Smart Factory Global Market Report 2024

Description

“Smart Factory Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on smart factory market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
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Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
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Where is the largest and fastest growing market for smart factory? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The smart factory market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Product: Machine Vision Systems; Industrial Robotics; Control Devices; Sensors Communication Technologies; Other Products
2) By Component: Smart Factory Hardware; Smart Factory Software; Smart Factory Services
3) By Industry Vertical: Automotive; Aerospace and Defense; Electrical and Electronics; Food and Beverages; Energy and Utilities; Healthcare and Pharmaceuticals; Other Industry Verticals
Companies Mentioned: ABB India Ltd.; Emerson Electric Co.; General Electric Company; Honeywell International Inc.; International Business Machines Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Smart factories represent facilities where traditional manufacturing processes merge with digital technology, intelligent computing, and extensive data utilization, forming a more dynamic system tailored for companies emphasizing manufacturing automation and supply chain management.

The primary product categories in the smart factory market encompass machine vision systems, industrial robotics, control devices, sensors, communication technologies, and other related items. Industrial robots are mechanical machines programmed to autonomously execute production-related tasks within industrial settings. The various components include smart factory hardware, smart factory software, and smart factory services, finding applications in diverse industry verticals such as automotive, aerospace and defense, electrical and electronics, food and beverages, healthcare and pharmaceuticals, among others.

The smart factory market research report is one of a series of new reports from The Business Research Company that provides smart factory market statistics, including global market size, regional shares, competitors with a smart factory market share, detailed smart factory market segments, market trends and opportunities, and any further data you may need to thrive in the smart factory industry. This smart factory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart factory market size has grown rapidly in recent years. It will grow from $76. 11 billion in 2023 to $83. 95 billion in 2024 at a compound annual growth rate (CAGR) of 10. 3%. The expansion observed in the historical period can be credited to the adoption of Industry 4. 0 and digital transformation, a growing embrace of data analytics and big data, the integration of automation and robotics, the implementation of cyber-physical systems, and the utilization of cloud computing and edge computing.

The smart factory market size is expected to see rapid growth in the next few years. It will grow to $127. 21 billion in 2028 at a compound annual growth rate (CAGR) of 10. 9%. The anticipated growth in the forecast period can be ascribed to government support and regulatory initiatives, a heightened emphasis on sustainability, a focus on supply chain resilience and visibility, the adoption of flexible and scalable manufacturing solutions, and an increased emphasis on cybersecurity. Key trends expected in the forecast period involve customization and personalization in production, remote monitoring and management, the implementation of sustainable manufacturing practices, the integration of human-centric design in human-machine collaboration, the utilization of smart sensors and actuators, and the adoption of collaborative robotics (cobots).

The smart factory market is poised for growth, primarily driven by the increasing demand for industrial robots. Industrial robots, automated machines programmed for production tasks, are integral to smart factories that prioritize resource optimization and industrial automation. These factories leverage technologies such as information and smart sensors, robotics, the internet of things (IoT), and artificial intelligence (AI). In 2021, the International Federation of Robotics reported a 0. 5% growth in new robot sales, with expectations of a substantial 13% growth in robot installations. Thus, the rising demand for industrial robots is a key factor propelling the growth of the smart factory market.

The smart factory market is also set to expand due to the demand for cost reduction and waste minimization. Cost reduction involves identifying and cutting operational costs, while waste minimization focuses on systematically implementing new techniques to reduce hazardous waste. Operational efficiency in smart factories hinges on these two factors, achieved through process optimization, waste elimination, and efficiency improvements. For example, the National Environment Agency in Singapore reported that in 2022, 4. 19 million tons out of 7. 39 million tons of solid waste were recycled. The emphasis on cost reduction and waste minimization is a significant driver for the growth of the smart factory market.

A noteworthy trend in the smart factory market is the adoption of technology advancements. Major players in the sector are incorporating advanced technologies to enhance production processes and overall efficiency. Panasonic, a Japan-based company in smart factory solutions, introduced the Miraie Pro factory platform in 2021. This Industrial IoT/smart factory solution employs technologies such as Cloud, IoT, analytics, and mobile apps to manage end-to-end operations, resulting in improved production efficiency. Utilizing such technology can boost manufacturing productivity by 8-15%.

In the smart factory market, major companies are integrating new and innovative technologies like Industry 4. 0 solutions to automate production and enhance efficiency during the setup of new production lines or units. Industry 4. 0 involves incorporating IoT, cloud computing, analytics, AI, and machine learning into manufacturing facilities. Deloitte, a UK-based professional services network company, opened a 9,000-square-foot smart factory in Montreal in February 2023, showcasing various Industry 4. 0 solutions for production and warehousing automation. These solutions include AI, sensors, robots, IoT, big data, and cloud technology.

