Northbrook, IL 60062 -- (SBWire) -- 09/14/2023 --The global smart factory market size is estimated to be USD 86.2 billion in 2022 and is projected to reach USD 140.9 billion by 2027, at a CAGR of 10.3%.
Growing emphasis on energy efficiency, resource optimization, and cost reduction in production operations; increasing demand for industrial robots; and rising demand for IoT and artificial intelligence in industrial environments are the major factors driving the growth of the smart factory industry.
Augmented reality enhances the perception and presentation of a real-life situation. It is created using technology to overlay digital information on an image of something that is being viewed through a compatible device, such as a smartphone camera, HMI, or any smart goggle.
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Oil & gas industry held the largest share of the Smart Factory market in 2021
Smart factory solutions offer various benefits such as reliability for large-scale production in the oil & gas industries, increased energy efficiency, enhancement in product quality, and acceleration in decision-making processes, leading to more accurate outcomes. Several oil and gas companies are establishing their drilling operations in remote offshore locations. The focus on safety and efficiency is driving the need for smart factory solutions in the industry. IoT device in smart factory solutions of the oil & gas industry can complete those vital operations with less difficulty. Due to the installation of smart factory solutions, employee safety has increased in the oil & gas industry. Key producers in the oil & gas industry are focused on digitalizing their plants to enhance process visibility, ensuring safety, improving production, increasing efficiency, and reducing operational costs.
Automotive industry held the largest share of the Smart Factory market in 2021
The automotive segment is anticipated to hold the largest share of the smart factory market, by discrete industry, during the forecast period. Smart manufacturing plays a key role in the development and production of high-quality automobiles. Innovations in assembly line methods help vehicle manufacturers enhance quality and increase productivity. The latest smart assembly solutions increase the vehicle manufacturers' capability by automatically identifying the products in the assembly process, followed by assigning the required programs for the tools used in different stages of the assembly process. Mercedes-Benz, Renault, Audi, Volkswagen, and Toyota have all upgraded some facilities to smart factories in the last few years. As industry players recognize the benefits of smart factory solutions, more automotive manufacturers will follow suit for the transformation of manufacturing facilities into smart factories.
Asia Pacific held the largest share of the smart factory market in 2021
The Asia Pacific smart factory is projected to grow at the highest CAGR. The adoption of smart factory solutions in Asia Pacific is high due to the growing manufacturing sector in the region. The IIoT market in Asia Pacific is expected to exhibit tremendous growth potential in the coming years. Dense population and the growth in per capita income in the region, along with large-scale industrialization and urbanization, are the factors driving the growth of the smart factory market.
The smart factory companies such as Rockwell Automation Inc. (US), Siemens AG (Germany), Schneider Electric SE (France), ABB (Switzerland), and Honeywell International Inc. (US).
Smart Factory Market Forecast and Growth Prospects: Comprehensive Analysis, Demand, Drivers