The Global Smart Factory Market was valued at US$ 270 billion in 2020. The global smart factory market is expected to reach US$ 630 billion by 2030 by growing at a compound annual growth rate (CAGR) of approximately 8.9% during the forecast period from 2021-2030.
The smart factory is a high-tech facility with cyber-physical technologies that allow materials to be efficiently moved everywhere on the production floor. This modern system contains built-in computing codes that allow for automation.
Factors Influencing
During the forecast period, the adoption of industrial robots is expected to rise rapidly. Industrial robotics is employed to enhance the productivity of the work and minimize human errors. Thus, the growing production and manufacturing activities would ultimately influence the growth of the global smart factory market.
The oil and gas, pharmaceutical, water, and wastewater treatment industries employ wireless sensor networks (WSNs) to monitor and operate tanks, compressors, generators, and separators. Apart from that, real-time data monitoring and process control are possible with WSN, SCADA, and other smart factory components and systems. Thus the global smart factory market is anticipated to grow due to these components.
The rising R&D on wireless sensor networks and other smart factory components will broaden the scope of smart factory applications. Wireless sensor networks are also well-suited to the current automated systems in industries embracing smart factory components and solutions due to their rapid software updates.
Lack of trained workers to operate the technology is expected to slow down the market growth during the analysis period.
COVID-19 Impact Analysis
COVID-19's global pandemic has displaced mainstream manual employees and enhanced the adoption of robotic operating systems, machine learning, sensors, and artificial intelligence, hitherto inconceivable automation solutions, such as smart factories. In today's digital environment, security is still a key source of concern for the users.
Geographic Analysis
North America is the maximum contributor to the growth of the global smart factory market. The region is forecast to be the leading revenue contributor in the overall market during the analysis period. It is attributable to the region's increasing adoption of intelligent manufacturing and supply chain technology in a variety of industries. North America is observing a surge in demand for automated and robotic systems from various sectors to enhance the output of the task. These systems are deployed in manufacturing and warehouse units to perform operational activities. Automobile manufacturers such as BMW and Audi are investing in factory automation activities in order to shorten production cycles and save money. The need for technologically superior production systems in North America is extremely high.
Competitors in the Market
Market Segmentation
Market by Technology
Market by Field Devices
Market by Application
Market by Region
