The report is titled ‘Smart Factory Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the Smart Factory market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The Smart Factory market is expected to grow at a significant rate in the near future.
The smart factory market size was valued at US$ 78.4 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2020 to 2028.
Smart Factory Market Definition
The idea of smart factories refers to enunciating the ultimate target of digitisation in the field of manufacturing. In the manner the term is most frequently used, a smart factory can be understood as the greatly digitized shop ground that constantly accumulates and exchanges data via connected devices, machines, and production systems. The data can further be employed by self-optimizing devices or across the organization to preemptively handle issues, enhance manufacturing procedures and retort to new demands.
The smart factory consists of several different technologies such as Big Data Analytics, Artificial Intelligence, Industrial IoT (IioT), and Cloud Computing which have made smart manufacturing practices entirely broad and complete.
Smart Factory Market Dynamics
In the present day and age, the 4.0 Industrial Revolution is the on-going progressive trend of automation of conventional industrial and manufacturing practices, employing advanced smart technology, such as AI and IoT which is majorly accelerating the idea of smart factories across the global markets. Owing to which, the global smart factory market is projected to grow substantially in the years to come.
In addition to that, the advanced technologies involved in the concept of smart factories, like big data analytics, artificial intelligence, and cloud computing enhances the production quality as well as asset efficiency to a huge level. Also, it eliminates machine and human errors, which is further estimated to accelerate the growth of the global smart factory market over the forecast period.
Smart Factory Market Segmentation
The smart factory market is segmented on the basis of component, solution, industry, and region.
By Component
Industrial Sensors
Industrial Robots
Industrial 3D Printers
Machine Vision Systems
By Solution
SCADA
PAM
MES
Industrial Safety
By Industry
Process Industries
Oil & Gas
Chemicals
Pharmaceuticals
Energy & Power
Metals & Mining
Pulp & Paper
Food & Beverages
Others
Discrete Industries
Automotive
Aerospace & Defense
Semiconductor & Electronics
Machine Manufacturing
Medical Devices
Others
By Region
North America
Latin America
Europe
Africa
Middle East
Asia Pacific
Smart Factory Market Key Players
The key participating players of the global Smart Factory market include ABB Ltd., Endress+Hauser AG, Emerson Electric Co., General Electric, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Mitsubishi Electric Corp., Honeywell International Inc., and Yokogawa Electric Corp., among others.
MMC Overview on Smart Factory Market Report
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
A research report on the Smart Factory market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Reimbursement
Concerns for use of Smart Factory
Advantages of Smart Factory
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to make informed decisions.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.
1. Global Smart Factory Market Report Overview
1.1. Introduction
1.2. Report Description
1.3. Methodology
2. Global Smart Factory Market Overview
2.1. Introduction
2.1.1. Market Definition
2.1.2. Market Taxonomy
2.2. Executive Summary
2.3. Global Smart Factory Market Snapshot
2.4. Global Smart Factory Market Size And Forecast, 2020–2028
2.4.1. Introduction
2.4.2. Market Value Forecast And Annual Growth Rate (AGR) Comparison (2020–2028)
5.1.1. Annual Growth Rate Comparison, By Component
5.1.2. BPS Analysis, By Component
5.2. Market Revenue (US$Mn) and Forecast, By Component
5.2.1. Industrial Sensors
5.2.2. Industrial Robots
5.2.3. Industrial 3D Printers
5.2.4. Machine Vision Systems
