Worldwide Smart Factory Market 2023- Strategy Resources, Manufacturers, Supply and Forecasts 2030

 

Smart Factory Industry Overview

The global smart factory market size was valued at USD 130.25 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2023 to 2030.

The market for smart factory is expected to expand due to several key factors, including increasing emphasis on energy efficiency, improved manufacturing productivity, and the establishment of advanced manufacturing infrastructures. Additionally, there are promising prospects for the adoption of collaborative robots and ongoing advancements in 3D printing technology, which are set to create lucrative opportunities for the market during the forecast period.

Gather more insights about the market drivers, restrains and growth of the Smart Factory Market

Artificial intelligence (AI) and machine learning (ML) are playing a pivotal role in smart factories. These technologies enable predictive maintenance, quality control, and process optimization. AI-driven analytics can uncover valuable insights from vast datasets, helping manufacturers make data-driven decisions. As AI capabilities continue to evolve, their integration into smart factories is expected to grow.

For instance, in September 2022, Datametrex AI Ltd. announced the launch of Smart Factory AI technology based on big data, Artificial Intelligence (AI), and server automation operating system technologies. Additionally, the company claimed to receive purchase orders totaling CAD 200,000 from various multinational corporations, including Woongjin, Co. Ltd., Kolon Benit, and Lotte Data Communication Co., Ltd.

The adoption of Industry 4.0 principles is a prominent trend in smart factories. Industry 4.0 emphasizes the integration of digital technologies such as IoT, big data analytics, and automation into manufacturing processes. Smart factories are leveraging these technologies to optimize production, improve quality, and enhance overall efficiency. This trend is expected to continue as manufacturers seek to remain competitive in a globalized market.

Furthermore, the Internet of Things (IoT) is the backbone of smart factories, facilitating real-time monitoring and control of machines and processes. The growing number of connected devices, sensors, and actuators is enhancing visibility and automation within factories. The increasing deployment of 5G networks and the advancement of edge computing will further strengthen the significance of IoT in the market.

The COVID-19 pandemic had a profound impact on the smart factory industry. While it initially disrupted supply chains and manufacturing operations, it also accelerated the adoption of digital technologies in factories. The need for remote monitoring, predictive maintenance, and agile production processes became apparent during the pandemic, driving increased investment in smart factory solutions. Additionally, the emphasis on worker safety and social distancing led to a greater interest in automation and robotics. The market is anticipated to sustain its growth momentum as the global economy recovers from the pandemic. This is attributed to manufacturers placing greater emphasis on enhancing resilience, efficiency, and operational flexibility in their processes.

Smart Factory Market Segmentation

Grand View Research has segmented the global smart factory market report on the basis of technology, field devices, application, and region:

Technology Outlook (Revenue, USD Billion, 2018 - 2030)

·         Distributed Control Systems (DCS)

·         Enterprise Resource Planning (ERP)

·         Human Machine Interface (HMI)

·         Manufacturing Execution System (MES)

·         Product Life Cycle Management (PLM)

·         Program Logic Controller (PLC)

·         Supervisory Controller and Data Acquisition (SCADA)

·         Others

Field Devices Outlook (Revenue, USD Billion, 2018 - 2030)

·         Sensors

·         Industrial Robotics

·         Machine Vision Systems

·         Others

Application Outlook (Revenue, USD Billion, 2018 - 2030)

·         Aerospace & Defense

·         Automotive

·         Energy & Power

·         Food and Beverages

·         Healthcare

·         Semiconductor & Electronics

·         Oil & Gas

·         Others

Regional Outlook (Revenue, USD Billion, 2018 - 2030)

North America

·         US

·         Canada

Europe

·         UK

·         Germany

·         France

·         Italy

·         Spain

·         Rest of Europe

Asia Pacific

·         China

·         India

·         Japan

·         South Korea

·         Rest of Asia Pacific

Latin America

·         Brazil

·         Mexico

·         Rest of Latin America

Middle East & Africa (MEA)

·         UAE

·         Saudi Arabia

·         Rest of Middle East & Africa

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

The global generative AI smartphone market shipments was estimated at 52.1 million units in 2023 and is projected to grow at a CAGR of 40.9% from 2024 to 2030. 

The global aviation software market size was estimated at USD 10.68 billion in 2023 and is expected to grow at a CAGR of 7.2% from 2024 to 2030. 

Key Companies & Market Share Insights

The market is classified as highly competitive, with the presence of several smart factory players. The key players operating in the industry are focusing on strategic alliances, product developments, expansions, and mergers & acquisitions to remain competitive. For instance, in March 2023, Schneider Electric SE, a digital transformation provider of energy management and industrial automation, initiated the construction of its upcoming smart factory in Dunavesce, Hungary. This state-of-the-art facility, backed by an investment of USD 42.67 million (€40 million), would cover an area of 25,000 sq. m. and will accommodate a workforce of 500 employees. Such strategies by key players are anticipated to augment market growth over the forecast period. Following are some of the major players in the global smart factory market:

·         ABB Ltd.

·         Dassault Systemes S.E.

·         FANUC Corporation

·         General Electric Company

·         Honeywell International, Inc.

·         Johnson Controls, Inc.

·         KUKA AG

·         Mitsubishi Electric Corporation

·         Rockwell Automation, Inc.

·         Schneider Electric SE

·         Canon Inc.

·         Cisco System Inc.

·         Emerson Electric Co. 

Order a free sample PDF of the Smart Factory Market Intelligence Study, published by Grand View Research.

 

 

 

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