Market Research Report
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
|Published by||MarketsandMarkets||Product code||279435|
|Published||Content info||188 Pages
Delivery time: 1-2 business days
|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|
|Published: January 27, 2019||Content info: 188 Pages||
"The smart factory market to exhibit significant growth from 2019 to 2024"
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.
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
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.
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.
Break-up of profiles of primary participants for the report:
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.
The global smart factory market has been segmented on the basis of components, technology, industry, and geography. The smart factory market based on components has been segmented into industrial robots, machine vision, industrial 3D printing and sensors. By technology, the smart factory market has been split into SCADA, DCS, MES, PAM, PLC, ERP, HMI, and PLM. Industries that implement smart factory solutions are process industries and discrete industries. The smart factory market, by geography, has been segmented into 4 regions-North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
and cost reduction 49
and operational technology (OT) 53
COLLABORATIONS & PARTNERSHIPS 133
(Business overview, Product offerings, Recent development, SWOT analysis, and MnM view)*
Details on Business overview, Product offerings, Recent development, SWOT analysis, and MnM view might not be captured in case of unlisted companies.