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  • Smart Factory Market Growth Analysis | 2021-2026

    Smart Factory Market Growth Analysis | 2021-2026

    Smart Factory Market Growth Analysis | 2021-2026
    Report code - SR1847 Delivery - 2 Weeks
    Smart Factory Market Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026 See more...

    Market Insights

    The smart factory market was estimated at USD 78.2 billion in 2020 and is likely to grow at a CAGR of 11.3% during 2021-2026 to reach USD 147.0 billion in 2026.

    Smart Factory Market size

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    What is smart factory?

    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 which offers automation solution. 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.

    COVID-19 Impact

    The COVID-19 pandemic has moderately affected the smart factory sector due to decreased shipments of component & solution of smart factory. Consequently, a dip in demand was witnessed in the first half 2020. Although, 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.

    Smart Factory Market Report Overview

    Market Size in 2026

    USD 147 Billion

    Market Size in 2020

    USD 78.2 Billion

    Market Growth (2021-2026)

    CAGR of 11.3%

    Base Year of Study

    2020

    Trend Period

    2016-2019

    Forecast Period

    2021-2026

    Key Players

    The key players operating in the market are-

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

    Market Dynamics

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

    • Growing practice for modern base for manufacturing, better efficiency of manufacturing, and strong high focus on energy consumption.
    • Growing industry of refurbished robots and less tapped field 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.

    Smart Factory Market Snapshot

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    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. Under these, the food and beverage segment held a significant market share in 2020. 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 boosts the segment growth.

    Regional Analysis

    The Asia Pacific held the highest market share in 2020 and is projected to grow at a healthy CAGR in the coming years. This is ascribed to 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, surging population and growing standards of living further bolsters the regional market growth during the review period.

    Smart-Factory-Market-Regional-Analysis

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    Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories:

    By Product

    • Machine Vision Systems

    • Industrial Robotics

    • Control Devices

    • Sensors

    • Communication Technologies

    By Technology

    • Product Lifecycle Management (PLM)

    • Human Machine Interface (HMI)

    • Enterprise Resource and Planning (ERP)

    • Manufacturing Execution System (MES)

    • Distributed Control System (DCS)

    • Supervisory Controller and Data Acquisition (SCADA)

    • Programmable Logic Controller (PLC)

    By End-Use

    • Automotive

    • Semiconductors

    • Oil and Gas

    • Chemical and Petrochemical

    • Pharmaceutical

    • Aerospace and Defence

    • Food and Beverage

    • Mining

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)

    • Europe (Country Analysis: Germany, France, The UK, Russia and Rest of Europe)

    • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and Rest of Asia-Pacific)

    • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

    Smart Factory Market Segmenatation

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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?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Smart Factory Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Target Audience

    The target audience of Smart Factory Market includes-

    • Smart Factory companies
    • Smart Factory distributors
    • Automotive companies
    • Government organizations

    Critical Questions Answered in the Report

    • What are the key trends in the market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
    • What is the impact of COVID-19 on the market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Research Methodology

    This report offers high-quality insights and is the outcome of 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 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three 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 at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    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 which offers automation solution. 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.

    The Smart Factory market is projected to grow from USD 78.2 billion in 2020 to USD 147.0 billion by 2026 at a CAGR of over 11.3% during the forecast period.

    The key players operating in the Smart Factory market are ABB Ltd (Switzerland), Cognex Corporation (US), Siemens AG (Germany), Schneider Electric (France), Rockwell Automation Inc. (US), Honeywell International Inc. (US), Robert Bosch GmbH (Germany), Yokogawa Electric Corporation (Japan), Kuka AG (Germany), Mitsubishi Electric Corporation (Japan).

    The target audience of Smart Factory Market includes Smart Factory companies, Smart Factory distributors, Automotive companies, Government organizations.

    Growing practice for modern base for manufacturing, better efficiency of manufacturing, and strong high focus on energy consumption are likely to boost the market growth. Moreover, growing industry of refurbished robots and less tapped field such as RFID and industrial robots are likely to create lucrative opportunities to the industry players.

    Asia Pacific market held the highest market share in 2020 and is projected to grow at a healthy CAGR in the coming years.

    The study period of this market report is 2016-2026.