Northbrook, IL -- (SBWire) -- 11/09/2021 --The smart factory market size is projected to reach USD 134.9 billion by 2026 from an estimated USD 80.1 billion in 2021, at a CAGR of 11.0% from 2021 to 2026. Rising demand for technologies such as IoT and artificial intelligence in industrial environments, growing emphasis on energy efficiency, resource optimization, and cost reduction in production operations, increasing demand for industrial robots, and fiscal policies to keep manufacturing facilities afloat amidst COVID-19 crisis are among the factors driving the growth of the smart factory market.
Increasing demand for industrial robots
Industrial robots perform tasks such as electronic and mechanical assembly, product testing, and materials handling. Force sensors help industrial robots in verifying part insertion; holding constant force during buffing, polishing, and deburring; collecting force data for loT testing and statistical process control (SPC), and performing many other functions.
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Industrial 3D printers segment is projected to register the highest CAGR from 2021 to 2026
The industrial 3D printing segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption in industries such as automotive, aerospace & defense, food & beverages, and semiconductor & electronics. In the food & beverages industry, 3D printing technology is majorly used to manufacture molds for different types of food such as chocolates, hard candies, and cakes. This encourages the growth of the market for industrial 3D printing for the food & beverages industry. The ability of 3D printers to produce lightweight, cost-effective parts with high precision makes it a preferred choice for the aerospace & defense sector, increasing its use in the industry. For instance, NASA uses fused deposition modeling (FDM) technology for 3D printing of prototypes to test the form, fit, and function of parts to ensure that the machined parts have the best possible designs before committing to expensive tooling.
PAM solution is projected to register the highest CAGR from 2021 to 2026
The PAM segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing deployment of PAM solutions in process and discrete industries to build a comprehensive data repository related to different equipment installed in these plants, right from their uptime performance to their life cycle cost assessment.
Food & beverages process industry is projected to register the highest CAGR from 2021 to 2026
The latest technological methods such as 3D food printing and machine vision are changing the manufacturing processes of the food & beverages industry. The main aim of the stakeholders involved in the manufacturing and distribution chain of this is to offer high-quality products while keeping the production, maintenance, and distribution costs low. The automation technologies used in the food & beverages industry offer design flexibility, innovative and integrated safety solutions, and advanced software tools for controlling the operations of machines.
Medical devices discrete industry is projected to register the highest CAGR from 2021 to 2026
The medical devices industry is driven by innovations and technological advancements. The industry has witnessed significant growth owing to the development of state-of-the-art medical devices through novel technologies. In the medical devices industry, smart factory solutions help improve manufacturing processes, planning, technology assessment, third-party services, and remote support. Smart factory technologies also help reduce recalls and wastes, and increase the profitability of the companies engaged in the manufacturing of medical devices due to precision in manufacturing.
APAC to lead smart factory market in 2020
The APAC smart factory is projected to grow at the highest CAGR, driven by the increasing adoption of automation technologies across industrial sectors in China and India. Factory automation is increasing in China, due to high labor wages and the presence of a large number of automotive manufacturing plants. Growing population, rising standards of living, and developing economies have led to the rising demand for energy. It is estimated that APAC could drive approximately 65% of the global energy demand by 2035, with China and India collectively expected to fulfill 40% of the demand. Oil and gas companies in North America and Europe have started investing in APAC to fulfill the growing energy demand. The increasing energy demand would lead to the development of the energy sector, including oil & gas and power industries. This, in turn, would generate demand for automation products in the APAC region.
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Key Market Players
ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan) are among a few major players in the smart factory market.
Increasing Demand for Industrial Robots Driving the Growth of the Smart Factory Market