DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Smart Factory Market by Technology (DCS, PLC, MES, ERP, SDADA, PAM, HMI, PLM), Component (Sensors, Industrial Robots, Machine Vision Systems, Industrial 3D Printing), End-User Industry, and Region - Global Forecast to 2022" report to their offering.
The smart factory market is projected to grow at a CAGR of 9.3% between 2017 and 2022, to reach USD 205.42 billion by 2022
The key driving factors for the growth of the smart factory market are the increase in adoption of industrial robots, the evolution of Internet of Things (IoT), growth in demand for smart automation solutions, and increase in emphasis on regulatory compliances. However, the factors such as huge capital investments and the risks associated with security of cyber-physical system are the major factors restraining the growth of this market.
DCS technology is expected to hold a major share of the market by 2022. This growth is attributed to a high rate of industrialization in the developing economies. The developing regions are witnessing the expansion of the manufacturing activities at the highest pace due to the availability of skilled workforce, low labor cost, and availability of resources. Developing countries have expansion and capacity addition plans related to the power sector, which would boost the demand for DCS.
The industrial 3D printing market is projected to grow at the highest rate between 2017 and 2022. The market growth is attributed to the increasing adoption of 3D printing technology in industries such as automotive, aerospace and defense, food and beverages, and semiconductor and electronics.
The automotive industry is expected to hold the largest size of the smart factory market during the forecast period. Advancement in automotive manufacturing technologies and an increase in investment by key automotive manufacturers are some of the factors expected to drive the market for the automotive industry. Smart manufacturing plays a key role in the development and production of quality automobiles. Innovations in the assembly line methods are welcomed by the vehicle manufacturers to enhance quality and increase factory productivity.
The smart factory market in the APAC region is projected to grow at the highest rate between 2017 and 2022
- Increasing Adoption of Industrial Robots
- Evolution of Internet of Things (IoT) Technology and Growing Demand for Smart Automation Solution
- Increasing Emphasis on Regulatory Compliances Across the World
- Increased Emphasis on Energy Efficiency, Resource Optimization, and Cost of Production
- Increasing Demand for Real-Time Data Analysis, Enhanced Visibility, and Proactive Maintenance
- Risk Associated With Security of Cyber-Physical System
- Huge Capital Investment Required for the Transformation of Traditional Manufacturing Into Smart Factory
- Ongoing Developments in the Field of Collaborative Robots
- Advancement in 3d Printing Technology
- Lack of Interoperability Between Information Technology (IT) and Operational Technology (OT)
- Low Rate of Adoption of the Smart Factory Solutions in Small and Medium-Sized Businesses
- ABB Ltd.
- ATOS SE
- Emerson Electric Co.
- Fanuc Corporation
- General Electric Co.
- Honeywell International Inc.
- Key Innovators
- Konux Inc.
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Smart Factory Solutions
- Worximity Technology Inc.
- Yokogawa Electric Corporation
For more information about this report visit http://www.researchandmarkets.com/research/mz73lt/smart_factory