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“The smart factory market to exhibit significant growth from 2019 to 2024”
The smart factory market is expected to be valued at USD 153.7 billion in 2019 and is expected to reach USD 244.8 billion by 2024, at a CAGR of 9.76% between 2019 and 2024. The market growth can be attributed to increasing adoption of industrial robots, evolution of the Internet of Things (IoT), growing demand for smart automation solutions, and increasing emphasis on regulatory compliances. However, huge capital investment and security threat of cyber physical systems act as restraints for the market.
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“Growth in the demand of PLM solutions across various end-user industries is expected to encourage the growth of the smart factor market”
The growth of the PLM market can be attributed to the increasing demand for efficiency and productivity; rising need for collaboration across the global manufacturing lifecycle; wide adoption of end-to-end PLM solutions across new verticals such as power and energy, infrastructure & construction, and consumer goods among others; and rise in manufacturing activities in emerging economies such as China, India, and South Korea
“Cost-saving and operation optimization drive the market for MES”
The smart factory market for MES solution is likely to grow at the highest rate from 2019 to 2024. Manufacturers are adopting the MES technology to reduce cost and provide opportunities in the operation and deliverance of high-performance production assets across the supply chain. This is leading toward high growth rate for the MES segment. There is a growing need to centralize business data in enterprises and track multi-plant operations with the help of real-time data analysis; this is one of the features of MES empowering the growth of this market.
“APAC to be fastest-growing market for smart factory during the forecast period”
Among all regions, the market in APAC is expected to grow at the highest rate from 2019 to 2024. The growth of the market in this region is attributed to the technological innovation and increasing adoption of automation technologies in various industries. Major application industries for the smart factory market in APAC are chemicals, oil & gas, water, semiconductor, electronics, food, and automotive. APAC is an auto-manufacturing hub, and hence motor vehicle suppliers such as Volkswagen (Germany), Toyota Motor Corporation (Japan), Renault-Nissan Alliance (Netherlands), Daimler (Germany), and the local manufacturers such as Tata Motors (India), and Mahindra and Mahindra (India) have made investments in automating their production sites in the coming years.
Break-up of profiles of primary participants for the report:
- By Company type: Tier 1: 50%, Tier 2: 30%, and Tier 3: 20%
- By Designation: C-level Executives: 70%, Directors: 20%, and Others 10%
- By Region: North America: 40%, Europe: 35%, APAC: 15%, RoW: 10%
Key players that offer solutions related to the smart factory market are ABB (Switzerland), Emerson Electric (US), FANUC (Japan) General Electric (US), Honeywell International (US), Mitsubishi Electric (Japan), Robert Bosch (Germany), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), and Yokogawa Electric (Japan). These companies operate globally and provide technologies and components related to smart factory.
The global smart factory market has been segmented on the basis of components, technology, industry, and geography. The smart factory market based on components has been segmented into industrial robots, machine vision, industrial 3D printing and sensors. By technology, the smart factory market has been split into SCADA, DCS, MES, PAM, PLC, ERP, HMI, and PLM. Industries that implement smart factory solutions are process industries and discrete industries. The smart factory market, by geography, has been segmented into 4 regions?North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons To Buy the Report:
- Illustrative segmentation, analysis, and forecast for markets based on component, solutions, industry, and region have been included to give an overall view of the smart factory market.
- Major drivers, restraints, opportunities, and challenges for the smart factory market have been detailed in this report.
- The report includes a detailed information on competitive landscape, along with key players, in-depth analysis, and revenue of key players.