Smart Factory Market is projected to reach USD 150 billion by 2026, exhibiting a CAGR of 11.4% during forecast period.

A smart factory implies a variety of fully integrated automation solutions implemented for manufacturing facilities. It is a highly digitized and connected production facility that uses smart technology for manufacturing various products. The model of the smart factory is considered a crucial outcome of the Industry 4.0 or fourth industrial revolution. Smart manufacturing used by manufacturing companies that work by utilizing technology such as artificial intelligence (AI), robotics, the internet of things (IoT), analytics, and big data and can generally run autonomously with the capability to self-correcting and self-learning. The smart factory characteristic are visibility, connectivity, and autonomy.

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The major factors that driving the growth of the global smart factory market are increasing demand for industrial robots, rising adoption of the Industrial IoT (IIoT), growing significance of energy efficiency, resource optimization, & cost saving, along with rising focus on real-time data analysis, improve visibility, and predictive maintenance. The rising emergence and adoption of advance and smart technologies across all the major industries such as metal & mining, energy & utilities, oil & gas, and manufacturing. Increasing demand for smart industrial solutions across the industries that manage output and reduce labor & operational costs is also fuelling the growth of the market. These factories are digitally advanced & connected facilities that enhance the manufacturing performance along with replacing human workers in a variety of operations. The benefits such as effortless monitoring, reduction of factory waste, and enhance speed of production are offered by smart factory, which is also encouraging the growth of the smart factory market. However, high initial capital investment and risk associated with the security of the cyber-physical system are hampering the growth of the global smart factory market.

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Based on the component, the industrial robot segment is expected to capture significant share during the forecast period in the Smart Factory market. The increasing implementation of industrial robots in the manufacturing process to enhance productivity, decrease human error, improve production volume, and quality.

Based on the technology, the Manufacturing Execution System (MES) segment is expected to grow in the Smart Factory market at the higher pace during the forecast period owing growing demand for centralize business data in enterprises and monitor multi-plant operations using real-time data analysis. The increasing demand from small and medium-sized enterprises (SMEs), as MES solutions are cost-effective for several processes and discrete industrial sectors is further encouraging the growth of the market.

Based on the industry, the discrete industry segment is expected to grow at a higher CAGR during the forecast period owing to manufacturer widely adopting advanced manufacturing solutions to enhance quality, visibility, operational excellence, and reducing process time. Increasing utilization of smart factory into the discrete industry, which provides optimal supply chain management using the integration of numerous production processes. Moreover, it helps to reduce the cost of manufacturing by automating the production process is further fuelling the growth of the market.

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Based on the region, Asia-pacific is projected to grow  at the higher CAGR in the smart factory market owing due to technological innovation and increasing adoption of automation technologies across industries such as automotive, food and beverages, manufacturing, among others. North America is expected to grow in the market during the forecast period owing to the increasing penetration of intelligent manufacturing & supply chain technologies across several industries such as food & beverages, retail, oil & gas, manufacturing, metal & mining, healthcare among other. The rising investment in R&D in the field of IoT for advanced technology coupled with a growing demand for improved lifestyle is also fuelling the growth of the market.

Various notable players in the Smart Factory market include Siemens AG, Rockwell Automation, Inc. Schneider Electric SE, ABB Group, General Electric Company, Honeywell International Inc., FANUC, Mitsubishi Electric Corporation, Emerson Electric Co., Yokogawa Electric Corporation, Robert Bosch GmbH, Stratasys, Ltd., among others.

Key Developments:

