Market Highlights
In this rapidly changing environment, companies are expanding their scale of operations by increasing investments industrial internet of things (IoT) and innovation. In smart factory market innovation is a key driver. Internet of things (IoT) is considered as a major component with respect to Smart Factory therefore industries adopting Internet of Things has increased the demand for Smart Factory.The smart factory contributes to numerous advantages over the conventional manufacturing and production methods. It includes Cyber physical systems (CPS) and Flexible production systems. The Cyber physical systems (CPS) enables to determine the activities, production conditions and communicate wirelessly with other units. The flexible production system enables to respond in real-time conditions and allow in-house production processes to be completely optimized.
is growing rapidly over 11.7% of CAGR and is expected to reach at USD 257,485 Million by the end of forecast period.
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Market Research Analysis:
Market Research Future Analysis shows that there are many organizations which are lagging but the study indicates huge opportunities for smart factory market in the forecast period. It has been observed government is taking initiatives, providing investments for developments in smart factory. The major benefits of Smart Factory are efficient production, quality and lower power consumptions. These factors would definitely increase the Smart Factory Market.Regional analysis for Smart Factory market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. The study reveals that Asia-Pacific region would evolve as a leader in smart factory market. The study indicates large investments by Asia-Pacific countries towards smart factory which is responsible for the rapid growth in smart factory market by the forecast period.In recent news, Midea reveals that they have invested 5 Billion yuan in building smart factories in several Chinese cities using approximately 1,500 robots. The vice president also mentioned that their goal is to build more intelligent smart factories.
Key Players:
The prominent players in the Smart Factory Market are - Siemens AG (Germany), ABB Ltd. (Switzerland), Emerson Electric Company (US), Robert Bosch GmbH (Germany), General Electric Company (US), Honeywell International, Inc. (US), Cognex Corporation, Oracle Corporation (US), IBM Corporation (US), Yokogawa Electric (Japan), Ametek, Inc. (US), Rockwell Automation, Inc. (US) and Fanuc (Japan) among others.
Smart Factory Market Segmentation
The Smart Factory Market has been segmented on the basis of component, technology, and end user. Looking through the industry segments it has been observed that manufacturing industry and automotive industry would expect a substantial increase in smart factory market. There has been a trend of automated and technologically developed vehicles, which has resulted to increase in smart factory market in the automotive sector. Whereas metals and mining, oil and gas, and other industries are also leading industries in Smart Factory market.
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