Smart Factory Market Size, Share & Analysis Report, 2023-2032
The global smart factory market size was exhibited at USD 129.74 billion in 2022 and is projected to hit around USD 321.98 billion by 2032, growing at a CAGR of 9.52% during the forecast period 2023 to 2032.
Key Pointers:
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.
Smart Factory Market Report Scope
|
Report Coverage |
Details |
|
Market Size in 2023 |
USD 142.09 Billion |
|
Market Size by 2032 |
USD 321.98 Billion |
|
Growth Rate From 2023 to 2032 |
CAGR of 9.52% |
|
Base Year |
2022 |
|
Forecast Period |
2023 to 2032 |
|
Segments Covered |
By Product, By Technology and By End-User Industry |
|
Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
|
Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
|
Key Companies Profiled |
ABB Ltd., DassaultSystèmes, General Electric Co., Emerson Electric Co., Honeywell International Inc., Johnson Controls International, Mitsubishi Electric Corporation, Microsoft Corporation, Robert Bosch GmbH, Schneider Electric SE, and Siemens AG and Others.. |
Latest technological Trends in Smart Factory Market
Augmented Reality
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. Usually, these devices are voice-controlled, making the wearer a hands-free user. The alignment of machine learning and physics-based modeling enables engineers to create an entire augmented reality (AR) experience that shows technicians in the factory the process to service the factory floor machine. Companies are increasingly using augmented reality (AR) on the shop floor of the factory to boost production activity and improve production processes.
The incorporation of augmented reality in industrial processes has boosted worker productivity.
Smart Factory Market Dynamics
DRIVERS: Increasing adoption of Industrial robots
Increasing miniaturization of sensors, growing investments in automation (in automotive, electrical & electronics, and metals & machinery industries), and rising demand for industrial robotics systems in developing countries are the factors driving the growth of the industrial robot market. Rising demand for automation across industries has increased the adoption of industrial robots in various industries. The growth of the industrial robots’ market can be attributed to the growth of the electronics industry and towering labor wages in manufacturing. This is expected to increase the demand for industrial robots and support the growth of the smart factory market during the review period.
RESTRAINT: Security risks associated with cyber-physical systems
The manufacturing sector is the most targeted cyberattack sector, around 47% of the cyberattacks target the manufacturing sector to gain competitive advantages and trade secrets. A cyber-physical system (CPS) is an advanced technology that integrates virtual and physical worlds to build a factory with intelligent equipment. CPS technology has transformed manufacturing processes. Cyber-physical manufacturing facilities use cutting-edge technologies such as robotics, big data, automation, artificial intelligence, virtual reality, sensors, augmented reality, and additive manufacturing to offer extraordinary flexibility, precision, and efficiency to manufacturing processes. However, the security risks associated with the adoption of CPS may restrain the market. A CPS enables connectivity among all plant equipment and stores critical information about the plant. This information might be at risk if the system gets hacked.
OPPORTUNITIES: Emergence of 5G technology in smart factory market
With 5G technology, smart factory owners can use cellular technologies more securely and can tune them to specific use cases. By placing sensors on equipment connected to 5G networks, they can take data off the manufacturing networks without connecting to the machines; this can make optimization seamless in real time. Many manufacturers are adopting 5G network for achieving uninterrupted and strong connection. The installation of 5G network in factories eliminates the need for wired connectivity, enabling a high-speed manufacturing environment with high flexibility and less downtime. It becomes crucial for industries to have a network that can support in terms of speed, coverage, and reliability. The emergence of 5G network is going to provide a one-stop solution for factories and create significant opportunities for smart factories.
CHALLENGES:Interoperability between information technology and operational technology
The biggest challenge for the implementation of a smart factory is the lack of interoperability between informational technology (IT) and operational technology (OT); IT and OT use different protocols and architecture, which significantly increases the complexity and costs associated with the adoption of smart factories. Most OT systems today work in silos. However, a smart factory demands a fully functional digital ecosystem for seamless data sharing between machines and other physical systems of different manufacturers. Companies that master in interoperability of the information and operation technology would have an advantage in manufacturing, which would be reflected in the production yield. Furthermore, most companies have invested heavily in expensive industrial equipment having longevity. The equipment was designed to operate in a standalone manner, which is the main pain point for endusers, as such equipment fail to fit in the IIoT ecosystem.
Some of the prominent players in the Smart Factory Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Smart Factory market.
By Product
By Technology
By End-User Industry
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Smart Factory Market
5.1. COVID-19 Landscape: Smart Factory Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Smart Factory Market, By Product
8.1. Smart Factory Market, by Product, 2023-2032
8.1.1 Machine Vision Systems
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Industrial Robotics
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Control Devices
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Sensors
8.1.4.1. Market Revenue and Forecast (2020-2032)
8.1.5. Communication Technologies
8.1.5.1. Market Revenue and Forecast (2020-2032)
8.1.6. Other Products
8.1.6.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Smart Factory Market, By Technology
9.1. Smart Factory Market, by Technology, 2023-2032
9.1.1. Product Lifecycle Management (PLM)
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Human Machine Interface (HMI)
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Enterprise Resource and Planning (ERP)
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Distributed Control System (DCS)
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. Manufacturing Execution System (MES)
9.1.5.1. Market Revenue and Forecast (2020-2032)
9.1.6. Programmable Logic Controller (PLC)
9.1.6.1. Market Revenue and Forecast (2020-2032)
9.1.7. Supervisory Controller and Data Acquisition (SCADA)
9.1.7.1. Market Revenue and Forecast (2020-2032)
9.1.8. Other Technologies
9.1.8.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Smart Factory Market, By End-User Industry
10.1. Smart Factory Market, by End-User Industry, 2023-2032
10.1.1. Automotive
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Semiconductors
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Oil and Gas
10.1.3.1. Market Revenue and Forecast (2020-2032)
10.1.4. Chemical and Petrochemical
10.1.4.1. Market Revenue and Forecast (2020-2032)
10.1.5. Pharmaceutical
10.1.5.1. Market Revenue and Forecast (2020-2032)
10.1.6. Aerospace and Defense
10.1.6.1. Market Revenue and Forecast (2020-2032)
10.1.7. Food and Beverage
10.1.7.1. Market Revenue and Forecast (2020-2032)
10.1.8. Mining
10.1.8.1. Market Revenue and Forecast (2020-2032)
10.1.9. Other End-user Industries
10.1.9.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Smart Factory Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Product (2020-2032)
11.1.2. Market Revenue and Forecast, by Technology (2020-2032)
11.1.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.1.4.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.1.5.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Product (2020-2032)
11.2.2. Market Revenue and Forecast, by Technology (2020-2032)
11.2.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.2.4.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.2.5.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Product (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Technology (2020-2032)
11.2.6.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Product (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Technology (2020-2032)
11.2.7.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Product (2020-2032)
11.3.2. Market Revenue and Forecast, by Technology (2020-2032)
11.3.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.3.4.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.3.5.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Product (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Technology (2020-2032)
11.3.6.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Product (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Technology (2020-2032)
11.3.7.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.4.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.4.4.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.4.5.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Product (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Technology (2020-2032)
11.4.6.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Product (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Technology (2020-2032)
11.4.7.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.5.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.5.4.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.5.5.3. Market Revenue and Forecast, by End-User Industry (2020-2032)
Chapter 12. Company Profiles
12.1. ABB Ltd.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. DassaultSystèmes
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. General Electric Co.
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Emerson Electric Co.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Honeywell International Inc.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Johnson Controls International
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Mitsubishi Electric Corporation
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Microsoft Corporation
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Robert Bosch GmbH
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Schneider Electric SE
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers