The rising adoption of the internet of things, artificial intelligence, and digitized supply chain management solutions in the industrial sectors and is driving the demand of the market.
Vancouver, BC -- (SBWIRE) -- 12/22/2020 -- Smart Factory Market
The Global Smart Factory Market is estimated to be valued at USD 309.67 Billion by the year 2027, as per the latest assessment by Emergen Research. The increasing prevalence of industrial robots is projected to increase the demand for technological advancements. The advent of wireless networking is also boosting technological innovation in the smart factor sphere. The prominence of the internet and the increasing significance of smartphones in industrial processes are expected to create growth opportunities for the segment in the coming years.
Key participants include ABB, General Electric, Siemens, Rockwell Automation, Honeywell International, Schneider Electric, Mitsubishi Electric, FANUC, Yokogawa Electric, and Emerson Electric, among others.
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Market Drivers
The market expansion is driven by the increasing adoption of smart tech in all leading sectors, such as petrochemicals, mining, manufacturing, and food & beverage. The surging demand to minimize human and machine errors, improve asset efficiency, and enhance production quality have aided further deployment of digitized supply chain management solutions. Increasing government initiatives to implement advanced operations technology for the improvement of the production process is speculated to drive the growth of the market in the forecast duration.
Component Outlook (Revenue, USD Billion; 2017-2027)
- Industrial Robotics (Articulated robots, Cylindrical robots, Cartesian robots, SCARA robots, Collaborative robots)
- Industrial 3D printing
- Sensors
- Control Devices (Relays, switches, motors, and drives)
- Industrial network (Wired networks, wireless networks, RFID systems)
- Machine Vision (Cameras, Software, and Processor, Frame grabbers)
Solution Outlook (Revenue, USD Billion; 2017-2027)
- Programmable Logic Controller (PLC)
- Product Life Cycle Management (PLM)
- Manufacturing Execution System (MES)
- Distributed Control System (DCS)
- Plant Asset Management (PAM)
- Enterprise Resource Planning (ERP)
- Supervisory Control and Data Acquisition (SCADA)
- Human-Machine Interface (HMI)
Industry Outlook (Revenue, USD Billion; 2017-2027)
- Process Industries (Oil & Gas, Food & Beverage, Power, Chemicals, Pharmaceuticals, Metals & Mining)
- Discrete Industries (Semiconductor & Electronics, Aerospace & Defense, Automotive)
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Regional Outlook
The Asia Pacific region contributed to a significant market share in 2019 and is projected to deliver the highest CAGR in the following years. Technological advancements in the manufacturing process, as well as the deployment of digitized supply chain management through leading industries, are projected to drive the market expansion. Government initiatives like ‘Smart Cities Mission,’ ‘Make in India,’ ‘Made in China 2025,’ and ‘Industrial Value Chain Initiative (IVI)’ are propelling the growth of the demand for the market in the region.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Smart Factory Market Segmentation & Impact Analysis
4.1. Smart Factory Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Rising adoption of Internet of Things and artificial intelligence in the industrial sector
4.2.2.2. Increasing demand for energy efficiency
4.2.2.3. Rising adoption of blockchain in supply chain management
4.2.2.4. Increasing government initiatives to adopt advanced operations technology
4.2.2.5. Rising adoption of industrial robots in manufacturing sector
4.2.3. Market restraints analysis
4.2.3.1. Limited availability of skilled workforce
4.2.3.2. Issues related to data & security
4.2.3.3. Vulnerable to cyber attacks
4.2.3.4. Huge initial capital investment
4.2.3.5. Present challenging economic conditions due to the pandemic
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
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Chapter 5. Smart Factory Market By Component Insights & Trends, Revenue (USD Million), Volume (Kilo Tons)
5.1. Component Dynamics & Market Share, 2019 & 2027
5.1.1. Industrial Robotics (Articulated robots, Cylindrical robots, Cartesian robots, SCARA robots, Collaborative robots)
5.1.2. Industrial 3D printing
5.1.3. Sensors
5.1.4. Control Devices (Relays, switches, motors, and drives)
5.1.5. Industrial network (Wired networks, wireless networks, RFID systems)
5.1.6. Machine Vision (Cameras, Software and Processor, Frame grabbers)
Chapter 6. Smart Factory Market By Solution Insights & Trends Revenue (USD Million), Volume (Kilo Tons)
6.1. Solution Dynamics & Market Share, 2019 & 2027
6.1.1. Programmable Logic controller (PLC)
6.1.2. Product Life Cycle Management (PLM)
6.1.3. Manufacturing Execution System (MES)
6.1.4. Distributed Control System (DCS)
6.1.5. Plant Asset Management (PAM)
6.1.6. Enterprise Resource Planning (ERP)
6.1.7. Supervisory Control and Data Acquisition (SCADA)
6.1.8. Human-Machine Interface (HMI)
Chapter 7. Smart Factory Market By Industry Insights & Trends Revenue (USD Million), Volume (Kilo Tons)
7.1. Industry Dynamics & Market Share, 2019 & 2027
7.1.1. Process Industries (Oil & Gas, Food & Beverage, Power, Chemicals, Pharmaceuticals, Metals & Mining)
7.1.2. Discrete Industries (Semiconductor & Electronics, Aerospace & Defense, Automotive)
To be Continued…!
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