5.3. Global Smart Factory Market Attractiveness Index, By Component
6. Global Smart Factory Market, By Solution
6.1. Introduction
6.1.1. Annual Growth Rate Comparison, By Solution
6.1.2. BPS Analysis, By Solution
6.2. Market Revenue (US$Mn) and Forecast, By Solution
6.2.1. SCADA
6.2.2. PAM
6.2.3. MES
6.2.4. Industrial Safety
6.3. Global Smart Factory Market Attractiveness Index, By Solution
7. Global Smart Factory Market, By Industry
7.1. Introduction
7.1.1. Annual Growth Rate Comparison, By Industry
7.1.2. BPS Analysis, By Industry
7.2. Market Revenue (US$Mn) and Forecast, By Industry
7.2.1. Process Industries
7.2.1.1. Oil & Gas
7.2.1.2. Chemicals
7.2.1.3. Pharmaceuticals
7.2.1.4. Energy & Power
7.2.1.5. Metals & Mining
7.2.1.6. Pulp & Paper
7.2.1.7. Food & Beverages
7.2.1.8. Others (cement, glass, forging, water & wastewater management, precision engineering, ceramics & stone, and wood industries)
7.2.2. Discrete Industries
7.2.2.1. Automotive
7.2.2.2. Aerospace & Defence
7.2.2.3. Semiconductor & Electronics
7.2.2.4. Machine Manufacturing
7.2.2.5. Medical Devices
7.2.2.6. Others (printing, packaging, consumer goods & consumer electronics, jewellery, solar panel manufacturing, and textile)
7.3. Global Smart Factory Market Attractiveness Index, By Industry
8. Global Smart Factory Market, By Region
8.1. Introduction
8.1.1. Annual Growth Rate Comparison, By Region
8.1.2. BPS Analysis, By Region
8.2. Market Revenue (US$Mn) and Forecast, By Region
8.2.1. North America
8.2.2. Latin America
8.2.3. Europe
8.2.4. Asia Pacific
8.2.5. Middle East
8.2.6. Africa
8.3. Global Smart Factory Market Attractiveness Index, By Region
9. North America Smart Factory Market Analysis and Forecast, 2020–2028
9.1. Introduction
9.1.1. Annual Growth Rate Comparison, By Country
9.1.2. BPS Analysis, By Country
9.2. Market Revenue (US$Mn) and Forecast, By Country
9.2.1. U.S. Smart Factory Market
9.2.2. Canada Smart Factory Market
9.3. North America Smart Factory Market, By Component
9.3.1. Industrial Sensors
9.3.2. Industrial Robots
9.3.3. Industrial 3D Printers
9.3.4. Machine Vision Systems
9.4. North America Smart Factory Market, By Solution
9.4.1. SCADA
9.4.2. PAM
9.4.3. MES
9.4.4. Industrial Safety
9.5. North America Smart Factory Market, By Industry
9.5.1. Process Industries
9.5.1.1. Oil & Gas
9.5.1.2. Chemicals
9.5.1.3. Pharmaceuticals
9.5.1.4. Energy & Power
9.5.1.5. Metals & Mining
9.5.1.6. Pulp & Paper
9.5.1.7. Food & Beverages
9.5.1.8. Others (cement, glass, forging, water & wastewater management, precision engineering, ceramics & stone, and wood industries)
9.5.2. Discrete Industries
9.5.2.1. Automotive
9.5.2.2. Aerospace & Defence
9.5.2.3. Semiconductor & Electronics
9.5.2.4. Machine Manufacturing
9.5.2.5. Medical Devices
9.5.2.6. Others (printing, packaging, consumer goods & consumer electronics, jewellery, solar panel manufacturing, and textile)
9.6. North America Smart Factory Market Attractiveness Index
9.6.1. By Country
9.6.2. By Component
9.6.3. By Solution
9.6.4. By Industry
10. Latin America Smart Factory Market Analysis and Forecast, 2020–2028
10.1. Introduction
10.1.1. Annual Growth Rate Comparison, By Country
10.1.2. BPS Analysis, By Country
10.2. Market (US$Mn) Forecast, By Country
10.2.1. Brazil Smart Factory Market
10.2.2. Mexico Smart Factory Market
10.2.3. Rest Of Latin America Smart Factory Market
10.3. Latin America Smart Factory Market, By Component
10.3.1. Industrial Sensors
10.3.2. Industrial Robots
10.3.3. Industrial 3D Printers
10.3.4. Machine Vision Systems
10.4. Latin America Smart Factory Market, By Solution
10.4.1. SCADA
10.4.2. PAM
10.4.3. MES
10.4.4. Industrial Safety
10.5. Latin America Smart Factory Market, By Industry
10.5.1. Process Industries
10.5.1.1. Oil & Gas
10.5.1.2. Chemicals
10.5.1.3. Pharmaceuticals
10.5.1.4. Energy & Power
10.5.1.5. Metals & Mining
10.5.1.6. Pulp & Paper
10.5.1.7. Food & Beverages
10.5.1.8. Others (cement, glass, forging, water & wastewater management, precision engineering, ceramics & stone, and wood industries)
10.5.2. Discrete Industries
