Chicago, June 07, 2022 (GLOBE NEWSWIRE) — According to the new market research report from MarketsandMarkets™, the “Smart Factory Market by Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, PAM, MES, Industrial Security), Industry and Region – Global Forecast to 2026″, is expected to grow from USD 80.1 billion in 2021 to USD 134.9 billion by 2026; it is expected to grow at a CAGR of 11.0% from 2021 to 2026.

The major driver of the smart factory market is the growing demand for real-time data analysis and proactive maintenance, which would enable manufacturers to gain better visibility of the manufacturing plant and, consequently, improve the ‘efficiency. In addition, the increased emphasis on predictive maintenance and asset management solutions, which would provide better visibility to users on the condition of equipment, is fueling their demand. An efficient flow of information between the different units of an industry facilitates the optimal conversion of raw materials into finished products and, therefore, emphasizes the connected business system, which is a major driver for the market of smart factories.

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To meet the growing demand and changing consumption patterns due to the increase in population, governments of countries around the world are focusing on the development of processing and discrete industries by undertaking various initiatives and sustained plans through investments to improve productivity. These measures taken by the governments of different countries are promoting the adoption of various smart factory and communication components and technologies for the structural development of industries.

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203 – Tables
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“The industrial sensors segment is expected to hold the largest size in the global smart factory components market over the forecast period”

The industrial sensors segment is expected to account for the largest size of the smart factory market from 2021 to 2026. The growth of the industrial sensors segment is driven by the increasing adoption of Industry 4.0 and IIoT and the expansion of the wireless sensor market. Industrial sensors are widely used in the manufacturing industry, mainly to improve connectivity between various operations. Manufacturers around the world have started integrating sensors to collect real-time data from various data points. Moreover, sensors being an important part of predictive maintenance solutions, are expected to experience rapid growth in demand in the coming years as predictive maintenance is expected to provide lucrative opportunities by capturing sensor data, facilitating communications and by providing projections for players operating in the Industrial Sensors Market in the coming years.

“PAM Market to Grow at Highest CAGR from 2021 to 2026 in Global Smart Factory Solutions Market”

The PAM segment is expected to register the highest growth rate from 2021 to 2026. Plant Asset Management (PAM) is software that uses intelligence embedded in industrial assets to accurately measure and provide insights into the state of a plant’s assets. PAM is increasingly being used by manufacturers as it improves decision-making and turnaround times by tracking manufacturing defects and thus preventing system failures through real-time data collection and techniques. of quality management. Additionally, PAM solutions are widely implemented in the food and automotive industries, due to constant technical innovations and the requirement for complete data logging of installed equipment. In addition, the growing demand for PAM technology can be attributed to the advantages of reduced manufacturing costs and improved operations of high-performance production assets that they offer. Therefore, the PAM segment is expected to witness the highest CAGR during the forecast period.

Large companies offering smart factory technologies to understand:

  • ABB (Switzerland),
  • Siemens (Germany),
  • Schneider Electric (France),
  • Rockwell Automation (USA),
  • Honeywell International Inc. (USA),
  • Emerson Electric Co. (USA),
  • IBM (USA),
  • General Electric (USA)…..

“The industrial robot segment is expected to hold the second largest size in the global smart factory components market over the forecast period”

The industrial robots segment is expected to account for the second largest smart factory market size from 2021 to 2026, next to the industrial sensors segment. The growth of the industrial robot segment is attributed to the growing demand for robots from industries to automate processes to achieve better production efficiency. Several incentives are being offered by the governments of key countries around the world to help industrial sectors better cope with the challenges faced as a result of the COVID-19 pandemic. As a result, industries are better endowed with the financial resources needed to integrate robots into the industrial system. Industrial robots are aimed at both small and medium-sized enterprises (SMEs) and large companies. These robots are equally adopted for new and existing applications and hence are widely adopted due to their versatility. The automotive and electronics industries have shown strong adoption of robots. The increasing penetration of technologies, such as big data, artificial intelligence, machine learning and cloud, in industries is expected to shift the focus from traditional industrial robots to connectivity and collaboration to improve manufacturing output. In the automotive industry, robots perform activities such as material handling, palletizing, laser and camera operations, foundry operations, and painting. These factors have played a significant role in the growth of the industrial robot segment market.

“The automotive industry will hold the largest share of the smart factory market in 2026”

The automotive industry dominates the smart factory market with the highest market share and is expected to continue to dominate the market during the forecast period due to changing consumer preferences and inefficiencies in traditional processes . Changing consumer preferences, technological advancements and the introduction of regulations associated with the automotive industry are responsible for the high complexity of automotive products. Automobiles are extremely complex and technologically sophisticated products. Their manufacture requires advanced technological methods and processes. Technological innovations such as electric and gasoline vehicles drive infrastructural changes in the automotive industry; Additionally, the latest machinery and equipment are replacing the need for human operators for most of the crucial processes in the automotive industry, driving the adoption of smart factory technologies.

“APAC Smart Factory Market to Grow at Highest CAGR”

The major factors driving the growth of the smart factory market in the APAC region are growing demand for smart tools due to increasing automation in industries; increasing adoption of technologies such as IoT and IIoT; and the growing need to optimize productivity and reduce operating and maintenance costs. Government support in various APAC countries to boost industrialization is one of the significant factors that will drive the demand for smart factory in the coming years. Various initiatives have been taken by the governments of the region. For example, “Made in China 2025” from China, “Industrial Value Chain Initiative (IVI)” from Japan, “The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)” from South Korea and “Samarth Udyog Bharat 4.0” from China. India will probably play a major role. roles in industrial advancement and, therefore, create growth opportunities for the smart factory market. The APAC region is emerging as one of the strongest economies in the world due to increased spending on improving performance, security and economic stability. The region is seeing an increase in the deployment of smart factory technologies. China, being one of the leading manufacturing countries, has adopted enabling technologies to increase operational efficiency and production in the country.

Related reports:

Industry 4.0 Market by Technology (Industrial Robots, Blockchain, Industrial Sensors, Industrial 3D Printing, Machine Vision, HMI, AI in Manufacturing, Digital Twin, AGV, Machine Condition Monitoring) and Geography (2021-2026) )


        
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