An advanced factory where cyber-physical systems control the physical processes of the factory is known as a Smart Factory. This system helps in providing analysis and supporting the controls and management processes. Smart Factory deploys a myriad of technologies such as artificial intelligence (AI), machine-to-machine communication (M2M), Big Data, Analytics, and Internet of Things (IoT) to attain advanced level of automation as well as efficiency. The manufacturers are trying to develop the products with advanced flexibility, efficiency, and safety for better customer satisfaction.
Use of additive manufacturing to create final products has emerged as one of the key trends in the Smart Factory market. 3D printing technology has become more capable, affordable, and faster. It is not only used to make prototypes but also to make the final products. Aerospace giants are also exploring the idea of utilizing 3D printing in the manufacturing of production parts.
- Greater intelligence, exceptional manufacturing efficacy, and real-time quality and time benefits associated with Smart Factories are the key factors driving the Smart Factory market.
- Emergence of industrial internet of things (IIOT) is a key trend expected to have a positive impact on the Smart Factory market growth.
- Need for smart automation solutions is increasing across the globe, which, in turn, is driving the Smart Factory market.
- Technological innovations in the market are likely to open up new avenues for the Smart Factory market in the near future.
- However, presence of intense competition, dearth of skilled labour, lack of standardization, and high costs associated with Smart Factories may hamper the Smart Factory market growth in the coming years.
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Participants to Adopt New Product Launches as a Key Strategy
Some of the leading companies operating in the Smart Factory market are ABB Ltd., Siemens AG, Yokogawa Electric Corp., Schnieder Electric, Rockwell Automation Inc., Emerson Electric Company, General Electric Company, Honeywell International, Inc., Robert Bosch GmbH, and Atos SE. Key players are involved in product introductions, strategic alliances, and mergers and acquisitions with an aim to strengthen their market presence across the globe.
Key Points to Remember
- Growing demand for Smart Factory from the pharmaceutical, automotive, and food & beverage industries to act as a key driver in the global Smart Factory market
- Participants to come up with ears novel products to withstand the fierce competition in the Smart Factory market
- Smart Factory to witness a surge in the demand from the automobile & transportation industry in the near future
- North America to grab a handsome share in the global Smart Factory market in the coming years
By Product Type
- Process Manufacturing
- Discrete Manufacturing
- Automobile and Transportation
- Food and Beverage
- Electrical and Electronics
- Chemical and Material
- Oil and Gas
The global Smart Factory market has been segregated on the basis of product type as process manufacturing, discrete manufacturing, and others. According to the researchers, demand for process manufacturing is expected to be greater as compared to other product types.
Market Analysis by Regions and Countries
The Middle East and Africa (GCC Countries and Egypt.)
North America (the United States, Mexico, and Canada.)
South America (Brazil etc.)
Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia.)
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