Global Smart Factory Market is predicted to reach USD 247.0 billion by 2030

The global smart factory market was valued at USD 152.0 billion in 2021 and is predicted to reach USD 247.0 billion by 2030, growing at a CAGR of 10.1% during the forecast period 2022-2030. The factors responsible for the growth of smart factory across the globe are growing use of enabling technologies in manufacturing, growing adoption of industrial robots in manufacturing sector driven by collaborative robots, evolution of the Internet of Things (IoT) and connected enterprise, along with large scale production to cater to growing population.

Based on technology, the global smart factory market is categorized into distributed control system (DCS), programmable logic controller (PLC), manufacturing execution system (MES), enterprise resource planning (ERP), supervisory control and data acquisition (SCADA), plant asset management (PAM), human-machine interface (HMI), and product life cycle management (PLM). In 2019, the MES segment dominated the smart factory market.

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Insight by Component
On the basis of component, the smart factory market is categorized into sensors, industrial robots, machine vision systems, and industrial 3D printing. During the forecast period, the industrial robots segment is expected to be largest among all the segments. Implementation of industrial robotics are increases in smart manufacturing process to enhance the productivity, minimizing human errors, and growing volume of production. The major factors responsible for the industrial robotics market growth are dearth in skilled labor, public, private and government collaborations to mitigate the impact of current ongoing pandemic of COVID-19 across the globe. However, market for industrial 3D printing is projected to be fastest growing, over the study period. This is due to growing adoption of 3D printing technology in various processes and discrete industries, such as aerospace and defense, automotive, semiconductor and electronics, and food & beverages.

Industry Dynamics
Growth Drivers

The primary factors driving the growth of the global smart factory market are:
- Increasing demand for industrial robots
- Growing focus on real-time data analysis, increased visibility, and predictive maintenance
- Growing use of enabling technologies in manufacturing

The global pandemic of COVID-19 has sidelined main-stream manual workers, tightening labor industry and increased unemployment rate. In this scenario, automation solutions, including smart factory, which were unthinkable have blossomed, thanks to the development of open source robotic operating systems, machine learning, sensors, and artificial intelligence.

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Challenges
Security remains the major cause of concern in the current computing world. This is evident from the fact that, in first half of 2019 alone, more than 100 million attacks were occurred. Armies, the cybersecurity start-up is one of the billion-dollar company, was acquired by the Insight Partners for USD 1.1 billion. Industry speakers also believe that blockchain could play an important role in achieving highest level of security.

Opportunities

- Ongoing advancements in 3d printing technology
- Lucrative opportunities for collaborative robots

Geographic Overview

Geographically, North America is the largest revenue contributor in the smart factory market. This is due to the growing adoption of intelligent manufacturing & supply chain technologies across various industries in the region. The industrial sector in North America is experiencing huge demand for automated and robotic systems for conducting different operational tasks at manufacturing and warehouse units to increase production. The automobile giants such as BMW, and Audi are doing investments in the field of factory automation operations to minimize production cycles and save costs. In North America, the U.S. market is experiencing huge demand for technological advanced production systems, minimizing employee engagement and reducing labor costs.

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Competitive Insight
Emerson focus on smart manufacturing technology as it is expanding its industrial IoT ecosystem and is crucial for companies to modernize its ways so as to enhance business results and justify its investment.
Schneider focuses on industrial automation i.e. its Smart Factory Program that uses IoT technologies in the manufacturing plants, facilities and offices. Schneider has adopted digital transformation to make its factories smart via agile management, asset performance management, energy efficiency, and process efficiency.

Key players operating in the global smart factory market include General Electric, Honeywell International Inc., ABB, Emerson Electric, Robert Bosch GmbH, Schneider Electric, Rockwell Automation, FANUC, Yokogawa Electric, and Siemens.

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