The smart factory market is expected to reach US$275.89 billion by 2026, according to a new report by Reports and Data. Smart factory attributes to several fully integrated automation solutions implemented for manufacturing purposes, which help to streamline the material flow during all the methods involved in manufacturing, thus, facilitating the efficient flow of materials across the factory floor.
Easy monitoring, minimization of waste, and acceleration of production are some of the significant benefits of a smart factory. This technology advancement provides enhanced quality, with standardization and reliable products to the customers, within time and at a much economical cost. The emergence of wireless networking technologies is promoting revolutionary improvements in this market along with the growing number of smart factories globally, and also encouraging the use of mobile devices, to observe and manage industrial processes.
From a regional perspective, Asia Pacific accounted for the largest share of the smart factory market—at 29.3%—in 2018.
North America, meanwhile, accounted for the second largest share, with 27.3% of the market. This region is an important market as it consists of some of the most prominent multinational organizations engaging in this market, including the majority of the leading players. The developed R&D in the field of Internet of Things (IoT) for modern and upgraded technologies, as well as the rising demand for enhanced lifestyle, are the two significant factors driving the market in this region. Also, the increasing demand for high-level manufacturing solutions is anticipated to drive the growth of the market in North America.
Other key findings from the report include:
- Industrial robots have evolved as an essential part of the manufacturing industry. The market for industrial robots is expected to grow at a rate of 9.2% during the forecast period.
- Robotic installation in the US has expanded to a new peak. The driver for this increase in manufacturing industries has been the continuing trend to automate production, to establish the US industries in both native and global markets.
- The PLM technology is anticipated to witness the highest CAGR of 9.3% during the forecast period. This is mainly attributed to the growing demand for performance and productivity, along with the increasing need for collaboration across the global manufacturing lifecycle.
- Adoption of end-to-end PLM solutions across new verticals such as infrastructure and construction, power and energy, and consumer goods among others, and increased manufacturing activities in developing economies such as India, China, and South Korea, are some of the driving factors for the growth of the market.
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