrial sensors
- 1.2 Industrial robots
- 1.3 Industrial 3D printers
- 1.4 Machine vision systems
- Solution
- 2.1 SCADA
- 2.2 MES
- 2.3 DCM
- 2.4 PLC
- 2.5 PLM
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Industrial sensors- The Smart Factory market refers
to the implementation of advanced technologies, such as automation,
robotics, and IoT, in manufacturing processes. This results in
increased efficiency, productivity, and quality. Companies invest
in Smart Factories to reduce costs, improve competitiveness, and
meet customer demands. The market is expected to grow significantly
due to the ongoing digital transformation in industries. Smart
Factories enable real-time monitoring and data analysis, leading to
better decision-making and optimized operations.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
Smart factories are transforming traditional manufacturing
processes by integrating advanced technologies such as deep
learning, computer vision, context awareness, big data, SCADA
systems, Industrial IoT (IIoT), and data analysis. These
technologies enable real-time data collection and analysis, leading
to improved efficiency, productivity, and quality. The cloud,
capital investments in IT infrastructure, software, advanced
machinery, industrial robots, communication technologies, and 5G
technology are essential components of smart factories. Sensors,
cyberattacks, and industrial sensors are critical concerns in this
domain. The Metal & Mining industry and Information Technology
industry are major adopters of smart factories, with applications
ranging from predictive maintenance to augmented reality and
virtual reality. The integration of these technologies requires
careful planning and collaboration between IT and operational
technology teams.
Market Research Overview
Smart factories are transforming traditional manufacturing
processes by integrating advanced technologies such as Artificial
Intelligence (AI), Deep Learning, Computer Vision, Context
Awareness, Big Data, and SCADA systems. Industrial IoT (IIoT) and
IT infrastructure play a crucial role in data collection and
analysis. Real-time data enables self-optimizing equipment,
improving plant efficiency, safety, and quality control. Smart
field devices, industrial robots, communication technologies, and
5G technology are key components of smart factories. Sensors and
cyberattacks are significant challenges that need to be addressed.
Various industries, including Metal & Mining, Aerospace &
Defense, Plastic, and Wood, are adopting smart manufacturing
technology. Augmented Reality (AR) and Virtual Reality (VR) enhance
manufacturing methods, providing new requests for data insights,
issue resolution, and on-time delivery. Real-time data exchange and
reliable connections are essential for high-speed manufacturing and
reducing downtime. The technological trend towards Industry 4.0 and
smart manufacturing technology is accelerating, with 5G networks
and IoT playing a significant role. The Covid-19 pandemic and
lockdown orders have increased the adoption of smart manufacturing
technology to maintain production activities. Smart manufacturing
technology offers numerous benefits, including consistency, speed,
quality, workplace safety, floor space utilization, and navigation
systems using mobile robots. Engineers use physics-based modeling
and HMI to improve employee productivity and data capture,
transmission, and real-time analysis. Compatible devices like
smartphones and smart eyewear are also being used in smart
factories.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- Industrial Sensors
- Industrial Robots
- Industrial 3D Printers
- Machine Vision Systems
- Solution
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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