10.5.2.1. Automotive
10.5.2.2. Aerospace & Defence
10.5.2.3. Semiconductor & Electronics
10.5.2.4. Machine Manufacturing
10.5.2.5. Medical Devices
10.5.2.6. Others (printing, packaging, consumer goods & consumer electronics, jewellery, solar panel manufacturing, and textile)
10.6. Latin America Smart Factory Market Attractiveness Index
10.6.1. By Country
10.6.2. By Component
10.6.3. By Solution
10.6.4. By Industry
11. Europe Smart Factory Market Analysis and Forecast, 2020–2028
11.1. Introduction
11.1.1. Annual Growth Rate Comparison, By Country
11.1.2. BPS Analysis, By Country
11.2. Market (US$Mn) Forecast, By Country
11.2.1. U.K. Smart Factory Market
11.2.2. Germany Smart Factory Market
11.2.3. Italy Smart Factory Market
11.2.4. France Smart Factory Market
11.2.5. Spain Smart Factory Market
11.2.6. Russia Smart Factory Market
11.2.7. Rest Of Europe Smart Factory Market
11.3. Europe Smart Factory Market, By Component
11.3.1. Industrial Sensors
11.3.2. Industrial Robots
11.3.3. Industrial 3D Printers
11.3.4. Machine Vision Systems
11.4. Europe Smart Factory Market, By Solution
11.4.1. SCADA
11.4.2. PAM
11.4.3. MES
11.4.4. Industrial Safety
11.5. Europe Smart Factory Market, By Industry
11.5.1. Process Industries
11.5.1.1. Oil & Gas
11.5.1.2. Chemicals
11.5.1.3. Pharmaceuticals
11.5.1.4. Energy & Power
11.5.1.5. Metals & Mining
11.5.1.6. Pulp & Paper
11.5.1.7. Food & Beverages
11.5.1.8. Others (cement, glass, forging, water & wastewater management, precision engineering, ceramics & stone, and wood industries)
11.5.2. Discrete Industries
11.5.2.1. Automotive
11.5.2.2. Aerospace & Defence
11.5.2.3. Semiconductor & Electronics
11.5.2.4. Machine Manufacturing
11.5.2.5. Medical Devices
11.5.2.6. Others (printing, packaging, consumer goods & consumer electronics, jewellery, solar panel manufacturing, and textile)
11.6. Europe Smart Factory Market Attractiveness Index
11.6.1. By Country
11.6.2. By Component
11.6.3. By Solution
11.6.4. By Industry
12. Asia Pacific Smart Factory Market Analysis and Forecast, 2020–2028
12.1. Introduction
12.1.1. Annual Growth Rate Comparison, By Country
12.1.2. BPS Analysis, By Country
12.2. Market (US$Mn) Forecast, By Country
12.2.1. China Smart Factory Market
12.2.2. India Smart Factory Market
12.2.3. Japan Smart Factory Market
12.2.4. Australia and New Zealand Smart Factory Market
12.2.5. South Korea Smart Factory Market
12.2.6. Rest of Asia Pacific Smart Factory Market
12.3. Asia Pacific Smart Factory Market, By Component
12.3.1. Industrial Sensors
12.3.2. Industrial Robots
12.3.3. Industrial 3D Printers
12.3.4. Machine Vision Systems
12.4. Asia Pacific Smart Factory Market, By Solution
12.4.1. SCADA
12.4.2. PAM
12.4.3. MES
12.4.4. Industrial Safety
12.5. Asia Pacific Smart Factory Market, By Industry
12.5.1. Process Industries
12.5.1.1. Oil & Gas
12.5.1.2. Chemicals
12.5.1.3. Pharmaceuticals
12.5.1.4. Energy & Power
12.5.1.5. Metals & Mining
12.5.1.6. Pulp & Paper
12.5.1.7. Food & Beverages
12.5.1.8. Others (cement, glass, forging, water & wastewater management, precision engineering, ceramics & stone, and wood industries)
12.5.2. Discrete Industries
12.5.2.1. Automotive
12.5.2.2. Aerospace & Defence
12.5.2.3. Semiconductor & Electronics
12.5.2.4. Machine Manufacturing
12.5.2.5. Medical Devices
12.5.2.6. Others (printing, packaging, consumer goods & consumer electronics, jewellery, solar panel manufacturing, and textile)
12.6. Asia Pacific Smart Factory Market Attractiveness Index
12.6.1. By Country
12.6.2. By Component
12.6.3. By Solution
12.6.4. By Industry
13. Middle East Smart Factory Market Analysis and Forecast, 2020–2028
13.1. Introduction
13.1.1. Annual Growth Rate Comparison, By Country
13.1.2. BPS Analysis, By Country
13.2. Market (US$Mn) Forecast, By Country
13.2.1. GCC Countries Smart Factory Market
13.2.2. Israel Smart Factory Market
13.2.3. Rest Of Middle East Smart Factory Market
13.3. Middle East Smart Factory Market, By Component
13.3.1. Industrial Sensors
13.3.2. Industrial Robots
13.3.3. Industrial 3D Printers
