Chicago, Nov. 21, 2022 (GLOBE NEWSWIRE) — The report “Smart Factory Market by Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, MES, Industrial Safety, PAM), Industry (Process Industry, Discrete Industry) and Region – Global Forecast to 2027″, Growing adoption of Industry 4.0 across industries, increasing number of initiatives by governments across the world for promoting adoption of modern and advanced technologies in factories, and rapidly growing necessity for real-time data analysis are the key factors driving the Smart Factory market.
[293 Pages Report] The global smart factory market size is estimated to be USD 86.2 billion in 2022 and is projected to reach USD 140.9 billion by 2027, at a CAGR of 10.3%.”
Key players in the Smart Factory Industry
Rockwell Automation Inc. (US),
Siemens AG (Germany),
Schneider Electric SE (France),
ABB (Switzerland), and
Honeywell International Inc. (US) among others
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“Browse in-depth TOC on “ Smart Factory Size“
63 – Figures
293 – Pages
Schneider Electric SE is a European multinational corporation that specializes in energy management and automation solutions. Schneider Electric SE operates through the Energy Management (medium voltage, low voltage, and secure Power) and Industrial Automation segments. It operates in four principal markets: non-residential and residential buildings, utilities and infrastructure, industry and machine manufacturers, and data centers and networks. The Energy Management business segment offers products and solutions to cater to the medium-voltage, low-voltage, and secure power requirements.
It provides medium-voltage distribution and grid automation solutions, which use SCADA, distribution management software (DMS), and operation management software (OMS). The Industrial Automation segment provides various products and solutions, including hardware and software automation products such as distributed control systems (DCS), human– machine interface operator panels, safety systems, motor starters, sensors, programmable logic controllers (PLCs), supervisory control systems, and asset and operations management solutions, to the process and discrete automation manufacturing plants..
ABB is one of the leading technology companies that provides a wide range of products such as control room solutions, metallurgy products, electric vehicle charging infrastructure, motors and generators, measurement and analytics, mechanical power transmission, and others. The company operates through four business divisions, namely, Electrification, Motion, Process Automation, and Robotics & Discrete Automation. The Electrification segment offers protection and connection solutions, building products, installation products, and medium-voltage products. The Robotics & Discrete Automation segment offers products, solutions, and services under two separate business areas, namely, Robotics and Machine Automation. Under the Robotics section, the company offers industrial robots, software, field services, spare parts, robotics systems and solutions, and related digital services. Under the Machine Automation section, the company offers solutions based on programmable logic controllers (PLCs), servo motion, transport systems, industrial PCs (IPC), and machine vision.
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Smart Factory Market Dynamics
DRIVERS: Increasing adoption of Industrial robots
Increasing miniaturization of sensors, growing investments in automation (in automotive, electrical & electronics, and metals & machinery industries), and rising demand for industrial robotics systems in developing countries are the factors driving the growth of the industrial robot market. Rising demand for automation across industries has increased the adoption of industrial robots in various industries. The growth of the industrial robots’ market can be attributed to the growth of the electronics industry and towering labor wages in manufacturing. This is expected to increase the demand for industrial robots and support the growth of the smart factory market during the review period.
RESTRAINT: Security risks associated with cyber-physical systems
The manufacturing sector is the most targeted cyberattack sector, around 47% of the cyberattacks target the manufacturing sector to gain competitive advantages and trade secrets. A cyber-physical system (CPS) is an advanced technology that integrates virtual and physical worlds to build a factory with intelligent equipment. CPS technology has transformed manufacturing processes. Cyber-physical manufacturing facilities use cutting-edge technologies such as robotics, big data, automation, artificial intelligence, virtual reality, sensors, augmented reality, and additive manufacturing to offer extraordinary flexibility, precision, and efficiency to manufacturing processes. However, the security risks associated with the adoption of CPS may restrain the market. A CPS enables connectivity among all plant equipment and stores critical information about the plant. This information might be at risk if the system gets hacked.
OPPORTUNITIES: Emergence of 5G technology in smart factory market
With 5G technology, smart factory owners can use cellular technologies more securely and can tune them to specific use cases. By placing sensors on equipment connected to 5G networks, they can take data off the manufacturing networks without connecting to the machines; this can make optimization seamless in real time. Many manufacturers are adopting 5G network for achieving uninterrupted and strong connection. The installation of 5G network in factories eliminates the need for wired connectivity, enabling a high-speed manufacturing environment with high flexibility and less downtime. It becomes crucial for industries to have a network that can support in terms of speed, coverage, and reliability. The emergence of 5G network is going to provide a one-stop solution for factories and create significant opportunities for smart factories.
CHALLENGES: Interoperability between information technology and operational technology
The biggest challenge for the implementation of a smart factory is the lack of interoperability between informational technology (IT) and operational technology (OT); IT and OT use different protocols and architecture, which significantly increases the complexity and costs associated with the adoption of smart factories. Most OT systems today work in silos. However, a smart factory demands a fully functional digital ecosystem for seamless data sharing between machines and other physical systems of different manufacturers. Companies that master in interoperability of the information and operation technology would have an advantage in manufacturing, which would be reflected in the production yield. Furthermore, most companies have invested heavily in expensive industrial equipment having longevity. The equipment was designed to operate in a standalone manner, which is the main pain point for endusers, as such equipment fail to fit in the IIoT ecosystem.
The Industrial Control & Factory Automation Market is estimated to be USD 147.9 billion in 2022 and is projected to reach USD 218.8 billion by 2027, at a CAGR of 8.2%.
The Smart Manufacturing Market was valued at USD 97.6 billion in 2022 and is projected to reach USD 228.3 billion by 2027; it is expected to grow at a CAGR of 18.5% from 2022 to 2027.
The Industrial Automation Oil & Gas Market is projected to grow from USD 14.9 billion in 2020 to USD 18.7 billion by 2025; it is expected to grow at a CAGR of 4.7% from 2020 to 2025.
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