Global Smart Factory Market Projected to Touch 5.42 Billion by 2022‎

Posted by Arslan on January 29th, 2018

Market Research Reports Search Engine (MRRSE) has been serving as an active source to cater intelligent research report to enlighten both readers and investors. This research study titled “Smart Factory Market“

A smart factory is an advanced and automated manufacturing facility that facilitates more advanced, efficient and safer approaches to manufacturing or producing various products. In an era of digital manufacturing, the gap between the physical and digital world is fading swiftly, and being replaced with an entirely new manner of manufacturing. On the basis of market structure, the global smart factory market is segmented to collect, to connect, to analyse and to control.  The global market is further segmented on the basis of component, manufacturing vertical and region. A detailed analysis of each segment is provided in the report to deliver an accurate understanding of the market and facilitate crystal clear decision-making.

Market Value and Forecast

The global smart factory market was valued at US$ 51.9 Bn in 2014, which is expected to expand at a CAGR of 13.3% during the forecast period (2015–2025). Rising focus on advanced manufacturing, high demand from key verticals and shift towards consumer-centric product offerings by manufacturers are some of the major factors propelling growth of the smart factory market. Increased use of information technology, progressive use of collaborative robots, rising investments in manufacturing plants and adoption of industrial internet of things (IIoT) and cyber physical systems are major trends observed in this market.

Segmentation by Market Structure

The global smart factory market is segmented on the basis of market structure as to connect, to collect, to analyse and to control. The ‘to analyse’ segment was valued at US$ 13.3 Bn in 2014 and is anticipated to register a CAGR of 15.2% during the forecast period. Presently, the ‘to control’ segment leads the global smart factory market in terms of revenue, and is expected to remain dominant throughout the forecast period.

On the basis of manufacturing vertical, the smart factory market is segmented into automotive & transportation, food & beverage, electrical & electronics, aerospace & defence, oil & gas, garment & textile, chemical & material and others (healthcare & pharmaceutical). Among these, the automotive & transportation segment dominated the global smart factory market in terms of revenue contribution in 2014, and is anticipated to retain its dominance throughout the forecast period. Growth of this segment is primarily driven by increasing investment in smart factories by leading automobile manufacturers.  In September 2015 for example, German luxury car manufacturer Mercedes-Benz announced an investment of US$ 1.3 Bn to expand and upgrade its SUV manufacturing unit in Alabama, U.S. This expansion would add 300 new jobs and support end-to-end digitalization of the production process as a part of the company’s smart factory initiative.

Key Regions

The global smart factory market includes five major regions North America, Latin America, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA). Of all the regions, APAC was the contributor in terms of value, and accounted for over 39.0% share of the global smart factory market in 2014. This is mainly attributed to increasing investments in manufacturing units in the region. In April 2015 for example, the South Korean government along with Samsung Electronics announced an investment of US$ 12.6 Mn to promote the smart factory concept in the country. Moreover, MEA is anticipated to emerge as the fastest growing market, followed by Latin America during forecast period.

Key Players

Key players identified in the global smart factory market include ABB Group, Rockwell Automation, Inc., General Electric Co., Siemens AG, Oracle Corporation, IBM Corporation, SAP SE, PTC Inc., Accenture PLC and Atos SE. These players focus on mergers and acquisitions, new product developments and partnerships in order to remain competitive in the market.