The Smart Factory Market is expected to reach USD 330.11 Billion by 2028, according to a new report by Reports and Data. Smart factory attributes to several fully-integrated automation solutions implemented for manufacturing purposes. This integration helps to streamline the material flow during all the methods involved in manufacturing, thus, facilitating the efficient flow of materials across the factory floor. Integrating the digital and physical worlds has transformed the automation industry, thereby empowering maximum performance.
Easy monitoring, minimization of waste, and acceleration of production are some of the significant benefits of a smart factory. This technology advancement provides enhanced quality, with standardization and reliable products to the customers, within time and at a much economical cost. The emergence of wireless networking technologies is promoting revolutionary improvements in this market along with the growing number of smart factories globally and also encouraging the use of mobile devices, to observe and manage industrial processes.
North America region accounts for the second largest share of 27.3% of the market in 2020. This region is an important market as it consists of some of the most prominent multinational organizations engaging in this market, including the preponderance of the leading players. The developed R&D in the field of IoT for modern and upgraded technologies, as well as the rising demand for enhanced lifestyle, are the two significant factors driving the market in this region. Also, the increasing demand for high-level manufacturing solutions is anticipated to drive the growth of the market in North America.
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Some of the key players operating in the Smart Factory market include:
ABB, Siemens, Emerson Electric, General Electric, FANUC, Honeywell International, Mitsubishi Electric, Robert Bosch, Rockwell Automation, Schneider Electric, Siemens, Yokogawa Electric
Segments covered in the report:
Type Outlook (Revenue, USD Million; 2016-2026)
- Industrial Robots
- Machine Vision Systems
- Industrial 3D Printing
Application Outlook (Revenue, USD Million; 2016-2026)
- Oil and Gas
- Chemical and Petrochemical
- Aerospace and Defense
Technology Outlook (Revenue, USD Million; 2016-2026)
- Manufacturing Execution System (MES)
- Product lifecycle Management (PLM)
- Enterprise Resource Planning (ERP)
- Programmable Logic Controller (PLC)
- Distributed Control System(DCS)
- Supervisory Control And Data Acquisition (SCADA)
- Pulse Amplitude Modulation (PAM)
- Human Machine Interface (HMI)
On the basis of regional analysis, the market is segmented into key geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. According to the analysis, North America is expected to dominate the market with the highest market share. Asia-Pacific is anticipated to show a significant growth rate owing to rising development and population demands.
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Beneficial Aspects of the Report:
- Global and region forecast of the Smart Factory market from 2020-2027
- In-depth analysis of market dynamics, industry outlook, market size based on types and applications
- Details of value chain analysis, supply and demand ratio, production and consumption patterns
- SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide a better understanding of the market and competitive players
- Detailed insights on competitive landscape and emerging market trends
The market report is formulated on the basis of data obtained through extensive primary and secondary research. The data is further validated and verified by industry experts, research analysts, and professionals. The report considers regional demand and supply ratio, investments, market dynamics, capacity, end-use industry trends, and consumer behavior to generate a forecast report. The data is collected from verified sources such as government policies, regulatory published materials, journals, trade magazines, and verified data sources. The report uses advanced analytical tools such as SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide an accurate insight into the market scenario and competitive landscape. This report provides beneficial information to companies and new players to make lucrative business decisions. The market estimates and forecast data have been thoroughly verified through exhaustive primary research.
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