According to BlueWeave Consulting, The Global Smart Factory market is anticipated to grow at a significant rate during the forecast period. The Smart Factory Market has reached USD 152.4 Billion in 2019 and expected to reach a valuation of USD 291.4 billion by the year 2026 by growing at a CAGR of above 9.90 % during the forecast period 2016-2026.
Due to the increasing adoption of intelligent technologies in various industries, including automotive, mining, manufacturing, and petrochemicals, smart factories have gained tremendous traction in the past couple of years. Increasing use of high-tech tools and high-tech machinery depicts a beautiful mix of production and technological developments. A highly connected and digitized production facility that depends on intelligent manufacturing is known as a smart factory. It also has a cyber-physical system that has built-in programming codes that provide automation solutions.
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In this, any part of the value chain that is likely to be linked to ensure an informed output with zero defects and no-time lags that will increase demand in this market further. Smart factory helps to improve processes by self-optimization and automation; its capacity is not only limited to material production but also assists in several functions such as supply chain, planning, and product development. Increasing emphasis on manufacturing is expected to propel the market growth globally.
Adoption of analytics, cybersecurity software, and cloud computing in various vertical industries such as manufacturing, chemical & content, and automotive are key factors driving the global market for smart factories. Enterprises are implementing smart factory technologies to improve their manufacturing process, maximize idea creation, product transaction, and development.
The evolution of Industry 4.0 trend and the integration of several digital technologies, including IoT, AI, etc. will propel market growth. Industries are embracing the digitized supply chain management solutions thanks to the advanced operations technology. Such smart technologies will improve the quality of output and asset performance and eliminate human errors.
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In the manufacturing sector, the implementation of automation has changed the need for human resources and the economies of several manufacturing industries. Industrial robots can be programmed with consistent accuracy and precision to perform hazardous and repetitive tasks. The development of robots helps to reduce waste of raw materials, manage manufacturing costs, and increase efficiency, which leads some manufacturers to favor the use of robots in their production line. Due to these factors, the global smart factory will grow.
Market players operating in the Smart Factory market are Siemens, General Electric, ABB, Rockwell Automation, Schneider Electric, Honeywell International, FANUC, Mitsubishi Electric, Emerson Electric, Yokogawa Electric, Robert Bosch, Stratasys, TE Connectivity, Texas Instruments, HP, SAP, Omron, Dassault SysteMES, Qualcomm, Other Prominent Players.
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