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Smart Factory Market

Global Smart Factory Market Size, Share, Trends, Forecast: By Component: Industrial Sensors, Industrial Robots, Industrial 3D Printing, Machine Vision Systems; By Solution: Manufacturing Execution System (MES), Others; By Industry; Regional Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032

Global Smart Factory Market Outlook

The global smart factory market size attained a value of approximately USD 100.27 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 10.5%, reaching around USD 247.63 billion by 2032.

 

Rising disposable incomes worldwide and increasing population are surging the demand for a wide range of consumer products, leading to a growing demand for optimised manufacturing processes. As more manufacturers seek to increase their output while maintaining quality and reducing costs, the smart factory market  is expected to witness significant growth in the coming years. The boom of industry 4.0 has led to the development of new smart factories that leverage a range of technologies such as AI, sensors, robotics, internet of things (IoT), and cloud-computing, among others, to bolster customer service, efficiency of moving and storing inventory, and tracking shipments. Shortages of labour productivity due to lack of skills and high-cost expectations are accelerating the demand for smart factories to eradicate the chances of productivity compromise.

 

Global Smart Factory Market

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Rising Demand from the Food and Beverage Sector is Bolstering the Smart Factory Market Growth

The food and beverage industry is one of the most significant end users of smart factories with rising deployment of cutting-edge technologies, such as 3D food printing and machine vision, for manufacturing processes. A smart factory setting enables the provision of high-quality and economically viable products with low maintenance and distribution costs. In addition, automation in the food and beverage industry provides design freedom, creative and integrated safety, and modern software tools for regulating machine operations. As a result, food manufacturers are making huge investments to turn their traditional manufacturing facilities into smart factories with cutting-edge facilities, thereby further expanding the market for smart factories.

 

Smart Factory: Market Segmentation

A smart factory is a digitised manufacturing facility that makes use of machinery, connected devices, and production systems to continuously collect and transfer data in real-time through internet connectivity via digital technology like IoT and AI. The data can subsequently be used by self-optimising devices or throughout the plant to deal with problems before they arise.

 

Global Smart Factory Market

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On the basis of component, the market is classified into:

  • Industrial Sensors 
    • Industrial Sensors by Type
      • Level Sensors
      • Temperature Sensors
      • Flow Sensors
      • Position Sensors
      • Pressure Sensors
      • Force Sensors
      • Humidity and Moisture Sensors
      • Image Sensors
      • Gas Sensors
  • Industrial Robots 
    • Industrial Robots by Type
      • Traditional Industrial Robots
      • Collaborative Robots
  • Industrial 3D Printing 
  • Machine Vision Systems  
    • Machine Vision Systems by Type
      • Cameras
      • Frame Grabbers, Optics, and Led Lighting
      • Processors and Software

 

Based on solution, the market is segmented into:

  • Manufacturing Execution System (MES)
  • Supervisory Control and Data Acquisition (SCADA)
  • Plant Asset Management (PAM)
  • Industrial Safety

 

On the basis of industry, the market is bifurcated into:

  • Process Industry
  • Discrete Industry

 

The EMR report looks into the regional markets of smart factories like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

 

Global Smart Factory Market Share by Region

Geographically, the Asia Pacific region is expected to obtain a significant share of the market for smart factories over the coming years due to the low labour costs and availability of skilled personnel in countries like India and China. This has led many major businesses from various industries to relocate their manufacturing units to the Asia Pacific. In addition, the growing number of automation operations in process and discrete sectors are the crucial smart factory market trends in this region.

 

Global Smart Factory Market

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Furthermore, countries like Japan and South Korea are widely known for their technological advancements and are thus pushing the growth of the regional market for smart factories. The Asia Pacific market growth can be associated with the flourishing manufacturing sector of India, supported by government initiatives such as ‘Make in India’. Moreover, the rapid expansion of manufacturing footprint of leading consumer electronic brands in China is likely to enlarge the China smart factory market share in the region.

 

Key Players in the Global Smart Factory Market

The report presents a detailed analysis of the following key players in the global smart factory market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

 

  • ABB Ltd
  • Emerson Electric Co.
  • General Electric Company
  • Siemens AG
  • Honeywell International Inc.
  • Others

