The smart factory market is expected to soar at a stellar CAGR of 10.8% and grow from a valuation of US$127.2 billion in 2022 to US$288.1 billion by 2030. Skyrocketing growth In the recent past, smart factory projects have performed well due to the increasing adoption of analytics and cybersecurity tools. The global smart factory market is worth more than US$127.2 billion in 2022. A new Future Market Insights (IMF) study has predicted strong double-digit growth for the market over the forecast period 2022-2030.
The global coronavirus (COVID-19) pandemic has triggered a considerable downturn in all sectors, especially the smart factory market. The deployment of smart technologies could be beneficial in breaking the pattern of the virus. However, the massive downturn in the manufacturing sector, especially in Asia, has strained economic activities in various industrial fields.
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Key takeaways from the smart factory market study
The demand for software will grow at a significant CAGR throughout the forecast period.
Among software components, distributed control systems hold a large market share as they are widely used in factories to monitor and control various processes.
The discrete industry remains the main source of revenue in the smart factory market and would continue the trend until 2030.
Business partnerships are helping to increase revenue, and new IT innovations are enabling smart factory solution providers to reach potential new customers around the world.
Industry 4.0 and technological advancements are driving the adoption of smart technologies
Benefits such as cost efficiency and improved productivity have led to increased adoption of smart factory technologies. Additionally, advances in technology have reduced the boundaries between digital (cyber) and physical plant infrastructure. Intelligent interconnected systems seamlessly support activities across the value chain in factories.
Governments around the world are promoting and supporting the Industry 4.0 revolution. Additionally, they encourage entrepreneurs and small and medium-sized enterprises (SMEs) to create innovative products using robotics, AI, and big data analytics.
A comprehensive view of the smart factory market reveals that the market is growing at a significant rate owing to the growing demand for real-time analytics to deliver personalized advertisements.
Impact of COVID-19 on Smart Factory Industry:
The global coronavirus (COVID-19) pandemic has triggered a considerable downturn in all sectors, especially the smart factory market. Vision-guided robots play an important role in the fight against the COVID-19 epidemic. Leveraging machine vision technology and robotics can be an important solution to preventing the spread of the coronavirus and helping people fight the pandemic. But the pandemic has forced shutdowns in various countries in Asia, such as China, Japan, South Korea, India, the Philippines and others.
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Smart factory companies invest in the research and development of smart manufacturing technologies that use industrial IoT components to maximize productivity and efficiency.
In January 2022, Neurala, a leading vision AI software company, announced the launch of its new sensing technology which aims to improve quality inspection in smart factories. Manufacturers aim to optimize their smart manufacturing lines with these innovative solutions and technologies.
Some key players are:
Schneider Electric SE
Rockwell Automation Inc.
General electricity company
Johnson Controls International PLC
Yokogawa Electric Corporation
Honeywell International Inc.
Key segments of the Smart Factory industry survey
Smart Factory Market by Component:
Smart factory hardware
Smart factory software
Smart factory services
Smart Factory Market by End User:
Smart Factory Market by Vertical:
Automotive smart factories
Smart factories for aerospace and defense
Smart factories for electricity and electronics
Smart factories for food and beverages
Smart factories for energy and utilities
Smart factories for healthcare and pharmaceuticals
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Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 8 years.
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