Smart Factory Market Size & Share Valuation Anticipated to Grow Over USD 191.02 Billion by 2030, Calculating 10.46% CAGR Rise: Polaris Market Research

NEW YORK, Nov. 15, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Smart Factory Market Share, Size, Trends, Industry Analysis Report, By Component; By Solution (SCADA, MES, Industrial Safety, PAM); By Industry (Process Industry, Discrete Industry); By Region; Segment Forecast, 2022 - 2030" in its research database.

According to the research study, the global smart factory market size & share was valued at USD 79.41 billion in 2021 and is expected to reach over USD 191.02 Billion by 2030, growing at a CAGR of 10.46% during the forecast period.

What is Smart Factory? What is the Smart Manufacturing Market Size & Share Expected Growth?

• Overview

A smart factory is an advanced factory that uses advanced technologies such as artificial intelligence (AI), machine learning, and connected devices to continuously collect data and share it in real time. The data can then be used by the company to handle issues, enhance production processes, and fulfill new demands. Smart factories are part of Industry 4.0, or the fourth industrial revolution, which is driven by digital transformation and automation.

Other technologies incorporated by smart factory includes cloud connectivity, big data, Industrial Internet of Things (IIoT), virtual reality (VR) and augmented reality (AR), and others. These factories provide benefits such as faster problem resolution, better safety & quality control, on-time delivery, and seamless data exchange. The smart factory market size is driven by factors including an increasing focus on energy efficiency, resource optimization, and cost reduction in production operations.

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Our Free Sample Report Includes

• Report introduction, overview, and in-depth industry analysis
• Breakdown data by regions, type, players, and applications
• Competitive landscape and leading competitor market shares
• 110+ pages research report
• Offers chapter-wise instruction on request
• Includes market presence across different geographies with share, size, and trends
• Updated list of tables and figures
• The report covers leading players with their business strategies
• Factors and fact research methodology

Growth Driving Factors

• Increasing technological automation to push the market growth

The rising development and adoption of Industry 4.0 majorly fuel the market growth. The continuously growing automation and software-based process propel the smart factory industry demand. The rapid technological developments, growing industrial robots, and RFID in the manufacturing sector are the factors creating a lot of opportunities in the smart factory market. Various benefits offered by smart factories, such as improved data insights, faster issue resolution, better safety & quality control, etc., are supposed to boost the market expansion over the predicted period.

Moreover, the increasing integration of technologies, including the Internet-of-Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), and others, is likely to positively influence smart factory market sales. Augmented reality (AR) is another technology used by the smart factory which increases production activity and enhances production procedures on the floor, thereby accelerating the industry's growth. In addition, a surge in the adoption of smart manufacturing by companies or manufacturers is expected to bolster market evolution.

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Recent developments

In March 2022, Emerson Electric Company launched MT Connect for Movicon.NExT 4.1.33 industrial control platform, which has the potential to improve efficiency, reduce downtime and increase productivity.

Some for the Top Market Players Operating in the Global Market Are:

• ABB (ASEA BROWN BOVERI) Group
• Cisco Systems Inc.
• Emerson Electric Company
• Fanuc
• General Electric Company
• Honda
• Honeywell International Inc.
• IBM Corporation
• Johnson Controls International PLC
• Mitsubishi Electric
• Omron
• Oracle Corporation
• Robert Bosch GmbH
• Rockwell Automation Inc.
• SAP SE
• Schneider Electric SE
• Siemens AG
• Suzuki
• Toyota
• Wipro Limited
• Yokogawa Electric Corporation

For Additional List of Players and Detail Information, Download a Report PDF Brochure

Segmental Analysis

• Industrial sensors held the highest revenue share in 2021

Based on component, industrial sensors accounted for the biggest smart factory market share in 2021 owing to various advantages offered by them, such as enhanced sensitivity during data capture, almost lossless data transmission, and endless, real-time analysis. Further industrial 3D printing components are estimated to grow at the fastest rate during the forecast period, which can be attributed to the rising adoption in industries including automotive, aerospace & defense, food & beverage, and semiconductors & electronics.

• PAM segment witnessed a significant market share in 2021

On the basis of solution smart factory market segmentations, the PAM segment dominated the market in 2021 and is expected to continue its dominance throughout the predicted period. Manufacturing organizations use PAM systems to maximize competitiveness because they enhance timely information gathering and decision-making. Other factors supporting segment growth are reduced unplanned downtime, best-possible asset utilization, lower operational costs, and higher investment returns.

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Smart Factory Market: Report Scope

Geographic Overview

• Smart factory market in Asia-Pacific generated the highest share

Based on geography, Asia-Pacific witnessed the biggest share as the market is growing in developing nations like China and India. This is because these countries are taking initiatives to completely automate smart manufacturing. Also, increased investments by these nations in industry 4.0 to raise manufacturing and output are further expected to augment the regional market growth.

Furthermore, North America is anticipated show fastest growth throughout the foreseen period. This growth can be attributed to the to rising in government initiatives for the development of IoT technology coupled with a growing emphasis on enhancing manufacturing output in countries like the US and Canada.

Browse the Detail Report "Smart Factory Market Share, Size, Trends, Industry Analysis Report, By Component; By Solution (SCADA, MES, Industrial Safety, PAM); By Industry (Process Industry, Discrete Industry); By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/smart-factory-market

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Polaris Market Research has segmented the smart factory market report based on component, solution, industry and region:

By Component Outlook

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

By Solution Outlook

• SCADA
• MES
• Industrial Safety
• PAM

By Industry Outlook

• Process Industry
• Oil & Gas
• Chemicals
• Pharmaceuticals
• Energy & Power
• Metal & Mining
• Pulp & Paper
• Food & Beverages
• Discrete Industry
• Automotive
• Aerospace & Defense
• Semiconductor & Electronics
• Machine Manufacturing
• Medical Devices

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research