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The global Smart Factory Market is expected to witness a substantial surge, reaching USD 254.9 Billion by 2031. This growth is primarily driven by the growing awareness of workplace safety, stringent regulatory compliance, and the widespread integration of automation technologies across various industries.
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Some of Major Key Players:
- ABB Limited
- Emerson Electric Co.
- Fanuc Corporation
- General Electric Company
- Honeywell International
- Johnson Control International Plc
- Mitsubishi Electric Corporation
- Rockwell Automation
- Schneider Electric
- Yokogawa Electric
The SNS Insider report highlights the significant growth potential of the smart factory market. The market value was USD 98.15 Billion in 2023, is Projected to grow with a CAGR of 12.67% over the forecast period of 2024-2031. This growth is driven By Various factors,
- The widespread adoption of AI technologies such as deep learning, computer vision, and natural language processing is transforming manufacturing processes. These advancements empower machines to perform tasks previously handled by humans, leading to enhanced efficiency, and overcoming production challenges.
- Industrial IoT (IIoT) Revolution, the integration of IoT devices and SCADA systems equipped with AI and IoT capabilities empowers real-time monitoring, control, and predictive maintenance, leading to reduced operational costs and increased efficiency. Additionally, seamless data transmission and analysis through IoT-based SCADA platforms streamline factory operations and facilitate data-driven decision making.
- The advent of 5G technology, promising ten times faster speeds than 4G, is poised to revolutionize smart factories. 5G facilitates secure cellular technology tailored to specific use cases, enabling real-time data collection and seamless optimization without physically connecting to machines. This fosters robust connectivity, reduced downtime, and a highly flexible manufacturing environment.
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Recent Developments in the Smart Factory Market
December 2023: Mitsubishi Electric India unveils a cutting-edge smart manufacturing facility adhering to top industry standards in Talegaon, India.
November 2022: ABB Measurement & Analytics inaugurates its first smart instrumentation facility in Bangalore, India, supporting the region’s manufacturing hub aspirations and aligning with the “Make in India” program.
May 2022: Stratasys Ltd., a leader in polymer 3D printing solutions, introduces a range of new materials compatible with various 3D printing technologies, including third-party options for FDM® 3D printers. This broadens their capabilities across diverse manufacturing applications.
Segment Analysis
By Components, the Sensors hold the leading market share due to the Increasing demand for automation and data-driven decision-making. Various industries are increasingly embracing sensor technologies to boost efficiency. Technological advancements, particularly the incorporation of IoT and AI, are further accelerating sensor adoption.
- Industrial Robots
- Machine Vision
- Sensors
- Industrial 3D Printing
By Solution, Manufacturing Execution Systems (MES) are expected to dominate the market in 2023. The global expansion of MES is driven by the widespread adoption of Industry 4.0 principles. MES plays a Important role in real-time monitoring, data analysis, and process optimization, ultimately Improve overall manufacturing efficiency. Its integration with Advanced technologies such as IoT and AI provides advanced production visibility and traceability.
- SCADA (Supervisory Control and Data Acquisition)
- PLC (Programmable Logic Controller)
- DCS (Distributed Control System)
- MES (Manufacturing Execution System)
- PLM (Product Life Cycle Management)
- ERP (Enterprise Resource Planning)
- HMI (Human–Machine Interface)
- PAM (Plant Asset Management)
Impact of Global Disruptions
The Russia-Ukraine war has disrupted supply chains, impacting the availability of raw materials and components crucial for smart factory technologies. and rising energy costs and economic sanctions Creates challenges for market growth. A potential global economic slowdown Result to Reduce investments in smart factory technologies as businesses prioritize cost-cutting measures. the long-term benefits of automation and efficiency improvements offered by smart factories might encourage sustained investments in the long run.
Key Regional Development
The Asia-Pacific region is expected to hold the significant market share throughout the forecast period. China, a major contributor to this growth, is experiencing rapid industrialization and boasts a high production rate. Investments are planned to improve production quality, address environmental concerns, and reduce overcapacity. The China’s ambitious plans to build a vast semiconductor industry, heavily reliant on automation, will further Drive the market forward.
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Key Takeaways for the Smart Factory Market Study
- The report provides insights into the growth drivers, opportunities, and challenges shaping the smart factory market.
- The report offers a comprehensive analysis the impact of global disruptions such as the Russia-Ukraine War and potential economic slowdowns.
- The study provides valuable insights for stakeholders across the smart factory ecosystem, including manufacturers, technology providers, and investors. This information can be used to make informed decisions regarding investment strategies, product development, and market expansion.
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