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Global Smart Factory Market Overview, Downstream, Applications, Development History, and Demand

Global Smart Factory Market is expected to rise from its initial estimated value of USD 142.56 billion in 2018 to an estimated value of USD 260.17 billion by 2026, registering a CAGR of 7.81% in the forecast period of 2019-2026. Increasing adoption of robots in manufacturing industries is driving the growth of this market.

Global Smart Factory Market By Component (Sensors, Industrial Robots, Industrial 3D Printing, Machine Vision), Technology (PLM, MES, PLC, SCADA, ERP, DCS, HMI, RAM), End- User (Machine Manufacturing, Oil & Gas, Aerospace & Defense, Electrical & Electronics,  Automotive & Transportation, Chemical, Pharmaceuticals,  Mining & Metals, Food & Beverages, Electric Power Generation), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026

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Market Analysis: Global Smart Factory Market

Global Smart Factory Market is expected to rise from its initial estimated value of USD 142.56 billion in 2018 to an estimated value of USD 260.17 billion by 2026, registering a CAGR of 7.81% in the forecast period of 2019-2026. Increasing adoption of robots in manufacturing industries is driving the growth of this market.

Market Definition: Global Smart Factory Market

Smart factory is an advanced factory where the machines and equipment can improve the process by automation and self- optimization. They not only improve the productivity but also improve the product development and supply chain logistics. These days, there is increase in the adoption for industrial robots which is the major factor fuelling the market growth.

Market Drivers:

  • Increasing demand for the industrial robots is driving the growth of this market
  • Need for more efficient manufacturing process is driving the market growth

Market Restraints:

  • High investment cost is restraining the market growth
  • Increasing awareness for the security of cyber- physical system is another major factor restraining the market growth and development

Segmentation: Global Smart Factory Market

  • By Component
    •  Sensors
    •  Industrial Robots
      • Traditional Industrial Robots
        • Articulated Robots
        • Cartesian Robots
        • Selective Compliance Assembly Robot Arm (SCARA)
        • Cylindrical Robots
        • Other Robots
      • Collaborative Robots
    •  Industrial 3D Printing
    •  Machine Vision
      • Camera
        • Digital Camera
        • Smart Camera
      • Frame Grabbers, Optics, and Led Lighting
      • Processor and Software
  • By Technology
    • Product Life Cycle Management
    • 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)
  • By End- User
    •  Machine Manufacturing
    •  Oil & Gas
    •  Aerospace & Defense
    •  Electrical & Electronics,
    •  Automotive & Transportation
    •  Chemical
    •  Pharmaceuticals
    •  Mining & Metals
    •  Food & Beverages
    •  Electric Power Generation

Key Developments in the Market:

  • In June 2018, PTC Inc. and Rockwell Automation, Inc announced that they have signed a definitive agreement so that they can enhance their business and meet the needs and requirement of the people. The main aim is to combine the PTC’s award-winning ThingWorx IoT, Kepware industrial connectivity, and Vuforia augmented reality (AR) platforms which will help them to increase productivity & heightened plant efficiency and will improve the system performance.
  • In May 2018, Schneider Electric along with Temasek announced that they signed an agreement to buy Larsen & Toubro. This agreement will help both the companies to improve end-to-end R&D and manufacturing capabilities. The main aim is to start the Low Voltage & Industrial Automation Products business in India.

Competitive Analysis

Global smart factory market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart factory market for global, Europe, North America, Asia-Pacific and South America.

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Major Market Competitors/Players

Few of the major competitors currently working in smart factory market are Siemens, GENERAL ELECTRIC, ABB, Rockwell Automation, Inc., Schneider Electric, Honeywell International Inc., FANUC CORPORATION, Mitsubishi Electric Corporation, Emerson Electric Co., Yokogawa India Ltd.,        Bosch Limited, Stratasys Ltd., TE Connectivity Ltd, Texas Instruments Incorporated.,     KUKA AG, SAP ERP, HP Development Company, L.P., OMRON Corporation, Dassault Systèmes.