DUBLIN--(BUSINESS WIRE)--The "Smart Factory Market by Technology (DCS, PLC, MES, ERP, SCADA, PAM, HMI, PLM), Component (Sensors, Industrial Robots, Machine Vision Systems, Industrial 3D Printing), Industry, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The smart factory market is expected to be valued at USD 153.7 billion in 2019 and is expected to reach USD 244.8 billion by 2024, at a CAGR of 9.76% between 2019 and 2024.
The market growth can be attributed to increasing adoption of industrial robots, evolution of the Internet of Things (IoT), growing demand for smart automation solutions, and increasing emphasis on regulatory compliances. However, huge capital investment and security threat of cyber physical systems act as restraints for the market.
Growth in the demand of PLM solutions across various end-user industries is expected to encourage the growth of the smart factor market
The growth of the PLM market can be attributed to the increasing demand for efficiency and productivity; rising need for collaboration across the global manufacturing lifecycle; wide adoption of end-to-end PLM solutions across new verticals such as power and energy, infrastructure & construction, and consumer goods among others; and rise in manufacturing activities in emerging economies such as China, India, and South Korea
Cost-saving and operation optimization drive the market for MES
The smart factory market for MES solution is likely to grow at the highest rate from 2019 to 2024. Manufacturers are adopting the MES technology to reduce cost and provide opportunities in the operation and deliverance of high-performance production assets across the supply chain. This is leading toward high growth rate for the MES segment. There is a growing need to centralize business data in enterprises and track multi-plant operations with the help of real-time data analysis; this is one of the features of MES empowering the growth of this market.
APAC to be fastest-growing market for smart factory during the forecast period
Among all regions, the market in APAC is expected to grow at the highest rate from 2019 to 2024. The growth of the market in this region is attributed to the technological innovation and increasing adoption of automation technologies in various industries. Major application industries for the smart factory market in APAC are chemicals, oil & gas, water, semiconductor, electronics, food, and automotive.
APAC is an auto-manufacturing hub, and hence motor vehicle suppliers such as Volkswagen (Germany), Toyota Motor Corporation (Japan), Renault-Nissan Alliance (Netherlands), Daimler (Germany), and the local manufacturers such as Tata Motors (India), and Mahindra and Mahindra (India) have made investments in automating their production sites in the coming years.
Key players that offer solutions related to the smart factory market are ABB (Switzerland), Emerson Electric (US), FANUC (Japan) General Electric (US), Honeywell International (US), Mitsubishi Electric (Japan), Robert Bosch (Germany), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), and Yokogawa Electric (Japan). These companies operate globally and provide technologies and components related to smart factory.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Smart Factory Market, 2019-2024 (USD Billion)
4.2 Smart Factory Market, By Component (2019-2024)
4.3 Smart Factory Market, 2019-2024 (USD Billion)
4.4 Smart Factory Market, By Industry and Type
4.5 Smart Factory Market, Partnerships
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Industrial Robots
5.2.1.2 Industrial IoT (IIoT): Revolution to the Industry
5.2.1.3 Importance of Energy Efficiency, Resource Optimization, and Cost Reduction
5.2.1.4 Increasing Emphasis on Real-Time Data Analysis, Enhanced Visibility, and Predictive Maintenance
5.2.2 Restraints
5.2.2.1 Risk Associated With Security of Cyber-Physical System
5.2.2.2 Requirement of A Significant Amount of Capital Investments
5.2.3 Opportunities
5.2.3.1 Lucrative Opportunities for Collaborative Robots
5.2.3.2 Ongoing Advancements in 3D Printing Technology
5.2.4 Challenges
5.2.4.1 Interoperability Between Information Technology (IT) and Operational Technology (OT)
5.2.4.2 Lack of Awareness in Small and Medium-Sized Businesses
5.3 Enabling Technologies of Smart Factory Ecosystem
5.3.1 Artificial Intelligence
5.3.1.1 Importance of AI in Smart Factory
5.3.2 Augmented Reality (AR)
5.3.2.1 AR Enhancing the Smart Manufacturing Workforce
5.3.3 Big Data and Analytics
5.3.3.1 Big Data and Analytics: Crucial Industrial Communication
5.3.4 Blockchain
5.3.4.1 Connecting Blockchain and Iot
5.3.5 Industrial Cybersecurity
5.3.5.1 Defense for Smart Manufacturing
5.3.6 5G
5.3.6.1 5G Technology to Drive Smart Factory Market
6 Smart Factory Market, By Component
6.1 Introduction
6.2 Sensors
