Smart Factory Market Expands with Industrial Robotics Segment at a robust CAGR of 9.89% through 2029
The
increasing global smart factory market is driven by advancements in industrial
IoT (IIoT) and connectivity, rising demand for operational efficiency and cost reduction
during the forecast period 2025-2029
According
to TechSci Research report, “Smart Factory Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast 2019-2029F, Global Smart Factory Market was valued at USD 139.97 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR 9.89% through 2029.
The global push for sustainability and environmental responsibility is a significant driver for the smart factory market. Manufacturers are under pressure to reduce their environmental footprint and adopt eco-friendly practices. Smart factories contribute to sustainability goals by optimizing energy usage, minimizing waste, and employing green manufacturing processes. Data-driven analysis enables companies to track and improve resource consumption, reduce emissions, and implement eco-friendly manufacturing practices, aligning with global environmental regulations and customer preferences.
Smart factories are heavily reliant on a network of suppliers for components, software, and technology. Disruptions in the supply chain, such as geopolitical issues, natural disasters, or pandemic-related disruptions, can impact the timely delivery of critical components. This vulnerability highlights the need for supply chain diversification and risk mitigation strategies.
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The
global Smart Factory market is segmented into product, technology, end user industry, and region.
Based
on end user industry, automotive dominated in the global smart factory market
in 2023. The automotive industry is characterized by high-volume production,
demanding precision, speed, and efficiency. Smart factories are tailor-made to
meet these demands by optimizing production processes, reducing waste, and
enhancing quality control. The
automotive sector relies on intricate and global supply chains with a multitude
of components and sub-assemblies. Smart factories leverage technology to
streamline the supply chain, manage inventory, and ensure just-in-time delivery
of parts, all of which are essential for automotive manufacturing. Automation
is at the heart of smart automotive manufacturing. Robots and automation
technologies are extensively used in assembly lines, painting, welding, and
quality control. The automotive industry's extensive use of industrial robots
exemplifies the level of automation in smart factories.
North
America is emerging as the fastest-growing region in the smart factory market because
North America boasts a robust ecosystem of technology companies, research
institutions, and innovation hubs, fostering a culture of technological
advancement and entrepreneurship. With a strong emphasis on research and
development (R&D), North American companies are at the forefront of
developing cutting-edge technologies such as industrial automation, robotics,
artificial intelligence (AI), and Internet of Things (IoT) solutions, which are
foundational to smart factory implementations. Governments at the federal,
state, and local levels in North America are actively supporting initiatives
aimed at promoting innovation, advanced manufacturing, and economic growth.
Through funding programs, tax incentives, grants, and partnerships with industry
stakeholders, governments are incentivizing companies to invest in smart
factory technologies and modernize their manufacturing facilities. These
initiatives create a conducive environment for innovation and entrepreneurship,
driving the rapid growth of the smart factory market in North America. North America has a diverse and robust
manufacturing sector spanning various industries, including automotive,
aerospace, electronics, pharmaceuticals, and consumer goods. With a focus on
efficiency, quality, and innovation, North American manufacturers are
increasingly turning to smart factory solutions to optimize their production
processes, reduce costs, and meet evolving customer demands. The region's
strong manufacturing base provides a fertile ground for the adoption of smart
factory technologies, driving market growth.
Key
market players in the Global Smart Factory market are:
-
- ABB Ltd.
- Siemens AG
- Bosch Rexroth
AG
- GE Group
- Mitsubishi
Electric Group
- Rockwell
Automation Inc.
- Yokogawa
Electric Corporation
- Honeywell
International Inc.
- Schneider
Electric SE
- Emerson
Electric Co.
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“Sustainability and green manufacturing practices are becoming integral to smart factory operations. Manufacturers are increasingly focused on reducing their environmental footprint by optimizing energy usage, minimizing waste, and adopting eco-friendly materials and processes. Smart factories are implementing energy-efficient systems, such as LED lighting and advanced HVAC controls, and leveraging data analytics to monitor and reduce resource consumption. This trend not only aligns with corporate social responsibility but also helps companies reduce operational costs and meet regulatory requirements”, said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based global management consulting firm.
“Smart Factory Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented By Product ( Machine Vision
Systems, Industrial Robotics, Control Devices, Sensors, Communication
Technologies, Others), By Technology (Product Lifecycle Management, Human
Machine Interface, Enterprise Resource & Planning, Distributed Control
System, Manufacturing Execution System, Programmable Logic Controller,
Supervisory Controller & Data Acquisition), By End User Industry
(Automotive, Semiconductors, Oil & Gas, Chemical & Petrochemical,
Pharmaceutical, Aerospace & Defense, Food & Beverage, Mining, Others),
By Region, and Competition, 2019-2029F”, has evaluated the future growth
potential of Global Smart Factory Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Smart Factory Market.
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