The smart factory is defined as a combination of high-tech tools and high-tech workers that represents the technological and manufacturing development. Market Research Future (MRFR) has published a report about the global smart factory market size that foretells boost for this market at 9% CAGR (Compound Annual Growth Rate) between 2016 and 2022. Regarding value, the market is expected to be worth the US $ 73 bn by the end of the forecast period.
Observing the market structure, this report offers insights about factors affecting the market growth. Measuring the market size and foretelling the revenue, this reports examines and monitors the competitive developments of market players that include joint ventures, new product developments, mergers and acquisitions, research and developments (R&D), and strategic alliances.
The primal factor that backs the global smart factory market growth is growing demand for sustainable and service-oriented business practices the smart factory is designed. Smart factory depends upon adaptability, fault tolerance, flexibility, and risk management. Other factors on which the market growth abuts on are developments in the internet of things (IoT), industry players emphasizing on improving the efficiency of the manufacturing process, focus on power consumption, usage of robots, and lastly, increased investments in big data analytics, cloud technologies & IoT by corporate organizations. However, the shortage of skilled and trained workers can be a threat to the market growth.
The global smart factory market can be segmented by component, end user, technology, and lastly, region. The component-based segmentation segments this market into control devices, industrial robotics, and Sensors & actuators. Industrial robotics segment has been sub-segmented into the articulated robot, cartesian robot, cylindrical robot, and scara robot.
Based on the end user, the market has been segmented into aerospace & defense, automotive & transportation, chemical, electrical & electronics, electric power generation, food & beverages, mining & metals, oil & gas, machine manufacturing, and pharmaceuticals.
By technology, the market has been segmented into distributed control system (DCS), enterprise resource planning (ERP), human-machine interface (HMI), programmable automation controller (PAC), the programmable logic controller (PLC), and supervisory control and data acquisition (SCADA).
The regional segmentation of the global smart factory market has segmented the market into regional markets namely Europe, North America, Asia Pacific, and the rest of the world (RoW). North America is a pivotal regional market due to technological advancement and established industrial sector. In this region, the USA is the most important regional market, and it is expected to increase during the forecast period. Crucial many market players are based in North America, especially in the USA.
Europe is an important regional market as technological advancement in this region is very high, second only to North America. Other reasons for market growth are same as North America. During the forecast period, France and Germany are two country-specific markets in this region that are expected to witness rapid growth.
In the Asia Pacific region, the market is growing due to technological improvements in the automotive manufacturing sector. In this region, the countries that are making substantial progress in industrial robotics, increasing in the smart factory market, are China, Japan, and South Korea. Significant investments in smart factory industry are being made in the Asia Pacific region.
The key players in the global smart factory market include ABB Ltd. (Switzerland), Ametek Inc. (USA), Cognex Corporation (USA), Emerson Electric Company (USA), Fanuc (Japan), General Electric Company (USA), Honeywell International Inc. (USA), IBM Corporation (USA), Oracle Corporation (USA), Robert Bosch GmbH (Germany), Rockwell Automation, Inc. (USA), Siemens AG (Germany), and Yokogawa Electric (Japan).
Browse Complete Report “Smart Factory Market Research Report – Global Forecast till 2023” @ https://www.marketresearchfuture.com/reports/smart-factory-market-2317