The global smart factory market has been estimated at USD 42.73 billion in 2016 and is expected to reach USD 74.47 billion by 2022, at a CAGR of 9.70% during the forecast period.
The world is ready to embrace the fourth industrial revolution. The human and machine interaction has reached a level, never breached before; vast information is being generated across different platforms. Processing and transferring data securely has been a major challenge, which has been achieved through the advent of IoT in the industry. Smart factory practices refer to the digitization of the industrial sector aided by the convergence of machine learning, artificial intelligence, machine-to-machine (M2M) communication and automation. Realizing the potential of digital transformation trends, major players have started adopting effective approaches for their processes and data assets to remain competitive in the future.
Source: International Federation of Robotics (World Robotics 2016)
The industry production capacity and performance play vital roles in the growth of the country’s GDP. The integration of industrial automation equipment has led to major transformations in the industry, which has created a positive impact on the economy of various countries. The expanded connectivity within the industrial environment and a complete operational visibility allowing real-time decision making has fuelled the growth of the smart factory market during the forecast period. The large-scale production of robotic units and the gradual cost reduction of automation equipment have been major factors that have driven the rate of penetration of the deployment of connected equipment, across the globe. With the cumulative demand expected to go beyond 250,000 robots, in 2015, with an estimated growth of over 59% through the period of 2010 to 2015 (as listed by the International Federation of Robotics in 2015), industrial robots are expected to be the fastest-growing products adopted in the industries. Rapid advancements in technology have led to a steep reduction in the production costs of the sensors and other equipment, which has further bolstered the demand for the smart factory market.
Asia-Pacific is expected to witness the fastest growth in the smart factory market during the forecast period. With the presence of vast raw material reserve, the region has emerged as the fastest-growing industrial sector. A major part of the region is constituted by the fast developing economies, such as China and India, which have been projected as manufacturing powerhouses in the future. The integration of technology will allow the large workforce to emphasize on complicated tasks rather than redundancies, to improve the overall workforce efficiency in the factory.
The report includes the competitive assessment in terms of overview of market players, profiles, products and services, business strategies, recent developments and innovation, market landscape, future trends and forecasts, and mergers & acquisitions. The major companies dominating this market for its products, services, and continuous product developments are –
ABB Ltd. Cognex Corporation Siemens AG Fanuc Corporation General Electric Company Schneider Electric Yokogawa Electric Corporation Kuka Aktiengesellschaft Rockwell Automation Inc. Honey International Inc. Robert Bosch GmbH Atos SE Johnson Controls Inc. Emerson Electric Company Key Deliverables in the Study
Market analysis for the global smart factory market, with region-specific assessments and competition analysis on a global and regional scale. Market definition along with the identification of key drivers and restraints. Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale. Extensively researched competitive landscape section with profiles of major companies along with their market share. Identification and analysis of the macro and micro factors that affect the global smart factory market on both, global and regional, scales. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information. A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market. Insights on the major countries/regions where this industry is growing and also identify the regions that are still untapped.