The Smart Factory Market size was valued at USD 87.12 Bn in 2022 and is expected to reach USD 226.26 Bn by 2030 and grow at a CAGR of 12.67% over the forecast period 2023-2030.
The Smart Factory is a concept that represents manufacturing digitization's ultimate objective. A Smart Factory is a fully digital manufacturing floor that collects and exchanges data in real-time through linked equipment, devices, and production systems. The data may subsequently be utilized by self-optimizing equipment or throughout the firm to deal with problems ahead of time, improve manufacturing processes, and adapt to new requests. AI, Big Data Analytics, Cloud Computing, and Industrial IoT (Internet of Things) technologies have made it possible to fully incorporate smart manufacturing practices. The smart factory does not include deploying a single piece of software over the whole factory floor and expecting immediate benefits in the manufacturing process.
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Smart production optimization is made possible by combining different Industry 4.0 technologies. By increasing the capabilities of both industrial machines and personnel, smart factories boost efficiency and productivity. By concentrating on establishing an agile, iterative manufacturing process through data collecting, smart factories may aid decision-making processes. By continually improving the productivity of industrial activities, smart factories may reduce expenses, downtime, and waste. Identifying and removing misplaced or inefficient production capabilities allows for expansion without requiring the use of effective and/or physical resources.
Deepak Fertilizers and Petrochemicals Corporation Limited (DFPCL) has chosen Honeywell technology to transform its huge complex in Taloja, Maharashtra, into a Smart Factory, according to Honeywell Automation India Limited. DFPCL is a significant manufacturer of industrial chemicals and fertilizers in India.
The Internet of Things (IoT) revolution (IoT).
Government support for industrial automation increased usage of automation in manufacturing
A scarcity of qualified employees.
Concerns about data theft and data security.
Increased use of industrial robots in industry, as well as advances
WSN and other innovative manufacturing technologies are receiving more attention.
The cost of constructing a sensor network and communication system is reduced when a WSN is used.
Interoperability between IT and OT is a problem.
Different protocols and architecture are used by IT and OT, which adds to the complexity and expenses.
IMPACT OF COVID-19:
The pandemic has had a devastating impact on many aspects of society, including the global economy. With considerable declines in many areas, the fight against COVID-19 can only be won via a combined effort of the government, industry actors, and consumers.
With the usage of linked machines, IIoT, and remote management, smart industrial technology has a bright future. As a result of the pandemic, manufacturers are discovering the necessity of this technology, as companies equipped with it have been able to continue manufacturing services and have been less harmed than those with traditional operating techniques. As a result, several firms are exploring incorporating smart technology into their operations.
Before the pandemic, the smart factory market grew steadily, but after the pandemic, manufacturers realized that this is the only way to keep up with changing times, and demand for smart factory technologies has risen exponentially. However, the supply side is still impacted because the components are sourced from various countries, putting a strain on the supply chain and raising prices.
During the projection period, the industrial 3D printing segment is predicted to develop at the fastest rate. The rising utilization in industries such as automotive, aerospace & military, food & beverages, and semiconductor & electronics is credited with the segment's rise. 3D printing technology is widely utilized in the food and beverage business to create molds for various foods such as chocolates, hard candies, and cakes. The market for industrial 3D printing in the food and beverage sector is expected to develop as a result of this. The capacity of 3D printers to generate lightweight, cost-effective parts with excellent accuracy makes them a popular choice in the aerospace and military sectors, which is driving up their use. NASA, for example, employs fused deposition modeling (FDM) technology to 3D print prototypes to evaluate the shape, fit, and function of parts before investing in expensive equipment.
During the projected period, the PAM segment is predicted to develop at the fastest rate. The rising deployment of PAM systems in process and discrete sectors to construct a complete data repository connected to varied equipment deployed in these facilities, from uptime performance to life cycle cost evaluation, might be attributed to the rise of this industry. The food and beverage industry's production processes are being transformed by cutting-edge technology technologies such as 3D food printing and machine vision. The major goal of all parties engaged in the manufacturing and distribution chain is to provide high-quality products at cheap production, maintenance, and distribution costs. In the food and beverage business, automation technologies provide design freedom, creative and integrated safety solutions, and modern software tools for regulating machine operations.
