Market Research Future added New Report Named "Global Smart Factory Market Research Report- Forecast 2023" to its Database.
The smart factory market is growing swiftly. High investments in R&D and internet of things (IoT) is driving the market. Innovation is a key driver in Smart Factory. The Smart Factory market is globally emerging across world. There has been a recent trend of using robots in industrial controller mechanisms. This trend is majorly responsible for growth of smart factory market.
There is a recent news about BMW, a leading automaker in Germany that they are taking their steps towards smart factory. BMW also shows that they have made recent developments in industrial robotics and expect to have approximately 60 lightweight robots for their operations. BMW says that modernization of the work environment in the company’s production areas is a continuation of an ongoing policy of advancement.
The smart factory has many benefits as resource efficient production, adaptability, increased agility, flexibility, reduction in material handling costs and others. The smart factory market has few restraining factors such as shortage of skilled workers, lack of interoperability. There has been an increasing threat of cyber security which has also resulted as a restraining factor for smart factory market. Also, the transition to smart factory would require high costs and there are expenses involved in upgrading the legacy systems.
According to Market Research Future Analysis, Global Smart Factory Market has been valued at US $ ~73 Billion by the end of forecast period with ~9% of CAGR during forecast period 2016 to 2022.
Market Research Future (MRFR) recognizes the following companies as the key players in the Smart Factory Market: – Siemens AG (Germany), ABB Ltd. (Switzerland), Emerson Electric Company (U.S.), Robert Bosch GmbH (Germany), General Electric Company (U.S.), Honeywell International, Inc. (U.S.), Cognex Corporation, Oracle Corporation (U.S.), IBM Corporation (U.S.), Yokogawa Electric (Japan), Ametek, Inc. (U.S.), Rockwell Automation, Inc. (U.S.) and Fanuc (Japan) among others.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
By End User segment, manufacturing, metals and mining, oil and gas industries are expected to have a considerable increase in Smart Factory. But its excepted that Smart Factory sector would have a considerable hike in the upcoming years in manufacturing and automotive sector.
By Component segment, industrial robotics would dominate the smart factory market followed by the control devices. Many companies are investing for industrial robots for better manufacturing efficiency.
By Region, MRFR analysis shows that Asia-Pacific region will account for largest market for smart factory in the coming years. This region has very high adoption of smart factory owing to factors innovation and rising popularity of customization. The Asia-Pacific region has the major manufacturing base which results for a higher smart factory market in this region.
For the purpose of this study, the global Smart Factory market has been segmented on the basis of type, technology and end user. The report on Smart Factory contains detailed analysis with market size of each segment.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.