The evolution of Industry 4.0 trend and the integration of manufacturing process and supply chains with digital technologies including IoT, AI, etc. Globally will drive the smart factory market development. The industries are adopting the digitized supply chain management options that will boost production, quality, and asset efficiency by eliminating human & machine errors. This will help to cut down the operational cost over the traditional production systems.
Need for the more efficient manufacturing process is driving the smart factory market. An increased focus on manufacturing efficiency, and increasing practice for an advanced base for manufacturing. Furthermore, Technological advancement in sensing components such as sensors and actuators within the industrial set-up owing to their increasing self-sufficiency with low power consumption and integrated computing abilities with no-time lags and zero defects are projected to drive the demand over the forecast period. These advanced solutions offer integrated computing codes offering automation solutions.
However, the risk associated with the security of the cyber-physical system and the requirement of huge capital investments is anticipated to hinder market demand in the forecast period.
“The Global Smart Factory Market was valued at USD 132.6 billion in 2018 and it is expected to reach more than USD xx billion by 2025, likely to grow with the CAGR of 9.36% during the forecast period.”
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By components, the industrial robots segment is expected to largest contributor to smart factory market across the globe during the forecast period. The industrial robots are a crucial part of the smart factory/ manufacturing industry. An implementing industrial robotics in smart manufacturing processes can improve productivity, reduce human errors, and increase production volume. This is expected to further boost market demand in the long run. The rising adoption of robots by the automobile manufacturing industry globally will drive market growth in the anticipated timeframe. However, the market for industrial 3D printing is expected to witness the highest CAGR during the Forecast period. Owing to increasing adoption of 3D printing technology in various processes and discrete industries, such as automotive, aerospace and defense, food & beverages, and semiconductor and electronics.
Geographically, APAC is expected to account for the largest share of the smart factory market in 2019. APAC is to hold the highest market share in the market due to technological innovation and the increasing adoption of automation technologies in various industries. In addition, China has been working on implementing automation technologies in manufacturing to innovative industrial practice. The research institutes and corporates are collaboratively working to improve manufacturing processes in China. Further, the initiative by the Chinese government which is focusing on industrial policy to industrial intellectualization and information integration is expected to increase the demand for smart factory solutions in this country.
North America is expected to hold a significant market value share in the global Global Smart Factory market. In 2018, the North America smart factory market was valued at around USD 16 billion and is growing at a rapid pace owing to the adoption of intelligent manufacturing & supply chain technologies across various industries due to advancements in next-generation technologies in the U.S. and Canada.
ABB Ltd. is one of the largest conglomerates in the world with a well-established track record in the power and automation industries. The growth of the company is mainly driven by its organic growth initiatives and focused investments in innovations, customer services, and sales.
The product launches, mergers and acquisitions, collaborations, and agreements strategies applied by the players to expand the industry.
Major players that offer solutions related to the smart factory market are ABB Ltd., Emerson Electric, FANUC, General Electric, Honeywell International, Mitsubishi Electric, Robert Bosch, Rockwell Automation, Schneider Electric, Siemens, Yokogawa Electric and System Insights Inc.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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