The new report by Expert Market Research titled, ‘Global Smart Factory Market Size, Report and Forecast 2022-2027’, gives an in-depth analysis of the global smart factory market, assessing the market based on its segments like components, solutions, industries, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Smart Factory Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 71.4 Billion
- Forecast CAGR (2022-2027): 10.59%
- Forecast Market Size (2027): USD 130.6 Billion
| Report Attribute | Details |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Base Year | 2021 |
| Market Size in 2021 | USD 71.4 Billion |
| Revenue Forecast in 2027 | USD 130.6 Billion |
| Growth Rate CAGR | 10.59% |
| Major Players | ABB Ltd, Emerson Electric Co, General Electric Company, Siemens AG, and Honeywell International Inc., among others. |
The growing adoption of internet of things (IoT), coupled with the rapid digitalisation in the manufacturing processes in the automotive and food and beverage industry, is driving the market growth. Over the forecast period, industrial robots are replacing the human labour owing to the greater efficiency, and productivity exhibited by the robots. This factor is anticipated to augment the market growth in the forecast period.
The increasing investments by the major manufacturing players towards automation is anticipated to provide impetus to the smart factory market in the coming years. Geographically, North America accounts for a significant share of the market owing to the growing costs of labour and rapid digitalisation in the manufacturing execution systems in the region.
Smart Factory Industry Definition and Major Segments
Smart factory refers to a concept which uses connected devices, advanced machinery, and digitised production systems to bolster the efficiency of manufacturing capabilities. The process of manufacturing in smart factory is hyperflexible and self-adapting. Moreover, smart factory uses computing systems continuously collect and share data.
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On the basis of component, the market can be segmented into:
- Industrial Sensors
- Level Sensors
- Temperature Sensors
- Flow Sensors
- Position Sensors
- Pressure Sensors
- Force Sensors
- Humidity and Moisture Sensors
- Image Sensors
- Gas Sensors
- Industrial Robots
- Traditional Industrial Robots
- Collaborative Robots
- Industrial 3D Printing
- Machine Vision Systems
- Cameras
- Frame Grabbers, Optics, and Led Lighting
- Processors and Software
Based on solution, the market has been categorised as:
- Manufacturing Execution System (MES)
- Supervisory Control and Data Acquisition (SCADA)
- Plant Asset Management (PAM)
- Industrial Safety
The significant industries included in the market are as follows:
- Process Industry
- Discrete Industry
The regional markets for smart factory include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Smart Factory Market Trends
The key trends in the smart factory market include the growing mergers and acquisitions by the major industry players aimed towards optimising the manufacturing processes. In January 2022, Hyundai announced a collaboration with Unity to build a meta-factory. The memorandum of understanding (MoU) will cover smart manufacturing, AI training, and autonomous driving stimulation, among others.
Moreover, the technological advancements in the automotive, electronic and electrical, and medical devices industry are anticipated to provide impetus to the market in the coming years. The rapid development of robots which have the potential to be deployed in smart factories in order to spearhead the manufacturing process is likely to augment the market in the forecast period.
Key Market Players
The major players in the market are:
- ABB Ltd
- Emerson Electric Co.
- General Electric Company
- Siemens AG
- Honeywell International Inc.
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
About Us:
Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.
EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.
Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.
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