Smart Factory Market Size Worth $191.02 Billion by 2030 | CAGR: 10.46%

The global smart factory market size is expected to reach USD 191.02 billion by 2030 according to a new study by Polaris Market Research. The 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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Industry 4.0 is being implemented and adopted more widely, driving the market's growth. The market share has increased due to rising automation and software-based procedures. Real-time analysis and synchronization have been made accessible to the global market by smart technologies, helping to reduce costs and save time.

A digital platform known as a "smart factory" allows data to be transmitted in real-time between numerous linked devices, machinery, and other systems. Technology transfers the transmitted data through the market to optimize devices and handle difficulties with ease.

During a pandemic, a lockdown may cause the halting operation of industrial applications. To minimize the rapid transmission of viruses, manufacturers and many industrialists adopt smart technologies to stop human interaction for many processes. This will also affect the overall market of the smart factory.

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Rising demand for technologies such as IoT and artificial intelligence in the industrial environment is supposed to influence the market's growth over the forecast period. Additionally, a growing number of developments in wireless sensor networks, with their adoption in smart factories and the emergence of 5G technology, are creating lucrative opportunities for industrial players.

Smart Factory Market Report Highlights

• Industrial sensors acquired the most significant market share in 2021 due to the increased use of these sensors in various industries.
• PAM solutions acquired the most significant market share in 2021 due to developing a comprehensive data library for the various equipment placed in the units, from their uptime performance to their life cycle cost analysis.
• The process industry segment is supposed to account for the largest market share due to the increasing benefits of smart manufacturing solutions, such as the fastest decision-making process, energy efficiency, and improved product quality in the oil & gas sector.
• Asia Pacific is projected to register the highest CAGR during the forecast period due to the increasing adoption of industrial robots and the growing utilization of cloud-based smart manufacturing solutions.
• Major players operating in the market include Abb Ltd., Brenton LLC, Comau S.P.A., Denso Robotics, Doosan Robotics Inc., Fanuc, Kawasaki Heavy Industries Ltd., Krones AG, Kuka AG, Mitsubishi Electric Corp., Nachi-Fujikoshi Corp., Omron Corporation, Panasonic Corporation, Precise Automation, Rethink Robotics GmbH, Schneider Electric S.E., Techman Robot Inc., Universal Robots, and Yaskawa Electric Corporation.

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

Smart Factory, Component Outlook (Revenue - USD Billion, 2018 - 2030)

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

Smart Factory, Solution Outlook (Revenue - USD Billion, 2018 - 2030)

• SCADA
• MES
• Industrial Safety
• PAM

Smart Factory, Industry Outlook (Revenue - USD Billion, 2018 - 2030)

• 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

Smart Factory, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

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