Smart Factory Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET INTRODUCTION

A smart factory demonstrates production and technological innovation, as well as the flawless integration of high-tech machinery and devices. It is a created manufacturing system that creates cyber-physical technologies that allow for efficient material transportation across the manufacturing floor. It offers real-time quality as well as time savings. The growth in practice of modern manufacturing bases, increasing focus on energy consumption, and enhanced production efficiency are the key factors driving the Smart Factory market's growth.

MARKET SCOPE

The "Global Smart Factory Market Analysis to 2031" is a specialized and in-depth study of the Smart factory Market with a special focus on the global market trend analysis. The report aims to provide an overview of smart factory market with detailed market segmentation by product type, technology and industry vertical. The global smart factory market expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading smart factory market player and offers key trends and opportunities in the smart factory market.

MARKET SEGMENTATION

  Based on product type the market is segmented as, machine vision systems, industrial robots, control devices, sensors, and others.

  Based on technology the market is segmented as, enterprise resource planning, product lifecycle management, and human machine interface.

  Further on the basis of industry vertical the market is segmented as, automotive, semiconductors, oil and gas, and others.

MARKET DYNAMICS

Drivers

•   The growth in practice of modern manufacturing bases, increasing focus on energy consumption, and enhanced production efficiency are the key factors driving the Smart Factory market's growth.
  
•   Increasing industry of refurbished robots and untapped field like industrial robots and RFID are likely to propel market growth during the forecast period.
  
•   Growing demand for technologies such as the Internet of Things (IoT) and artificial intelligence (AI).
  

Restraints

•   The smart factory market is restrained by possibility of cyber attacks, security concerns along with higher initial investment for automation and smart factory.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global smart factory market based on various segments. It also provides market size and forecast estimates from year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The smart factory market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.

The report analyzes factors affecting smart factory Market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the smart factory market in these regions.

IMPACT OF COVID-19 ON SMART FACTORY MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The reports cover key developments in the smart factory market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from smart factory market are anticipated to lucrative growth opportunities in the future with the rising demand for smart factory market. Below mentioned is the list of few companies engaged in the smart factory market.

The report also includes the profiles of key smart factory market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.

•   ABB Ltd
  
•   Endress+Hauser AG
  
•   Emerson Electric Co.
  
•   Rockwell Automation, Inc
  
•   General Electric
  
•   Honeywell International Inc
  
•   Omron Corporation
  
•   Schneider Electric
  
•   Siemens AG
  
•   Yokogawa Electric Corporation
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Smart Factory Report Scope

Report Attribute	Details
Market size in 2023	US$ XX Million
Market Size by 2031	US$ XX Million
Global CAGR (2023 - 2031)	XX%
Historical Data	2021-2022
Forecast period	2024-2031
Segments Covered	By Product Type Machine Vision Systems Industrial Robots Control Devices Sensors By Technology Enterprise Resource Planning Product Lifecycle Management Human Machine Interface By Industry Vertical Automotive Semiconductors Oil and Gas
Regions and Countries Covered	North America US Canada Mexico Europe UK Germany France Russia Italy Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific South and Central America Brazil Argentina Rest of South and Central America Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	ABB Ltd Endress+Hauser AG Emerson Electric Co. Rockwell Automation, Inc General Electric Honeywell International Inc. Omron Corporation Schneider Electric Siemens AG