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Smart Factory Market Detailed Analysis of Current Industry Figures With Forecasts Growth By 2025

Author : Ronak Bora | Published Date : 2020-09-07 

The smart factory market is expected to grow in the Asia Pacific region owing to the rising adoption of automation technologies across various industry verticals. In October 2018, the Indian government has released the draft National Policy on Electronics (NPE) that has envisaged the creation of nearly USD 400 billion electronics manufacturing industry in India by the end of 2025. Moreover, the Chinese government has announced the 'Made in China 2025' program, which will invest around USD 3 billion in the advanced manufacturing sector. The growing government initiatives in the Asia Pacific region for the development of the manufacturing sector is providing several opportunities for smart factory market growth.

Industrial robots are gaining popularity over human labor in the smart factory market due to their ability to increase productivity & eliminate human errors. These robots produce high-quality products with continuous precision, thereby reducing a large amount of industrial wastes. Additionally, they are capable of handling critical & dangerous manufacturing applications and keeping workers safe & motivated. Increasing labor cost in North American and European countries and high investments required for employee training are supporting the high adoption of these robots. Moreover, collaborative robots are designed with multiple advanced sensors and software, enabling them to work alongside humans safely & effectively.

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The adoption of smart factory market solutions is expected to increase in the automotive industry over the forecast period. These solutions are integrated into factories for the development and production of high-quality automobile systems and components. Intelligent factories are integrated with various advanced solutions such as cloud computing, AI, IoT, 3D printing, and various automation technologies. The global automotive companies are making heavy investments in these technologies for increasing the productivity and efficiency of their manufacturing & warehousing facilities. For instance, Audi AG invested around USD 1.3 billion for building a smart factory in Mexico in 2016. The growing adoption of advanced technologies and increasing investments by automotive manufacturers in intelligent solutions will drive the smart factory market growth.

Rapid industrialization and technology developments transforming the global manufacturing sector have enabled smart factory market to emerge as a highly lucrative investment avenue over the forthcoming years. Several advancements in the field of automation, communications and computing power have turned intelligent manufacturing facilities into a feasible reality. Today, several manufacturers are looking to bring more efficiencies in production process while gaining the ability to supply a wider range of products to consumers, driving the expansion of smart factory industry.

Manufacturers require their production lines and operational processes to be integrated as well as flexible to adapt and enable quick configuration changes to lessen lead times. This helps them to retain a competitive edge in a constantly evolving segment. Smart factories have the ability to address these needs without compromising on quality and safety, positioning the industry in a favorable spot to experience business growth. Not only is building smarter facilities by investing in Internet of Things (IoT) is a massive undertaking, it is also a key component in promoting efficient scalability in the era of Industry 4.0.

Factories that leverage smart manufacturing technology offer a number of benefits to manufacturers including increased productivity, enhanced efficiency and long-term cost savings. Growing awareness of modern manufacturing technologies owing to these advantages will reinforce global smart factory market share. Although high initial investment in smart factories are keeping small to medium sized enterprises at bay, expected rise in affordability of the technologies in the next few years would open up the landscape for these businesses, fueling the adoption of solutions offered by smart factory industry players.

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Major players operating in the smart factory market include ABB, Honeywell International Inc., Robert Bosch GmbH, General Electric, Emerson Electric, Siemens, Schneider Electric, and Rockwell Automation, etc.

Table of Contents (ToC) of the report:

Chapter 1. Methodology and Scope

1.1. Definitions & forecast parameters

1.1.1. Definitions

1.1.2. Methodology and forecast parameters

1.2. Data Sources

1.2.1. Secondary

1.2.2. Primary

Chapter 2. Executive Summary

2.1. Smart factory industry 360° synopsis, 2015 – 2025

2.1.1. Business trends

2.1.2. Component trends

2.1.3. Application trends

2.1.4. Regional trends

Chapter 3. Smart Factory Market Insights

3.1. Industry segmentation

3.2. Industry landscape, 2015 – 2025

3.3. Industry ecosystem analysis

3.3.1. Suppliers

3.3.2. Manufacturers

3.3.3. Software & technology providers

3.3.4. Service providers

3.3.5. System integrators

3.3.6. Distribution channel analysis

3.3.7. End-use landscape

3.3.8. Vendor matrix

3.4. Technology & innovation landscape

3.5. Regulatory landscape

3.5.1.1. North America

3.5.1.2. Europe

3.5.1.3. Asia Pacific

3.5.1.4. Latin America

3.5.1.5. MEA

3.6. Industry impact forces

3.6.1. Growth drivers

3.6.1.1. Increasing demand for automated systems in North America and Europe

3.6.1.2. Government initiatives for supporting innovation in Asian manufacturing sector

3.6.1.3. Rise in SMEs and their growing demand for automation in Europe and Asia Pacific

3.6.1.4. Rapidly developing manufacturing sector in Brazil & Mexico

3.6.1.5. High labor cost in North America

3.6.1.6. Growing popularity of enhanced factory technologies in MEA

3.6.2. Industry pitfalls & challenges

3.6.2.1. High initial investments required in setting up smart factories

3.6.2.2. Safety hazards associated with the usage of industrial robots

3.7. Growth potential analysis

3.8. Porter's analysis

3.8.1. Supplier power

3.8.2. Buyer power

3.8.3. Threat of new entrants

3.8.4. Threat of substitutes

3.8.5. Internal rivalry

3.9. Competitive landscape, 2018

3.9.1. Company market share analysis

3.9.2. Strategy dashboard (New product development, M&A, R&D, Investment landscape)

3.10. PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/smart-factory-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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. [email protected] | https://twitter.com/RonakBora26

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