“Integration of engineering and manufacturing by the adoption of IoT and advancements in M2M communication technology in the industrial sector are driving the growth of the smart factory market”
The smart factory market size, in terms of value, is expected reach USD 74.80 billion by 2020, at a CAGR of 10.4% between2016and 2022. This market is driven by factors such as wide adoption of IOT and technological advancements in M2M communication in the industrial sector, along with the increasing focus on saving energy & improving process efficiency.
“The smart factory market for the process industry is expected to gain the maximum traction during the forecast period”
The discrete industry is expected to hold the largest share of the overall smart factory market during the forecast period. The smart factory market for the process industry market is expected to gain the maximum traction and grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing use of smart factory solutions in various verticals to minimize losses that occur due to the ineffective management of materials.
The smart factory market for the pharmaceuticals industry, which is a subsegment of the process industry, is expected to grow at the highest CAGR during the forecast period. In this industry, automation process is mostly used not only to reduce labor costs but also to improve experimental accuracy and workflow efficiency. The automotive industry held the largest share of the smart factory market for the discrete industry in 2015 and is expected to dominate the market till 2022.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with the key people in the market. The breakdown of the profile of primary participants is given below.
- By Company Type: Tier 1 – 42%, Tier 2 – 37%, and Tier 3 – 21%
- By Designation: C-Level – 18%, Director Level – 45%, and Others – 37%
- By Region: Americas – 22%, Europe – 35%, APAC – 29%, and RoW – 14%
The changing market dynamics has urged the need for smart manufacturing techniques as the real manufacturing world has begun converging with the digital manufacturing. With the increasing demand for smart factory in the process and discrete industries, the market for smart factory is expected to witness lots of growth opportunities 2022.
The key players in the smart factory market profiled in this report are:
- FANUC Corporation (Oshinomura, Japan)
- Siemens AG (Munich, Germany)
- ABB Ltd. (Zurich, Switzerland)
- Honeywell International, Inc. (New Jersey, U.S.),
- Yokogawa Electric Corp. (Tokyo, Japan)
- Schneider Electric (Rueil-Malmaison, France)
- Atos SE (France)
- Emerson Electric (U.S.)
- Freescale Semiconductor, Ltd. (Texas, U.S.)
- General Electric (U.S.)
- Johnson Controls, Inc. (Wisconsin, U.S.)
- Robert Bosch GMBH (Stuttgart, Germany)
- Rockwell Automation, Inc. (Wisconsin, U.S.)
- KUKA Aktiengesellschaft (Germany)
Reasons to buy the report:
- This report segments the smart factory market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across various industries and regions.
- The report would help stakeholders to understand the pulse of the market by providing them the information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders to better understand their competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.