Smart Factory Market Size, Share, Trends Analysis, Forecast 2032

Smart Factory Market: Industry Perspective

The global smart factory market size was worth around USD 91.85 Billion in 2023 and is predicted to grow to around USD 208.9 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.56% between 2024 and 2032. The report analyzes the global smart factory market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the smart factory industry.

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Smart Factory Market: Overview

A highly connected and digitized production facility that depends on smart manufacturing is considered a smart factory. It also has a cyber-physical system, which has integrated computing codes that provide automation solutions. It also helps in providing data models for rapid use. The use of these factories boosts production and quality to cut down the operational cost as compared to traditional production systems.

Smart Factory Market: Dynamics

The smart factory market is projected to hold significant growth in the estimated timeframe. The demand for the smart factory is driven by the rising focus on energy consumption and improved manufacturing efficiency. It helps in improving processes via self-optimization and automation, its ability is not only limited to the production of goods but it also assists in several functions such as supply chain, planning and product development. Additionally, increasing focus on, manufacturing efficiency, energy consumption and rising adoption of advanced technologies for manufacturing is anticipated to foster market growth in the projected period. The industrial shift towards smart manufacturing in which a technology-driven approach is implemented and machines are connected via the internet to monitor the production process and ensure zero defects manufacturing with no time lag, is anticipated to impact market growth in the long run.

Furthermore, industrial robots are a crucial part of the smart factory/ manufacturing industry. These robots are now more technologically advanced than ever before; their features include skill learning, vision recognition, man-machine collaboration, utilization of artificial intelligence and also failure prediction. This is expected to further boost market demand in the long run. The rising adoption of robots by the automobile manufacturing industry globally will drive market growth in the anticipated timeframe. Also, the process of manufacturing passenger cars has become more complex and it now requires automation solutions to accomplish a substantial portion of the task via robots. However, the risk associated with the security of cyber-physical systems and the requirement of huge capital investments is anticipated to hinder market demand in the forecast period.

Smart Factory Market: Segmentation Analysis

The smart factory market is bifurcated into components, solutions and industries. The industry is segmented into automotive, oil & gas, chemicals, food & beverages, pharmaceuticals, pulp & paper, medical devices and others. Automotive is anticipated to hold a significant share of the market during the forecast period. Smart manufacturing solutions play a key role in the production and development of quality automobiles and are expected to support market growth.

Smart Factory Market: Regional Analysis

The smart factory in the Asia Pacific is projected to hold a significant share in the long run. The market region is driven due to the increasing adoption and technological innovation in automation technologies in various industries. Key market players such as Omron, Mitsubishi Electric, Fanuc and Yokogawa are investing in R&D to better optimize the use of available resources and cater to market needs for complex passage cars. This is anticipated to stimulate market demand in the forecast period.

Smart Factory Market: Report Scope

Smart Factory Market: Competitive Analysis

Some of the major players in the global smart factory market include:

• General Electric
• Siemens
• Rockwell Automation
• ABB
• Honeywell International
• Schneider Electric
• Mitsubishi Electric
• FANUC
• Yokogawa Electric
• Emerson Electric

The global smart factory market is segmented as follows;

Global Smart Factory Market: Component Segment Analysis

• Machine Vision
• Industrial Robots
• Industrial 3D Printing
• Sensors

Global Smart Factory Market: Solution Segment Analysis

• PLC
• SCADA
• MES
• DCS
• ERP
• PLM
• PAM
• HMI

Global Smart Factory Market: Industry Segment Analysis

• Automotive
• Oil & Gas
• Chemicals
• Food & Beverages
• Pharmaceuticals
• Pulp & Paper
• Medical Devices
• Others

Global Smart Factory Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa