by Brianna Crandall — April 1, 2016—MarketsandMarkets recently released a report on smart factory technologies and components. The smart factory market size, in terms of value, is expected to reach USD 74.8 billion by 2022, at a compound annual growth rate (CAGR) of 10.4% between 2016 and 2022.
According to the report, the emergence of smart factories can be seen from the period of change toward cohesive control of the machineries, processes, and resources with local intelligence. The increasing focus on saving energy and improving process efficiency along with the integration of engineering and manufacturing by the adoption of the Internet of Things (IoT) is expected to foster the growth of the smart factory market.
Dividing the smart factory market by components, the market for machine vision is expected to grow at the highest rate during the forecast period. Machine vision systems have been increasingly gaining popularity as these systems are easy to use. Recent advancements in machine vision technology such as smart cameras have increased the scope of the machine vision market for wider applications in industrial and non-industrial sectors.
Comparing by industry (process, discrete), the discrete industry is expected to hold the largest share of the smart factory market by 2020, whereas the smart factory market for the process industry is expected to grow at the highest rate between 2016 and 2022. This growth in the process industry can be attributed to the increasing use of smart factory solutions in various verticals to minimize losses that occur due to the ineffective management of materials.
Of geographical regions, the Asia-Pacific (APAC) region is expected to hold the largest market share and dominate the smart factory market between 2016 and 2022, owing to the growth in the manufacturing sector in China and India. The geographical expansion of the key automotive manufacturers in APAC is creating new opportunities for the smart factory market.
The major players operating in the smart factory market include FANUC Corporation, Siemens AG, ABB Ltd., Honeywell International, Inc., and Yokogawa Electric Corp.
The scope of the report covers detailed information regarding the major factors influencing the growth of the smart factory market such as drivers, restraints, challenges, and opportunities, along with a detailed analysis of the key industry players.
The complete 202-page report, Smart Factory Market by Technology (PLM, MES, PLC, SCADA, ERP, DCS, HMI), Component (Sensors & Actuators, Communication Technologies, Industrial Robotics, Machine Vision), Industry (Process, Discrete), and Geography – Global Forecast to 2022, is available for purchase from MarketsandMarkets. Early buyers will receive 10% customization on reports.
