Smart Factory Market Report

Market Insights

"The global smart factory market size was estimated at USD 101.1 billion in 2023 and is likely to grow at a CAGR of 10.2% during 2024-2029 to reach USD 181.55 billion in 2029."

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Smart factory is referred to as the advanced factory which has cyber-physical systems where the materials can be moved effectively across the factory floor. This advanced system has integrated computing codes that offer automation solutions. This automation can be employed within 60 days to track and streamline the materials flow through the facility of manufacturing. Smart Factory offers data models and factory-specific & MES templates for rapid use.

Market Dynamics

Market Drivers

The smart factory market is driven by a host of factors, some of which are noted below:

• Growing practice for a modern base for manufacturing, better efficiency of manufacturing, and a strong high focus on energy consumption.
• The growing industry of refurbished robots and less tapped fields such as RFID and industrial robots.
• lack of standardization & interoperability as well as the shortage of trained workers are expected to hamper the market growth.

COVID-19 Impact

The COVID-19 pandemic has moderately affected the smart factory sector due to decreased shipments of components & solutions to the smart factory. Consequently, a dip in demand was witnessed in the first half of 2020. However, this trend is likely to discontinue in the latter half of the year as the demand is subjected to rise owing to the rising concern for smart automation, energy and resource efficiency.

Segments Analysis

End Use Trends

"The market has been classified into automotive, semiconductors, oil and gas, chemical and petrochemical, pharmaceutical, aerospace and defense, food and beverage, mining, and others."

• The food and beverage segment held a significant market share in 2023.
• Modern technological methods such as 3D food printing and machine vision are revolutionizing the production processes of the food & beverages industry which offer high-quality products while keeping the maintenance, production, and distribution costs low, thereby boosting the segment growth.

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Regional Insights

"The Asia Pacific held the highest market share in 2023 and is projected to grow at a healthy CAGR in the coming years."

• This is ascribed to the growing adoption of automation technologies across industries in China & India. Factory automation is rising in China, owing to high labor wages as well as the presence of a large number of automotive manufacturing plants. Moreover, the surging population and growing standards of living further bolstered the regional market growth during the review period.

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Key Players

The following are the key players in the Smart Factory Market (arranged alphabetically).

• ABB Ltd (Switzerland)
• Cognex Corporation (US)
• Honeywell International Inc. (US)
• Kuka AG (Germany)
• Mitsubishi Electric Corporation (Japan)
• Robert Bosch GmbH (Germany)
• Rockwell Automation Inc. (US)
• Schneider Electric (France)
• Siemens AG (Germany)
• Yokogawa Electric Corporation (Japan)

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s smart factory market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.