Global Smart Factory Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Smart Factory Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The Smart Factory is a concept for expressing the end goal of digitization in manufacturing. The way the term is most commonly used, a Smart Factory is a highly digitized shop floor that continuously collects and shares data through connected machines, devices, and production systems. The data can then be used by self-optimizing devices or across the organization to proactively address issues, improve manufacturing processes and respond to new demands.

Various technologies such as AI, Big Data Analytics, Cloud Computing, and Industrial IoT (Internet of Things) have made smart manufacturing practices fully comprehensive. By connecting the physical and digital world, smart factories can monitor the entire production process, from manufacturing tools and the supply chain to individual operators on the shop floor. When fully realized, Smart factories use fully-integrated, collaborative manufacturing systems to make operations flexible, adaptable, and optimizable.

Market Overview:

The latest research study on the global Smart Factory market finds that the global Smart Factory market reached a value of USD 149791.39 million in 2022. It’s expected that the market will achieve USD 356952.22 million by 2028, exhibiting a CAGR of 15.57% during the forecast period.

A more efficient manufacturing process is needed

In the digital age, enterprises need more efficient manufacturing technology to improve production efficiency and ensure revenue. This requires enterprises to adopt agile, more intelligent and innovative ways to promote production. Intelligent factory technology can supplement and increase labor through robot technology, and reduce industrial accidents caused by process failures.

In addition, the intelligent factory can use real-time monitoring and feedback to ensure faster development and quality, so that end users can get greater benefits.

Data and technology security issues

The main factor hindering the market is the problems related to data and security, which are caused by high dependence on technology and data integration. Intelligent manufacturing and supply chain systems are connected with data functions, which may be the targets of various network attacks. As a result, network security and data protection become a problem in these intelligent production units. In addition, the integration of various intelligent technologies (such as PLM, ERP, etc.) in traditional factories poses challenges to manufacturers.

Government initiatives to support manufacturing innovation in Asia

The booming automobile and electronic manufacturing industry in Asian countries attaches great importance to the integration of automation technology due to the government's supporting policies, which will create some industry growth opportunities.

Region Overview:

In 2021, the share of the Smart Factory market in Asia-Pacific stood at 35.29%.

Company Overview:

ABB Ltd., is one of the major players operating in the Smart Factory market, holding a share of 12.73% in 2022.

ABB Ltd.,

Asea Brown Boveri, commonly referred to as ABB, is a Swiss-Swedish multinational company headquartered in Zurich, Switzerland, and its business scope is mainly in the fields of robots, motors, energy and automation.

ABB has two core business divisions, Power Technology Division and Automation Technology Division, which provide related products and services to customers respectively.

Robert Bosch GmbH

Bosch's core operating areas are spread across four business sectors: mobility (hardware and software), consumer goods (including household appliances and power tools), industrial technology (including drive and control) and energy and building technology.

Segmentation Overview:

By type, Discrete Manufacturing segment accounted for the largest share of market in 2021.

Process Manufacturing

Process manufacturing is a production method that uses formulas or recipes to produce goods by combining ingredients or raw materials. Most often, ingredients are measured in pounds or gallons. It is commonly used in industries that produce bulk quantities of goods, such as food, beverage, chemical, and pharmaceutical.

Discrete Manufacturing

Discrete manufacturing is characterized by an individual or distinct unit production in which units can be produced in low volumes due to the high level of complexity in manufacturing them. End products are composed of component parts that can be individually counted in units and identified numerically, for example, nuts or bolts.

Application Overview:

By application, the Automobile and transportation segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Smart Factory market covered in Chapter 3:

Siemens PLM Software, Inc.,
Robert Bosch GmbH
Schneider Electric SE
Atos SE
FANUC Corporation
Mitsubishi Electric Corporation
Stratasys, Ltd.,
Honeywell International Inc.,
ABB Ltd.,
Yokogawa Electric Corporation
KUKA Aktiengesellschaft
Emerson Electric Co.,
Rockwell Automation, Inc.,
General Electric Company

In Chapter 4 and Chapter 14.2, on the basis of types, the Smart Factory market from 2018 to 2029 is primarily split into:

Process Manufacturing
Discrete Manufacturing
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Smart Factory market from 2018 to 2029 covers:

Automobile and transportation
Food and beverage
Electrical and electronics
Chemical and material
Oil and Gas
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)