6.2.1 Evolution of Sensor Technology Empowering Smart Factory Market
6.3 Industrial Robots
6.3.1 Traditional Industrial Robots
6.3.1.1 Articulated Robots
6.3.1.2 Cartesian Robots
6.3.1.3 Selective Compliance Assembly Robot ARM (SCARA)
6.3.1.4 Cylindrical Robots
6.3.1.5 Other Robots
6.3.2 Collaborative Robots
6.3.2.1 Collaborative Robots Being Most Emerging Among All the Types of Industrial Robots
6.4 Industrial 3D Printing
6.4.1 Evolution of Industrial 3D Printing to Drive Smart Factory Market
6.5 Machine Vision
6.5.1 Camera
6.5.1.1 Digital Camera
6.5.1.2 Smart Camera
6.5.2 Frame Grabbers, Optics, and Led Lighting
6.5.2.1 Increasing Demand of Led and Laser Lighting
6.5.3 Processor and Software
6.5.3.1 Processor and Software Being Important Part of Machine Vision System
7 Smart Factory Market, By Technology
7.1 Introduction
7.2 Product Life Cycle Management (PLM)
7.2.1 Global Demand for Efficiency and Productivity in Manufacturing Plants
7.3 Manufacturing Execution System (MES)
7.3.1 Increasing Adoption of Manufacturing Execution System (MES) to Offer Growing Benefits to Process and Discrete Industries
7.4 Programmable Logic Controller (PLC)
7.4.1 Growing Demand for Micro and Nano PLCs in Smart Factory Market
7.5 Supervisory Control and Data Acquisition (SCADA)
7.5.1 Shift Toward the Development of SCADA App for Smartphones to Uplift the Smart Factory Market Growth
7.6 Enterprise Resource Planning (ERP)
7.6.1 Potential of Integrating Critical Business Information Across an Organization Drives the Adoption of ERP Solutions in Smart Factories
7.7 Distributed Control System (DCS)
7.7.1 Expanding Industrial Infrastructure in Developing Regions
7.8 Human-Machine Interface (HMI)
7.8.1 Evolution of Industrial Internet of Things (IIoT) Leading to Adoption of HMI
7.9 Plant Asset Management (PAM)
7.9.1 PAM to Predict Failure in Advance to Avoid Future Loss
8 Smart Factory Market, By Industry
8.1 Introduction
8.2 Process Industry
8.2.1 Oil and Gas
8.2.1.1 Increase in Demand for Remote Monitoring Solutions Due to the Growing Number of Drilling Operations in Remote Offshore Locations
8.2.2 Chemicals
8.2.2.1 Growth of Smart Factory Market Due to Increasing Automation in the Chemicals Industry
8.2.3 Pulp and Paper
8.2.3.1 Raising Adoption of Digitalization in the Paper Manufacturing to Drive Smart Manufacturing Process
8.2.4 Pharmaceuticals
8.2.4.1 Increasing Implementation of Automated Processes to Ensure the Sophisticated Manufacturing Process
8.2.5 Metals and Mining
8.2.5.1 Rise in Demand for Predictive Maintenance Encourages Adoption of Smart Factory Solutions
8.2.6 Food and Beverages
8.2.6.1 Rapid Technological Development in the Industry Leading to the Growth of the Smart Factory Market
8.2.7 Energy and Power
8.2.7.1 Increasing Demand for Advanced Monitoring Solutions Drives the Demand for Smart Technologies
8.2.8 Others
8.2.8.1 Growing Demand for the Process Control Solutions Due to the Increasing Significance of Product Quality and Production Efficiency
8.2.8.2 Technological Development Leading to the Adoption of Automation Solutions in Water Treatment Plants
8.3 Discrete Industry
8.3.1 Automotive
8.3.1.1 Increasing Investment By Key Automotive Manufactures for the Deployment of Smart Factory
8.3.2 Aerospace and Defense
8.3.2.1 High Equipment Cost Encourages the Adoption of Smart Factory Solutions to Ensure Proper Functioning of the Equipment
8.3.3 Semiconductor and Electronics
8.3.3.1 Continuous Advancements in the Industry Encourage the Adoption of Smart Factory Solutions to Enhance the Productivity
8.3.4 Machine Manufacturing
8.3.4.1 Increasing Need for Predictive Maintenance to Grow the Smart Factory Market
8.3.5 Medical Devices
8.3.5.1 Adoption of Smart Factory Solutions Enabling Higher Efficiency in Manufacturing Processes
8.3.6 Others
9 Smart Factory Market, By Geography
10 Competitive Landscape
10.1 Overview
10.2 Competitive Analysis
10.2.1 Market Ranking Analysis: Smart Factory Market, 2017
10.2.2 Financial and Operational Performance Benchmarking for Select Companies in Smart Factory Market
10.3 Competitive Leadership Mapping, 2018
10.3.1 Vanguards
10.3.2 Dynamic Differentiators
10.3.3 Innovators
10.3.4 Emerging Companies
10.4 Competitive Situation and Trends
10.4.1 Agreements, Contracts, Joint Ventures, Collaborations & Partnerships
10.4.2 Product Launches and Developments
10.4.3 Acquisitions and Expansions
11 Company Profiles
11.1 Key Players
11.1.1 Siemens
11.1.2 General Electric
11.1.3 ABB
11.1.4 Rockwell Automation
11.1.5 Schneider Electric
11.1.6 Honeywell
11.1.7 FANUC
11.1.8 Mitsubishi Electric
11.1.9 Emerson Electric
11.1.10 Yokogawa Electric
11.1.11 Robert Bosch
11.1.12 Stratasys
11.2 Other Players
11.2.1 TE Connectivity
11.2.2 Texas Instruments
11.2.3 HP
11.2.4 KUKA
11.2.5 SAP
11.2.6 Omron
11.2.7 Dassault Systemes
11.2.8 Qualcomm
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