Smart Factory Market Thriving Worldwide
The Smart Factory Market report is a professional yet far-reaching study on the current state for the market. The market report also contains the drivers and restraints for the Smart Factory Market that are derived from SWOT analysis, and also shows what all the recent developments, product launches, joint ventures, mergers and acquisitions by the several key players and brands that are driving the Smart Factory Market are by systemic company profiles. Few of the major competitors currently working in smart factory market are Siemens, GENERAL ELECTRIC, ABB, Rockwell Automation,, PTC, Schneider Electric, Honeywell International, FANUC, Mitsubishi Electric Corporation, Emerson Electric Co., Yokogawa India Ltd., Bosch Limited and Stratasys Ltd. among others.
Smart factory market is expected to reach USD 405.96 billion growing at a substantial CAGR of 10.20% in the forecast period of 2020-2029.
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The Smart Factory Market report is based on the market type, organization size, availability on-premises and the end-users’ organization type, and the availability in areas such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. The company profiles of all the key players and brands that are dominating the Smart Factory Market have been taken into consideration here.
Smart Factory Market Definition:
A smart factory is a production facility that is strongly digitized and linked and depends on digital manufacturing. A smart factory operates by using technologies such as artificial intelligence (AI), analytics, big data, and stuff internet (IoT) and can operate completely autonomously with self-correcting capacity. Extensive use of IoT sensors and devices binds machinery and allows for observation both in their state and in factory processes.
Smart Factory Market Drivers:
o Increasing adoption of IoT is expected to drive the market growth.
o Rising need for IoT security is driving the market growth.
o Simplification of business processes drives the market growth.
Smart Factory Market Restraints:
o Uncertain status of regulatory hindering the market growth.
o Higher expectancy with increase in number of nodes hampering the market growth.
Smart Factory Market Scope and Market Size
Smart factory market has been segmented on the basis of component, technology and industry.
On the basis of component, smart factory market is segmented into sensors, industrial robots, industrial 3D printing and machine vision. The industrial 3D printing segment is the dominating segment with largest market share in the forecast period.
Traditional industrial robots is further segmented into articulated robots, Cartesian robots, selective compliance assembly robot arm (SCARA), cylindrical robots and other robots.
Machine vision is further segmented into camera, frame grabbers, optics and led lighting, processor and software.
On the basis of technology, smart factory market is segmented into Product Life Cycle Management (PLM), Manufacturing Execution System (MES), Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Enterprise Resource Planning (ERP), Distributed Control System (DCS), Human Machine Interface (HMI) and Plant Asset Management (PAM).
Based on industry, smart factory market is segmented into process industry and discrete industry.
Based on the process industry, smart factory market is further segmented into oil and gas, chemicals, pulp and paper, pharmaceuticals, metals and mining, food and beverages, energy and power and others.
Based on discrete industry, smart factory market is further segmented into automotive, aerospace and defense, semiconductor and electronics, machine manufacturing, medical devices and others. Automotive is the dominating segment with the largest share in the forecast period.
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Country Level Analysis of Smart Factory Market
On the basis of region, the smart factory market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
Asia-Pacific is the dominating region with largest market share in the forecast period 2020 to 2029.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
In November 2019, Schneider Electric has launched a new smart factory in Bengaluru, India. This is the second such unit in India which drives process automation and increase operational efficiency of the industries. This launch will expand the business growth as well as market share of the company.
In June 2018, PTC has announced partnership with Rockwell Automation, Inc. which is expected to boost the growth of both companies. This partnership extends resources, technologies as well as market size of these companies. This partnership has been expanded the product portfolio of the company.
Competitive Analysis and Smart Factory Market Share Analysis:
Global smart factory market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart factory market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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Smart factory market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated and global presence. Smart factory market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Insights in the report:
o Complete and distinct analysis of the market drivers and restraints
o Key market players involved in this industry
o Detailed analysis of the market segmentation
o Competitive analysis of the key players involved
Thanks for reading this article, you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.
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This release was published on openPR.
