The GMI Research's latest analysis reveals that the Smart Factory Market is slated to register a significant CAGR over the forecast period. This is attributed to the strong adoption of the Industrial IoT, the rising demand for industrial robots, resource optimization & cost saving, increasing significance of energy efficiency, better visibility, and growing emphasis on real-time data analysis.

DUBLIN, DUBLIN -- (SBWire) -- 03/09/2021 --Smart Factory Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The strong adoption of the Industrial IoT, the rising demand for industrial robots, resource optimization & cost-saving, and the increasing significance of energy efficiency are the factors contributing to the growth of the smart factory market size. Moreover, better visibility, the growing emphasis on real-time data analysis, and predictive maintenance will further drive the growth of the smart factory market share in terms of revenue.

As per the smart factory market report, the increasing emergence and adoption of advance and smart technologies across all the leading sectors, including oil & gas, metal & mining, manufacturing, and energy & utilities, will further augment the market growth. The strong demand for smart industrial solutions across the sectors that manage output and decrease labor & operational costs will further stimulate the growth of the smart factory market. These factories are digitally advanced & connected facilities that improve the manufacturing performance, followed by replacing human workers in a variety of operations. The advantages like decrease of factory waster, effortless monitoring, and improved speed of production are provided by the smart factory, which is also promoting the growth of the market. According to the smart factory market analysis, high initial capital investment and risk regarding the security of the cyber-physical system will hinder the growth of the global smart factory market.

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Smart Factory Market's leading Manufacturers:

- Siemens AG
- Rockwell Automation, Inc
- Schneider Electric SE
- ABB Group
- General Electric Company
- Honeywell International Inc.
- FANUC
- Mitsubishi Electric Corporation
- Emerson Electric Co.
- Yokogawa Electric Corporation
- Robert Bosch GmbH
- Stratasys, Ltd.

Industry Segment Drivers

Based on the industry, the discrete industry is projected to rise at a faster CAGR over the coming years due to the manufacturer are largely adopting advanced manufacturing solutions to improve visibility, quality, operational excellence and decreasing process time. The growing consumption of smart factories into the discrete sector, which offers optimal supply chain management utilizing the introduction of various production processes, will further fuel the market growth. In addition to this, it aids in decreasing the cost of manufacturing by automating the production process will further boost the market growth.

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Regional Drivers

Based on the region, Asia-pacific is expected to rise at a faster rate over the forecast period due to the technological innovation and the strong adoption of automation technologies across sectors, including manufacturing, food and beverages, and automotive. On the other hand, North America is projected to lead the market due to the strong penetration of intelligent manufacturing & supply chain technologies across various sectors like metal & mining, oil & gas, food & beverages, manufacturing, retail, and healthcare. The increasing investment in R&D in the field of IoT for advanced technology, along with the high demand for enhanced lifestyle, will further propel the growth of the market.

Smart Factory Market Segmentation:

Segmentation by Component:

- Sensors
- Industrial Robots
o Traditional Industrial Robots
? Articulated Robots
? Cartesian Robots
? Selective Compliance Assembly Robot Arm (SCARA)
? Cylindrical Robots
? Other Robots
o Collaborative Robots
- Industrial 3D Printing
- Machine Vision
o Camera
? Digital Camera
? Smart Camera
o Frame Grabbers, Optics, and Led Lighting
o Processor and Software

Segmentation by Technology:

- Product Life Cycle Management (PLM)
- Manufacturing Execution System (MES)
- Programmable Logic Controller (PLC)
- Supervisory Control and Data Acquisition (SCADA)
- Enterprise Resource Planning (ERP)
- Distributed Control System (DCS)
- Human–Machine Interface (HMI)
- Plant Asset Management (PAM)

Segmentation by Industry:

- Process Industry

o Oil and Gas
o Chemicals
o Pulp and Paper
o Pharmaceuticals
o Metals and Mining
o Food and Beverages
o Energy and Power
o Others

- Discrete Industry

o Automotive
o Aerospace and Defense
o Semiconductor and Electronics
o Machine Manufacturing
o Medical Devices
o Others

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.