In December 2021, Inpixon, a US-based indoor intelligence platform company, acquired IntraNav, a German industrial automation startup, for an undisclosed amount. This acquisition is expected to expand Inpixon's location intelligence and contribute to market expansion. It positions Inpixon to embrace the fourth industrial revolution (Industry 4. 0), facilitating the digitalization of horizontal and vertical value chains through automation, data exchange, IoT, and cloud computing.

Major companies operating in the in the smart factory market report are ABB India Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., International Business Machines Corporation, Johnson Controls International PLC, Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corp., Cisco Systems Inc., Dassault Systemes SE, Endress+Hauser AG, Kollmorgen Corp., Kuka AG, Omron Corporation, Oracle Corporation, Microsoft Corporation, PTC Inc., SAP SE, Hitachi Ltd., Amazon. com Inc., Fanuc Corporation, Cognex Corporation, FLIR Systems Inc., CoreTigo Ltd., Airbus Group Inc., Cellares Corp.

Asia-Pacific was the largest region in the smart factory market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart factory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart factory market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The smart factory market consists of sales of blockchain manufacturing, the industrial internet of things, and asset management. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r10591

1. Executive Summary

2. Smart Factory Market Characteristics

3. Smart Factory Market Trends And Strategies

4. Smart Factory Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Smart Factory Market Size and Growth

5.1. Global Smart Factory Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Smart Factory Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Smart Factory Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Smart Factory Market Segmentation

6.1. Global Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Machine Vision Systems
Industrial Robotics
Control Devices
Sensors Communication Technologies
Other Products
6.2. Global Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Smart Factory Hardware
Smart Factory Software
Smart Factory Services
6.3. Global Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Automotive
Aerospace and Defense
Electrical and Electronics
Food and Beverages
Energy and Utilities
Healthcare and Pharmaceuticals
Other Industry Verticals

7. Smart Factory Market Regional And Country Analysis

7.1. Global Smart Factory Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Smart Factory Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Smart Factory Market

8.1. Asia-Pacific Smart Factory Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. 4. Asia-Pacific Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Smart Factory Market

9.1. China Smart Factory Market Overview
9.2. China Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9. 4. China Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Smart Factory Market

10.1. India Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Smart Factory Market

11.1. Japan Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Smart Factory Market

12.1. Australia Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Smart Factory Market

13.1. Indonesia Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Smart Factory Market

14.1. South Korea Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Smart Factory Market

15.1. Western Europe Smart Factory Market Overview
15.2. Western Europe Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. 4. Western Europe Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Smart Factory Market

16.1. UK Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Smart Factory Market

17.1. Germany Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Smart Factory Market

18. 5. France Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 6. France Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 7. France Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Smart Factory Market

19. 9. Italy Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Smart Factory Market

20.13. Spain Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Smart Factory Market

21.1. Eastern Europe Smart Factory Market Overview
21.2. Eastern Europe Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. 4. Eastern Europe Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Smart Factory Market

22.1. Russia Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Smart Factory Market

23.1. North America Smart Factory Market Overview
23.2. North America Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. 4. North America Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Smart Factory Market

24.1. USA Smart Factory Market Overview
24.2. USA Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. 4. USA Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Smart Factory Market

25.1. Canada Smart Factory Market Overview
25.2. Canada Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. 4. Canada Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Smart Factory Market

26.1. South America Smart Factory Market Overview
26.2. South America Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. 4. South America Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Smart Factory Market

27.1. Brazil Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Smart Factory Market

28.1. Middle East Smart Factory Market Overview
28.2. Middle East Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. 4. Middle East Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Smart Factory Market

29.1. Africa Smart Factory Market Overview
29.2. Africa Smart Factory Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Smart Factory Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. 4. Africa Smart Factory Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Smart Factory Market Competitive Landscape And Company Profiles

30.1. Smart Factory Market Competitive Landscape
30.2. Smart Factory Market Company Profiles
- 30.2.1. ABB India Ltd.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1. 4. Financial Performance
- 30.2.2. Emerson Electric Co.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2. 4. Financial Performance
- 30.2.3. General Electric Company
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3. 4. Financial Performance
- 30.2. 4. Honeywell International Inc.
  - 30.2. 4.1. Overview
  - 30.2. 4.2. Products and Services
  - 30.2. 4.3. Strategy
  - 30.2. 4. 4. Financial Performance
- 30.2. 5. International Business Machines Corporation
  - 30.2. 5.1. Overview
  - 30.2. 5.2. Products and Services
  - 30.2. 5.3. Strategy
  - 30.2. 5. 4. Financial Performance

31. Global Smart Factory Market Competitive Benchmarking

32. Global Smart Factory Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Smart Factory Market

34. Smart Factory Market Future Outlook and Potential Analysis

34.1 Smart Factory Market In 2028 - Countries Offering Most New Opportunities
34.2 Smart Factory Market In 2028 - Segments Offering Most New Opportunities
34. 3 Smart Factory Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35. 4. Research Inquiries
35. 5. The Business Research Company
35. 6. Copyright And Disclaimer