• • In 2021, GE Digital had introduced the enhancements in CIMPLICITY and Tracker software that provide critical decision support for the operators to make them more efficient. SCADA/ CIMPLICITY HMI provides client-server visualization to precisely monitor and control operations. Tracker, the part of GE Digital’s Proficy Manufacturing Execution Systems (MES) offering, automates routing and sequencing to accelerate time to the market, reduce warranty and recall exposure, and support the Lean operations and building the right first time.
  • In 2021, Stratasys had introduced a new 3D printer that provides a dental lab’s 3D printing efficiency paired with PolyJet’s realism and precision. The J5 DentaJet 3D printer is the only multi-material dental 3D printer that allows the technicians to load mixed trays of dental parts.
  • In 2021, ABB and ETH Zurich expanded their robotics research partnership as part of ETH’s RobotX initiative. The RobotX initiative was launched in 2019, and it’s intended to position ETH as a leader among robotics research institutions. The effort is supported by ABB’s Robotics and Discrete Automation business.
  • In 2021, Stratasys had partnered with Xometry to provide several new high-performance nylon material options to the customers of Xometry’s global custom manufacturing marketplace. Xometry’s customer base of startups to Fortune 100 companies is now able to tap Stratasys Direct’s deep expertise and substantial manufacturing capacity in SLS 3D printing.
  • In 2018, PTC, Inc., and Rockwell Automation entered into strategic partnership to accelerate both companies’ growth and enable them to transform physical operation with digital technology to their customers. Under this partnership, PTC combines their augmented reality (AR) platforms such as ThingWorx IoT, Kepware industrial connectivity, and Vuforia with Rockwell Automation’s FactoryTalk MES, FactoryTalk Analytics, and Industrial Automation platforms which enables to their customer to achieve increased productivity, enhanced plant efficiency, and decreased operational risk.
  • In 2017, ABB and IBM entered into partnership for industrial artificial intelligence solutions. ABB Ability TM, with IBM Watson IoT cognitive capabilities to solve new value for their customers in utilities, industry, transport, and infrastructure.

The Global Smart Factory market has been segmented based on the component, technology, industry, and Region. Based on components, the market is segmented into Sensors, Industrial Robots¸ Industrial 3D Printing, and Machine Vision. Based on Industrial Robots, the market is further segmented into Traditional Industrial Robots and Collaborative Robots. Based on Traditional Industrial Robots, the market is further segmented into Articulated Robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, and Other Robots. Based on machine vision, the market is segmented into Camera, Frame Grabbers, Optics, and Led Lighting¸ and Processor and Software. Based on technology, the 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, the market is segmented into the Process Industry and discrete Industry. Based on the process industry, the market is segmented into Oil and Gas, Chemicals, Pulp and Paper, Pharmaceuticals, Metals and Mining, Food and Beverages, Energy and Power, and Others. Based on the discrete industry, the market is further segmented into Automotive, Aerospace and Defense, Semiconductor and Electronics, Machine Manufacturing, Medical Devices, and Others.

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Key questions answered in this research report:

• • At what pace is the global Smart Factory market growing? What will be a growing trend in the future?
  • What are the key drivers and restraints in the global Smart Factory market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Factory market?
  • What are the various industries of the global Smart Factory market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

 Market Segmentation

Global Smart Factory Market by Component            

• • Sensors
  • Industrial Robots
    • Traditional Industrial Robots
      • Articulated Robots
      • Cartesian Robots
      • Selective Compliance Assembly Robot Arm (SCARA)
      • Cylindrical Robots
      • Other Robots
    • Collaborative Robots
  • Industrial 3D Printing
  • Machine Vision
    • Camera
      • Digital Camera
      • Smart Camera
    • Frame Grabbers, Optics, and Led Lighting
    • Processor and Software

Global Smart Factory Market by Technology

• • 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)
  • Plant Asset Management (PAM)

Global Smart Factory Market by Industry

• • Process Industry
    • Oil and Gas
    • Chemicals
    • Pulp and Paper
    • Pharmaceuticals
    • Metals and Mining
    • Food and Beverages
    • Energy and Power
    • Others
  • Discrete Industry
    • Automotive
    • Aerospace and Defense
    • Semiconductor and Electronics
    • Machine Manufacturing
    • Medical Devices
    • Others

Global Smart Factory Market by Region

• • North America Smart Factory Market

          Option 1: As a part of the free 25% customization

• • • By Component
    • By Technology
    • By Industry
    • US Market All-Up
    • Canada Market All-Up

• • Europe Smart Factory Market

          Option 2: As a part of the free 25% customization

• • • By Component
    • By Technology
    • By Industry
    • Spain Market All-Up
    • Netherlands Market All-Up
    • Germany Market All-Up
    • UK Market All-Up
    • France Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Smart Factory Market

          Option 3: As a part of the free 25% customization

• • • By Component
    • By Technology
    • By Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Malaysia Market All-Up
    • Australia Market All-Up
    • Rest of APAC Market All-Up

• • ROW Smart Factory Market

         Option 4: As a part of the free 25% customization

• • • By Component
    • By Technology
    • By Industry
    • Brazil Market All-Up
    • Argentina Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • Siemens AG
  • Rockwell Automation, Inc
  • Schneider Electric SE
  • ABB Group
  • General Electric Company
  • Honeywell International Inc.
  • FANUC
  • Mitsubishi Electric Corporation
  • Emerson Electric Co.
  • Yokogawa Electric Corporation
  • Robert Bosch GmbH
  • Stratasys, Ltd.