Dublin, Nov. 16, 2021 (GLOBE NEWSWIRE) -- The "Smart Factory Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Factory Market was valued at USD 270.74 billion in 2020, and it is expected to reach USD 422.88 billion by 2026, registering a CAGR of approximately 9.33% during the forecast period (2021-2026).
The COVID-19 outbreak and lockdown restrictions across the globe have affected industrial activities across the world. Some of the effects of lockdown include supply chain disruptions, lack of availability of raw materials used in the manufacturing process, labor shortages, fluctuating prices that could cause the production of the final product to inflate and go beyond budget, shipping problems, etc. Following the global economic recession led by COVID-19, the global smart factory market has witnessed a positive impact from the demand side and a mixed impact from the supply side.
Several manufacturing companies are capable of achieving zero waste production and shorter time-to-market. Effortless monitoring, reduction of waste, and speed of production are some of the major advantages of automated manufacturing processes. This technology offers users an improved quality of standardization, as well as dependable products, within the time and at much lower cost.
Some of the major factors driving the market include, growing demand for high-quality products (which need proper end-to-end visibility of the manufacturing process), increased adoption of products across several industries, such as, robotics systems, and the rising demand for energy conservation.
The adoption of smart systems can reduce the need for human labor, particularly in challenging environments. Quality control processes have historically relied on human intervention, but the greater availability of these smart factory systems, with more user-friendly controls, is expected to gain popularity in complex manufacturing settings.
Coupled with the Industrial Internet of Things (IIoT) and smart factories, where industrial devices are connected to each other via the internet, the sheer volume of real-time data (Big Data) would create means for Industry 4.0 to bring about a massive change, in the way modern-day control systems function.
Semiconductor production is another major adopter of advanced manufacturing techniques. Rising energy prices, several environmental regulations and the general trend toward sustainable manufacturing are expected to increase the adoption rate of products, like, machine vision systems, robots and others, thereby increasing the market demand for the smart factory.
Key Market Trends
Growing Adoption of IoT across the Value Chain Expected to Spur Growth
IoT is fruitful in applications, where faster development and real-time monitoring of quality are the vital factors ensuring greater benefits to the end-user. The manufacturing sector is one such end-user where real-time monitoring and feedback are vital for seamless manufacturing operations. IoT has numerous applications in the manufacturing sector. It can facilitate the production course in a plant, as IoT devices can automatically monitor development cycles and manage warehouses and inventories.
Massive shifts in manufacturing due to industry 4.0 and acceptance of IoT require enterprises to adopt agile, smarter, and innovative ways to advance production, with technologies that complement and augment human labor with robotics, and reduce industrial accidents caused by a process failure.
According to Cisco, by 2022, machine-to-machine (M2M) connections that support IoT applications may account for more than half of the world's 28.5 billion connected devices.
The novel IIoT technologies are becoming a key component in helping the manufacturing companies to maximize the ROI from smart factory initiatives. Big data analytics proves to be a useful tool to handle a vast volume of data being generated. With the concept of Industry 4.0, shaping the production establishments in the modern manufacturing industry, the amount of data produced from the manufacturing sector increased exponentially, as data points are created from each process point, varying from temperature, pressure, humidity, stress, strain, and quality.
Asia-Pacific Occupies the Largest Market Share
Manufacturing is one of the pillars of China's economy and is undergoing a rapid transformation. As the population ages, along with rising labor costs, the legacy model based on inexpensive migrant workers is no longer sustainable.
It is reported that low-end manufacturing firms are moving to Southeast Asia to cut costs, which include automotive and electronics manufacturing companies. It is forecast that in the next five years, the automotive industry will expand 6 to 7%, annually.
India is poised to become the fifth-largest manufacturing country in the world by the end of 2020. Moreover, manufacturing giants, such as GE, Siemens, HTC, Toshiba, and Boeing have either set up or are in process of setting up manufacturing plants in India.
Japan's supplementary budget for the 2020 fiscal earmarked JPY 23.5 billion for companies that move production to the Southeast Asian countries. By expanding the subsidy program's scope, Japan aims to reduce its dependence on a particular region. It wants to build a system that can provide a stable supply of medical materials and electronic components, even during emergencies. This is expected to drive investment in the smart factory market in the region.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of Covid-19 on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Adoption of Internet of Things (IoT) Technologies Across the Value Chain
5.1.2 Rising Demand for Energy Efficiency
5.2 Market Restraints
5.2.1 Huge Capital Investments for Transformations
5.2.2 Vulnerable to Cyber Attacks
6 MARKET SEGMENTATION
6.1 By Product
6.1.1 Machine Vision Systems
18.104.22.168 Frame Grabbers
22.214.171.124 Integration Services
6.1.2 Industrial Robotics
126.96.36.199 Articulated Robots
188.8.131.52 Cartesian Robots
184.108.40.206 Cylindrical Robots
220.127.116.11 SCARA Robots
18.104.22.168 Parallel Robots
22.214.171.124 Collaborative Industry Robots
6.1.3 Control Devices
126.96.36.199 Relays and Switches
188.8.131.52 Servo Motors and Drives
6.1.5 Communication Technologies
6.1.6 Other Products
6.2 By Technology
6.2.1 Product Lifecycle Management (PLM)
6.2.2 Human Machine Interface (HMI)
6.2.3 Enterprise Resource and Planning (ERP)
6.2.4 Manufacturing Execution System (MES)
6.2.5 Distributed Control System (DCS)
6.2.6 Supervisory Controller and Data Acquisition (SCADA)
6.2.7 Programmable Logic Controller (PLC)
6.2.8 Other Technologies
6.3 By End-user Industry
6.3.3 Oil and Gas
6.3.4 Chemical and Petrochemical
6.3.6 Aerospace and Defense
6.3.7 Food and Beverage
6.3.9 Other End-user Industries
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 ABB Ltd.
7.1.2 Cognex Corporation
7.1.3 Siemens AG
7.1.4 Schneider Electric SE
7.1.5 Yokogawa Electric Corporation
7.1.6 Kuka AG
7.1.7 Rockwell Automation Inc.
7.1.8 Honeywell International Inc.
7.1.9 Robert Bosch GmbH
7.1.10 Mitsubishi Electric Corporation
7.1.11 Fanuc Corporation
7.1.12 Emerson Electric Company
7.1.13 FLIR Systems Inc.
8 Investment Analysis
9 Future OUTLOOK of the Market
For more information about this report visit https://www.researchandmarkets.com/r/l33lwx
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