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Smart Factory Industry is Moving Fast, Here’s What You Need to Know

Author : Ronak Bora | Published Date : 2019-04-17 

Global Market Insights, Inc.: The Report 2018-2024 Smart Factory Market Report explores the essential factors of the market considering such as industry situations, market demands, market players adopted business strategies and their growth scenario.

Asia Pacific, is foreseen to be largest in smart factory market during the predicted timeframe owing to high investments in development of processing sectors along with favorable government regulations and availability of raw materials. Growth in pharmaceuticals and IT industry is likely to fuel the smart factory industry demand in this region. For an instance, In April 2015, South Korea government has invested around USD 12 million in order to promote the product concept in this region.

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North America, led by U.S. holds the major share of smart factory market. Presence of leading players and multinational companies will further augment the demand. Increasing research & development in internet of things (IOT) for improved and modern technology are major factors driving the product demand in this region.

Increasing adoption of industrial robots, digital transformation and development of internet services by manufacturers are the major factors which will propel the smart factory market growth in future. Industrial evolutions in the technology enhancements has resulted in upgraded production facility in terms of efficiency couple with minimum waste & defects.

In manufacturing process, industrial robot is a disruptive technology and is anticipated to bring a revolution in smart factory market. Implementation of industrial robotics has led to advanced production processes which can improve the productivity, reduce the human errors and increase the production volume.

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Expansion of packaging, transportation, pharmaceuticals and chemical industries is likely to propel the smart factory market owing to its immense use in this segment for enhancing the productivity without any wastage of time and material. Technology and automotive in product manufacturing makes the usage of several devices including motors, switches, sensors and technologies in radio frequency identification, manufacturing execution system programmable logic control and others are designed in order to meet the requirement of manufacturing units.

Lack of standardization and interoperability coupled with unavailability of efficient & trained workers are the key restraining factors for global smart factory industry growth in upcoming years. Threats of cyber security and associated cost is hampering the product manufacturing market in weapons, armaments and nuclear industries.

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Large presence of automotive manufacturing units and high investments by leading companies are the key factors driving demand in the Europe region. Enhancing the production output along with quality products will further augment the demand in forecasted time period.

The prominent players of smart factory market include Siemens AG, General Electric Company, Fanuc Corporation, ABB Ltd., Schneider Electric and Honey International Inc. Some other notable players in this market include Yokogawa Electric Corporation, Kuka Aktiengesellschaft, Atos SE, Johnson Controls Inc., Emerson Electric Company and Robert Bosch GmbH. In April 2017, Honey International Inc, introduced a new lightweight satellite communication system for cockpit safety in order to provide facilities to aviation sector.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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