The Global Smart Factory Market size is expected to reach $137. 6 billion by 2027, rising at a market growth of 9. 9% CAGR during the forecast period. A smart factory is considered as a concept where equipment and machines are capable to enhance processes with the help of self-optimization and automation.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Factory Market By Component, By Solution, By Industry Vertical, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131537/?utm_source=GNW
The advantages of a smart factory go beyond the physical production of goods and into functions, such as planning, supply chain logistics, and even product development. The smart factory market is bifurcated by product type, into machine vision systems and industrial robotics, among others, and based on technology, into SCADA, PLZ, and HMI, among others.
The vendors of smart factory solutions are striving hard to create solutions that are capable enough to improve the quality and quantity of products made by the makers of foods and beverages. In the food & beverages manufacturing sector along with the companies involved in the processing, packaging, and distribution of food & beverages, high-quality standards hold great value. With the help of automation techniques, the food & beverages sector provides design flexibility, unique and integrated safety solutions, and sophisticated software tools for regulating the operations of machines. Food manufacturers are putting hefty investments in changing their conventional manufacturing units into advanced units. Therefore, the food & beverages industry is witnessing a high adoption rate of smart factory technologies and advanced manufacturing equipment.
Automation in the smart factories deploys different kinds of control devices like motors, sensors, drives, and switches & relays and network technologies like wired, wireless, and radio frequency identification (RFID). Integrated systems like Manufacturing Execution System (MES), Information Technology (IT) system, Programmable Logic Control (PLC), Enterprise Resource Planning (ERP), and Supervisory Control and Data Acquisition (SCADA) are made to fulfill the particular needs of a manufacturing facility. These industrial control systems are able to manage the process and simplify the flow of materials across the manufacturing line. Smart factories also deploy industrial robots like articulated robots, Cartesian robots, SCARA (Selective Compliance Assembly Robot Arm or Selective Compliance Articulated Robot Arm) robots, cylindrical and other robots for several manufacturing processes like welding, painting, heavy lifting, and conveyance, etc.
In 2020, the outbreak of the COVID-19 pandemic has created an adverse impact on the overall smart factory market, causing a lower shipment of components and solutions of smart factories and the revenues produced from them. Due to this, a decline was observed in the development trend of the market during the first quarter of 2020. However, this trend had been anticipated to disrupt in the next half of the year as the demand would increase because of the increasing concern for smart automation, energy, and resource efficiency.
The COVID-19 pandemic has considerably impacted the value chain of the smart factory market. The US, China, South Korea, and Japan, which have been negatively impacted by the pandemic, are responsible for a major share of the global smart factory manufacturing. The discrete industries and process industries are observing a reduced demand, which would remain the same for some time due to the worldwide slowdown.
Based on Component, the market is segmented into Industrial Sensors, Industrial Robots, Industrial 3D Printers and Machine Vision Systems. The industrial 3D printing segment would showcase the largest growth rate during the forecast period. The development of this segment is credited to the growing adoption in industries like aerospace & defense, automotive, semiconductor & electronics, and food & beverages. In the food & beverages industry, 3D printing technology is highly utilized to make molds for various kinds of food like hard candies, chocolates, and cakes. This supports the development of the market for industrial 3D printing for the food & beverages industry.
Based on Solution, the market is segmented into Manufacturing Execution System (MES), Plant Asset Management (PAM), SCADA, Industrial Safety and Others. The PAM segment would showcase the biggest growth rate during the forecast years. The development of this segment is due to the growing installation of PAM solutions in process and discrete industries to develop an exhaustive data repository associated with various equipment installed in these plants, right from their uptime performance to their life cycle cost evaluation.
Industry Vertical Outlook
Based on Industry Vertical, the market is segmented into Automotive, Semiconductor & Electronics, Chemicals & Pharmaceuticals, Food & Beverages, Oil & Gas, Aerospace & Defense, Medical Devices and Others. The medical devices industry is boosted by development and technological innovations. The industry has observed major growth due to the development of cutting-edge medical devices with the help of novel technologies. In the medical devices industry, smart factory solutions assist enhance manufacturing processes, planning, third-party services, technology assessment, and remote support. Smart factory technologies also assist in decreasing the recalls and wastes and surge the profitability of the companies involved in the manufacturing of medical devices because of the accuracy in manufacturing.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is quickly emerging as a hub for industries. Hence, there is a massive demand for refurbishing the existing infrastructure with modern technologies. Smart factors of the fourth industrial revolution may reveal the key to efficiency for makers. And every maker – those from already “running smart” to those not yet put investment in smart factory technologies can adopt the cutting-edge technologies that will yield business value.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Siemens AG, Honeywell International, Inc., ABB Group, General Electric (GE) Co. are the major forerunners in the Smart Factory Market. Companies such as Mitsubishi Electric Corporation, Emerson Electric Co., and Kuka AG are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Emerson Electric Co., General Electric (GE) Co., Siemens AG, Rockwell Automation, Inc., Schneider Electric SE, Honeywell International, Inc., Mitsubishi Electric Corporation, Kuka AG, and Omron Corporation.
Recent strategies deployed in Smart Factory Market
Partnerships, Collaborations, and Agreements:
Apr-2021: Siemens came into an agreement with Google Cloud. Google Cloud’s AI/ML capabilities would integrate with Siemens Digital Industries’ factory automation portfolio, enabling manufacturers to harmonize their factory data, operate cloud-based AI/ML models on data, and implement algorithms at the network edge. It enabled applications like the visual inspection of products or forecasting the wear-and-tear of machines on the assembly line.