13.3.4. Machine Vision Systems
13.4. Middle East Smart Factory Market, By Solution
13.4.1. SCADA
13.4.2. PAM
13.4.3. MES
13.4.4. Industrial Safety
13.5. Middle East Smart Factory Market, By Industry
13.5.1. Process Industries
13.5.1.1. Oil & Gas
13.5.1.2. Chemicals
13.5.1.3. Pharmaceuticals
13.5.1.4. Energy & Power
13.5.1.5. Metals & Mining
13.5.1.6. Pulp & Paper
13.5.1.7. Food & Beverages
13.5.1.8. Others (cement, glass, forging, water & wastewater management, precision engineering, ceramics & stone, and wood industries)
13.5.2. Discrete Industries
13.5.2.1. Automotive
13.5.2.2. Aerospace & Defence
13.5.2.3. Semiconductor & Electronics
13.5.2.4. Machine Manufacturing
13.5.2.5. Medical Devices
13.5.2.6. Others (printing, packaging, consumer goods & consumer electronics, jewellery, solar panel manufacturing, and textile)
13.6. Middle East Smart Factory Market Attractiveness Index
13.6.1. By Country
13.6.2. By Component
13.6.3. By Solution
13.6.4. By Industry
14. Africa Smart Factory Market Analysis and Forecast, 2020–2028
14.1. Introduction
14.1.1. Annual Growth Rate Comparison, By Country
14.1.2. BPS Analysis, By Country
14.2. Market (US$Mn) Forecast, By Country
14.2.1. South Africa Countries Smart Factory Market
14.2.2. Egypt Smart Factory Market
14.2.3. North Africa Smart Factory Market
14.2.4. Rest of Africa Smart Factory Market
14.3. Africa Smart Factory Market, By Component
14.3.1. Industrial Sensors
14.3.2. Industrial Robots
14.3.3. Industrial 3D Printers
14.3.4. Machine Vision Systems
14.4. Africa Smart Factory Market, By Solution
14.4.1. SCADA
14.4.2. PAM
14.4.3. MES
14.4.4. Industrial Safety
14.5. Africa Smart Factory Market, By Industry
14.5.1. Process Industries
14.5.1.1. Oil & Gas
14.5.1.2. Chemicals
14.5.1.3. Pharmaceuticals
14.5.1.4. Energy & Power
14.5.1.5. Metals & Mining
14.5.1.6. Pulp & Paper
14.5.1.7. Food & Beverages
14.5.1.8. Others (cement, glass, forging, water & wastewater management, precision engineering, ceramics & stone, and wood industries)
14.5.2. Discrete Industries
14.5.2.1. Automotive
14.5.2.2. Aerospace & Defence
14.5.2.3. Semiconductor & Electronics
14.5.2.4. Machine Manufacturing
14.5.2.5. Medical Devices
14.5.2.6. Others (printing, packaging, consumer goods & consumer electronics, jewellery, solar panel manufacturing, and textile)
14.6. Africa Smart Factory Market Attractiveness Index
14.6.1. By Country
14.6.2. By Component
14.6.3. By Solution
14.6.4. By Industry
15. Competitive Landscape
15.1. Company Profiles
15.1.1. ABB Ltd.
15.1.1.1. Company Overview
15.1.1.2. Financial Overview
15.1.1.3. Key Developments
15.1.1.4. Strategies
15.1.1.5. Product Analysis
15.1.2. Endress+Hauser AG
15.1.3. Emerson Electric Co.
15.1.4. General Electric
15.1.5. Rockwell Automation, Inc.
15.1.6. Schneider Electric SE
15.1.7. Siemens AG
15.1.8. Mitsubishi Electric Corp.
15.1.9. Honeywell International Inc.
15.1.10. Yokogawa Electric Corp.
16. Acronyms
Frequently Asked Questions
What is the projected market size & Compound Annual Growth Rate (CAGR) of the market?
The smart factory market size was valued at US$ 78.4 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2020 to 2028
What are the key factors driving the growth of market?
4.0 Industrial Revolution is the on-going progressive trend of automation of conventional industrial and manufacturing practices, employing advanced smart technology, such as AI and IoT which is majorly accelerating the idea of smart factories across the global markets
What segments are covered in market report?
The smart factory market is segmented on the basis of component, solution, industry, and region.
What are the key participating players in the market?
The key participating players of the global Smart Factory market include ABB Ltd., Endress+Hauser AG, Emerson Electric Co., General Electric, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Mitsubishi Electric Corp., Honeywell International Inc., and Yokogawa Electric Corp., among others.
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