Innovations and technical breakthroughs drive the medical device sector. The sector has grown significantly as a result of the development of cutting-edge medical gadgets using revolutionary technology. In the medical device industry, smart factory solutions aid in the development of production processes, planning, technology assessment, third-party services, and remote assistance. Due to precision in production, smart factory technologies also assist decrease recalls and waste, as well as boost the profitability of enterprises that manufacture medical equipment.
On The Basis of Component
Industrial 3D Printing
On The Basis of Solution
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)
On The Basis of Industry
Oil & Gas
Energy & Power
Metals & Mining
Pulp & Paper
Food & Beverages
Aerospace & Defense
Semiconductor & Electronics
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North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are the four areas that make up the market. North America is fast establishing itself as an industrial powerhouse. As a result, there is a great deal of demand for modernizing old infrastructure. Manufacturers may find the answer to efficiency in the fourth industrial revolution's smart factors. And every firm, from those who are currently "running smart" to those who have not yet adopted smart industrial technologies, can embrace cutting-edge ideas that will add economic value.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The Major key players are 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 and Other Players
Emerson Electric Co-Company Financial Analysis
|Market Size in 2022
|US$ 87.12 Billion
|Market Size by 2030
|US$ 226.26 Billion
|CAGR 12.67% From 2023 to 2030
|Report Scope & Coverage
|Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
|• by Component (Industrial Robots, Machine Vision, Sensors, Industrial 3D Printing)
• By Solution (SCADA, PLC, DCS, MES, PLM, ERP, HMI, PAM)
• By Industry (Process Industries and Discrete Industries)
|North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|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 Internet of Things (IoT) revolution (IoT).
•Government support for industrial automation increased usage of automation in manufacturing
|•A scarcity of qualified employees.
•Concerns about data theft and data security.
Ans:- The Smart Factory Market size was valued at USD 87.12 Bn in 2022.
Ans:- A scarcity of qualified employees and Concerns about data theft and data security are most important restraining factor to the worldwide Smart Factory market.
Ans:- The Smart Factory Market is to grow at a CAGR of 12.67% From 2023 to 2030.
Ans:- The primary growth tactics of Artificial Intelligence in Accounting market participants include merger and acquisition, business expansion, and product launch.
Ans:- Key Stakeholders Considered in the study Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters etc
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Factory Market Segmentation, by Component
8.1 Industrial Robots
8.2 Machine Vision
8.4 Industrial 3D Printing
9. Smart Factory Market Segmentation, by Solution
9.1 SCADA (Supervisory Control and Data Acquisition)
9.2 PLC (Programmable Logic Controller)
9.3 DCS (Distributed Control System)
9.4 MES (Manufacturing Execution System)
9.5 PLM (Product Life Cycle Management)
9.6 ERP (Enterprise Resource Planning)
9.7 HMI (Human–Machine Interface)
9.8 PAM (Plant Asset Management)
10. Smart Factory Market Segmentation, by Industry
10.1 Process Industries
10.1.1 Oil & Gas
10.1.4 Energy & Power
10.1.5 Metals & Mining
10.1.6 Pulp & Paper
10.1.7 Food & Beverages
10.2 Discrete Industries
10.2.2 Aerospace & Defense
10.2.3 Semiconductor & Electronics
10.2.4 Machine Manufacturing
10.2.5 Medical Devices
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 ABB Limited
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Emerson Electric Co.
12.3 Fanuc Corporation
12.4 General Electric Company
12.5 Honeywell International
12.6 Johnson Control International Plc
12.7 Mitsubishi Electric Corporation
12.8 Rockwell Automation
12.9 Schneider Electric
12.10 Yokogawa Electric
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
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