Smart Factory Market is expected to grow in the Asia Pacific region owing to the rising adoption of automation technologies across various industry verticals.
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The size of smart factory market is forecast to rise at 10% CAGR to reach USD 155 billion by 2025. The growing demand for industrial robots and the evolution of Industrial IoT (IIoT) technology will drive the smart factory market growth. The rising focus on energy consumption, resource optimization, and cost saving across various industry verticals will contribute to the high demand for intelligent manufacturing techniques. Industries are adopting real-time data-driven technologies and digital supply chain management options to enhance product quality and asset efficiency, mitigating human & machine errors. Additionally, the increasing adoption of advanced sensing components, such as sensors and actuators, across industries due to their benefits such as integrated computing abilities along with lower power consumption is expected to support the smart factory market expansion.
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Industrial robots are gaining popularity over human labor in the smart factory market due to their ability to increase productivity & eliminate human errors. These robots produce high-quality products with continuous precision, thereby reducing a large amount of industrial wastes. Additionally, they are capable of handling critical & dangerous manufacturing applications and keeping workers safe & motivated. Increasing labor cost in North American and European countries and high investments required for employee training are supporting the high adoption of these robots. Moreover, collaborative robots are designed with multiple advanced sensors and software, enabling them to work alongside humans safely & effectively.
Escalating demand for intelligent technology solutions to save labor and operational costs has fueled the growth of smart factory market extensively. Smart factories are basically aimed at improving work processes with the help self-optimizing and automating machinery. Technology has had a colossal impact on the operations of industrial facilities, helping to enhance manufacturing efficiency through automated systems and tools like analytics, Big Data and IoT. Adoption of advanced sensors and AI-powered equipment will propel global smart factory industry share considerably.
Big enterprises are increasingly investing in smart systems that would help it grow further. Ericsson, a Swedish based multinational telecom has informed that it aims to build its first automated smart factory in the U.S. by 2020. Advanced antenna systems will be produced by the state-of-the-art factory, which will boost coverage and network capacities, along with 5G radios for urban areas. These equipment are deemed necessary for steady 5G deployments, suggesting considerable demand for smart factory market from the electronics segment.
The smart factory market is expected to grow in the Asia Pacific region owing to the rising adoption of automation technologies across various industry verticals. In October 2018, the Indian government has released the draft National Policy on Electronics (NPE) that has envisaged the creation of nearly USD 400 billion electronics manufacturing industry in India by the end of 2025.
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Table of Contents (ToC) of the report:
Chapter 5. Smart Factory Market, By Application
5.1. Key trends by application
5.2. Automotive
5.2.1. Market estimates and forecast, 2015 – 2025
5.3. Aerospace & defense
5.3.1. Market estimates and forecast, 2015 – 2025
5.4. Food & beverage
5.4.1. Market estimates and forecast, 2015 – 2025
5.5. Electrical & Electronics
5.5.1. Market estimates and forecast, 2015 – 2025
5.6. Energy & Power
5.6.1. Market estimates and forecast, 2015 – 2025
5.7. Others
5.7.1. Market estimates and forecast, 2015 – 2025
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Source URL: https://marketersmedia.com/smart-factory-market-size-to-surge-at-a-growth-rate-of-10-to-2024/88901136
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Release ID: 88901136