Apr-2021: Mitsubishi Electric Corporation came into partnership with Eplan, a Computer-Aided Engineering (CAE) design software solution. This partnership aims to strengthen the digital solution’s collaboration further as Mitsubishi Electric joined Eplan’s new partner network, which is an initiative to facilitate the structured execution of digital manufacturing.
Mar-2021: Schneider Electric entered into an agreement with Origin Systems, an American video game developer. This agreement aims to focus on offering consultancy and expertise to the Gulf-based manufacturers who are looking to update their factories with new technologies to offer companies in the region a path to upgrading their manufacturing to Industry 4.0.
Nov-2020: Rockwell Automation introduced a set of new capabilities for FactoryTalk InnovationSuite, powered by PTC. It is aimed to streamline, scale and increase digital transformation for industrial companies. This launch of an Industrial IoT solution automates IT/OT integration, streamline edge-to-cloud analytics & machine learning, develop a scalable digital thread, and involve consulting and delivery services.
Oct-2020: Honeywell teamed up with Microsoft, an American multinational technology company. With the integration of the AI-driven autonomous controls of the Honeywell Forge enterprise performance management software with Microsoft Dynamics 365 Field Service, users can access operating data, which consists of workflow management support to increase the performance and energy efficiency across the company’s environment.
Jul-2020: Siemens entered into a partnership with SAP SE, a German multinational software corporation. In this partnership, SAP and Siemens would bring their complementary software solutions for supply chain, product lifecycle, and asset management to help clients to provide innovation & collaborative business models, which would boost industry transformation across the globe.
Jul-2020: Kuka partnered with T-Systems, a German global IT services and consulting company. This partnership aimed to develop a package of solutions for digitalized production.
Jun-2020: Siemens partnered with Salesforce, an American cloud-based software company. Under this partnership, Salesforce’s Work.com, powered by Customer 360, and Siemens’ Smart Infrastructure solutions Comfy and Enlighted, would integrate to organize the people, processes, and things important to make safe, connected workplaces for the future.
Feb-2020: Honeywell joined hands with Tech Mahindra, an Indian multinational company. This collaboration aimed to capitalize on digital transformation, 5G, Industry 4.0 technologies & engineering offerings to allow users in the manufacturing industry to scale up instantly.
Acquisition and Mergers:
Apr-2021: Siemens Digital Industries Software entered into an agreement to acquire TimeSeries, a leading Independent Software Vendor (ISV) and Mendix partner. The acquisition of TimeSeries would assist Siemens’ clients and partners get to value with low-code more quickly.
Oct-2020: ABB took over Codian Robotics, a leading provider of delta robots. This acquisition would help ABB to boost its engagement in the growing field of delta robots.
Oct-2020: Emerson took over Progea Group, a software company. This acquisition aimed to combine Progea’s offerings in industrial visualization, analytics, and IIoT that is built on Emerson’s embedded software and control portfolio for infrastructure, manufacturing, and building automation applications and helps users to streamline a holistic machine and plant control systems to a single partner.
Aug-2020: Schneider Electric acquired ProLeiT AG, a medium-sized IT company. Through this acquisition, Schneider Electric has expanded & improved the solution portfolio and deeper domain expertise to provide more value to consumer-packaged goods manufacturers.
Feb-2020: Rockwell Automation entered into an agreement to acquire Kalypso LP, a professional services firm. This acquisition will widen Rockwell’s enterprise software consulting & information architecture portfolio and improve its ability to help clients harness the power of digital innovation to create, discover, and sell better products.
Product Launches and Product Expansions:
Mar-2021: GE launched enhancements in CIMPLICITY and Tracker software. These enhancements offer critical decision support for operators to boost their efficiency. CIMPLICITY HMI/SCADA deliver user-server visualization to accurately supervise and manage operations. Tracker, a part of GE Digital’s Proficy Manufacturing Execution Systems (MES) capabilities, automates routing & sequencing to boost time to market, decrease warranty & recall exposure, and support Lean operations & building right the first time.
Mar-2021: Mitsubishi Electric introduced two additional types of software. This software aims for system monitoring and process control under the series GENESIS64, supporting the prevailing MAPS SCADA software. This new lineup would fulfil the various IoT requirements, involving a broad variety of purposes from small production line monitoring and control to multi-site monitoring & business intelligence (BI) for plant-wide systems, process automation and also utility & building automation.
Jul-2020: Omron launched its robot, LD UVC. This robot is a co-creation with Techmetics Robotics, a provider of autonomous service robots, to help companies to fight the spread of infectious diseases more efficiently and easily.
Jul-2020: ABB expanded its geographical footprints by setting up a new robotics facility in India. This ABB Nelamangala factory premises in Bengaluru would enable ABB India to provide robotic applications and digital solutions for a wide range of Indian industries including food & beverage, automotive, electronics and other future industries.
May-2020: Emerson expanded its geographical footprints by investing more than $100 million in Boulder, Colorado. This investment expands its manufacturing space and introduces an innovation centre aimed at research, latest product development, and industry training for its improved flow measurement products.
Scope of the Study
Market Segments covered in the Report:
• Industrial Sensors
• Industrial Robots
• Industrial 3D Printers
• Machine Vision Systems
• Manufacturing Execution System (MES)
• Plant Asset Management (PAM)
• Industrial Safety
By Industry Vertical
• Semiconductor & Electronics
• Chemicals & Pharmaceuticals
• Food & Beverages
• Oil & Gas
• Aerospace & Defense
• Medical Devices
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• ABB Group
• Emerson Electric Co.
• General Electric (GE) Co.
• Siemens AG
• Rockwell Automation, Inc.
• Schneider Electric SE
• Honeywell International, Inc.
• Mitsubishi Electric Corporation
• Kuka AG
• Omron Corporation
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