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Component
  • Solution
  • Industry
  • Region
Breakup by Component
  • Industrial Sensors
  • Industrial Robots
  • Industrial 3D Printing
  • Machine Vision Systems
Breakup by Solution 
  • Manufacturing Execution System (MES)
  • Supervisory Control and Data Acquisition (SCADA)
  • Plant Asset Management (PAM)
  • Industrial Safety
Breakup by Industry 
  • Process Industry
  • Discrete Industry
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ABB Ltd
  • Emerson Electric Co.
  • General Electric Company
  • Siemens AG
  • Honeywell International Inc.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Smart Factory Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Smart Factory Historical Market (2018-2023) 
    8.3    Global Smart Factory Market Forecast (2024-2032)
    8.4    Global Smart Factory Market by Component
        8.4.1    Industrial Sensors
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
            8.4.1.3    Industrial Sensors by Type
                8.4.1.3.1    Level Sensors
                8.4.1.3.2    Temperature Sensors
                8.4.1.3.3    Flow Sensors
                8.4.1.3.4    Position Sensors
                8.4.1.3.5    Pressure Sensors
                8.4.1.3.6    Force Sensors
                8.4.1.3.7    Humidity and Moisture Sensors
                8.4.1.3.8    Image Sensors
                8.4.1.3.9    Gas Sensors
        8.4.2    Industrial Robots
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
            8.4.2.3    Industrial Robots by Type
                8.4.2.3.1    Traditional Industrial Robots
                8.4.2.3.2    Collaborative Robots 
        8.4.3    Industrial 3D Printing 
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Machine Vision Systems 
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
            8.4.4.3    Machine Vision Systems by Type
                8.4.4.3.1    Cameras 
                8.4.4.3.2    Frame Grabbers, Optics, and Led Lighting
                8.4.4.3.3    Processors and Software
    8.5    Global Smart Factory Market by Solution 
        8.5.1    Manufacturing Execution System (MES)
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Supervisory Control and Data Acquisition (SCADA)
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Plant Asset Management (PAM)
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Industrial Safety
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
    8.6    Global Smart Factory Market by Industry 
        8.6.1    Process Industry 
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Discrete Industry 
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
    8.7    Global Smart Factory Market by Region
        8.7.1    North America
        8.7.2    Europe
        8.7.3    Asia Pacific
        8.7.4    Latin America
        8.7.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2018-2023)
        9.3.2    Forecast Trend (2024-2032)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2018-2023)
        9.4.2    Forecast Trend (2024-2032)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2018-2023)
        9.5.2    Forecast Trend (2024-2032)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    ABB Ltd
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Emerson Electric Co.
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3      General Electric Company
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Siemens AG
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Honeywell International Inc.
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Others
13    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Smart Factory Market: Key Industry Highlights, 2018 and 2032
2.    Global Smart Factory Historical Market: Breakup by Component (USD Billion), 2018-2023
3.    Global Smart Factory Market Forecast: Breakup by Component (USD Billion), 2024-2032
4.    Global Smart Factory Historical Market: Breakup by Solution (USD Billion), 2018-2023
5.    Global Smart Factory Market Forecast: Breakup by Solution (USD Billion), 2024-2032
6.    Global Smart Factory Historical Market: Breakup by Industry (USD Billion), 2018-2023
7.    Global Smart Factory Market Forecast: Breakup by Industry (USD Billion), 2024-2032
8.    Global Smart Factory Historical Market: Breakup by Region (USD Billion), 2018-2023
9.    Global Smart Factory Market Forecast: Breakup by Region (USD Billion), 2024-2032
10.    North America Smart Factory Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    North America Smart Factory Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Europe Smart Factory Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Europe Smart Factory Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Asia Pacific Smart Factory Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Asia Pacific Smart Factory Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Latin America Smart Factory Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Latin America Smart Factory Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Middle East and Africa Smart Factory Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Middle East and Africa Smart Factory Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Global Smart Factory Market Structure

Key Questions Answered in the Report

The global market for smart factories attained a value of approximately USD 100.27 billion in 2023.

The market is projected to grow at a CAGR of 10.5% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching around USD 247.63 billion by 2032.

The market is being driven by increasing industrialisation, growing demand for consumer products, and advent of advanced industrial sensor technology.

The key trends of the market include increasing adoption of wireless technologies, surging demand for smart factory units in the food and beverage industry, and evolution of industry 4.0.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The different components in the market for smart factories are industrial sensors, industrial robots, industrial 3D printing, and machine vision systems.

The various solutions of smart factories in the market are manufacturing execution system (MES), supervisory control and data acquisition (SCADA), plant asset management (PAM), and industrial safety.

The major industries for smart factories are process industry and discrete industry.

The major players in the market are ABB Ltd, Emerson Electric Co., General Electric Company, Siemens AG, Honeywell International Inc., Mitsubishi Electric Corporation, Rockwell Automation Inc., Bosch Rexroth Corporation, Yokogawa Electric Corporation, Omron Corporation, FANUC America Corporation, WIKA Instrument, LP, Oracle Corporation, PTC Inc., and KUKA AG, among others.

Analyst Review

The global smart factory market attained a value of approximately USD 100.27 billion in 2023, driven by the rising demand for automation across various industry verticals. The market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 10.5%. The market is projected to reach around USD 247.63 billion by 2032.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on component, the market is segmented into industrial sensors, industrial robots, industrial 3D printing, and machine vision systems. On the basis of solution, the market is divided into manufacturing execution system (MES), supervisory control and data acquisition (SCADA), plant asset management (PAM), and industrial safety. The market is bifurcated on the basis of industry into process industry and discrete industry. The major regional markets for smart factories are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include ABB Ltd, Emerson Electric Co., General Electric Company, Siemens AG, Honeywell International Inc., Mitsubishi Electric Corporation, Rockwell Automation Inc., Bosch Rexroth Corporation, Yokogawa Electric Corporation, Omron Corporation, FANUC America Corporation, WIKA Instrument, LP, Oracle Corporation, PTC Inc., and KUKA AG, among others.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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