Smart Factory Market Surges Toward USD 226.26 Bn by 2030, Fueled by AI, IoT, and Industry 4.0, Reshaping Global Manufacturing Dynamics.

AUSTIN, TEXAS, INDIA, January 29, 2024 /EINPresswire.com/ --

Scope & Overview:

Increasing focus on resource utilization, cost reduction in industrial operations, and energy efficiency are driving the Smart Factory Market. The rising demand for industrial robots, IoT, and AI in the industrial environment, coupled with the proliferation of Industry 4.0, is reshaping manufacturing facilities globally.

The Smart Factory Market is poised to redefine industrial landscapes, with a projected valuation exceeding USD 226.26 billion by 2030, driven by the integration of intelligence technologies and a surge in industrial advancements. The market's growth is propelled by the relentless pursuit of resource optimization, cost reduction, and energy efficiency in industrial operations. The escalating demand for industrial robots, the Internet of Things (IoT), and Artificial Intelligence (AI) further fuels the ascent of smart factories, transforming the global manufacturing sector.

The Smart Factory Market, valued at USD 87.12 billion in 2022, is set to witness substantial growth, reaching USD 226.26 billion by 2030. With a robust Compound Annual Growth Rate (CAGR) of 12.67% during the forecast period from 2023 to 2030, the market reflects the industry's dynamic shift towards intelligent and automated manufacturing.

► Market Report Scope

The rise of smart factories is fueled by the widespread adoption of intelligence technologies across industries, leading to a significant surge in industrialization levels globally. The market benefits from technological advancements in manufacturing facilities, including the growing demand for industrial robots, IoT, and AI. The increasing proliferation of Industry 4.0 in the industrial sector acts as a catalyst for the smart factory market's growth. Additionally, the rapid evolution of digital trends such as Industrial IoT and 5G technology is anticipated to foster the establishment of smart factories on a global scale.

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► Market Analysis

The advent of 5G technology plays a pivotal role in the smart factory ecosystem, allowing owners to utilize cellular technologies securely and tailor them to specific use cases. Sensors connected to 5G networks facilitate real-time data extraction from manufacturing networks, enabling seamless optimization. The installation of 5G networks in factories eliminates the need for wired connectivity, creating a high-speed manufacturing environment with increased flexibility and minimal downtime. This transformative technology presents significant opportunities for smart factories, providing a reliable and high-speed network to support various manufacturing processes.

► Segment Analysis

The Asia-Pacific region emerges as a key player in the Smart Factory Market, with significant investments and strategic initiatives driving market dominance. Governments in the region are proactively enhancing smart manufacturing and technology adoption, with initiatives like the National Manufacturing Policy in India targeting a 25% share of manufacturing in GDP by 2025. China, a crucial part of Asia's intelligent application shift, is focusing on creating manufacturing innovations by 2025, further solidifying the region's dominance in the smart factory market.

► Growth Factors

• The integration of Industry 4.0 principles, characterized by the fusion of digital technologies, automation, and data exchange, is a primary growth driver. Smart factories leverage advanced technologies, including the Internet of Things (IoT), Artificial Intelligence (AI), and robotics, to optimize manufacturing processes, enhance efficiency, and enable real-time data-driven decision-making.

• A fundamental objective of smart factories is the efficient utilization of resources and the reduction of operational costs. Automation and intelligent technologies enable precise control over resources, minimizing waste and maximizing productivity. Smart factories leverage data analytics to identify operational inefficiencies and implement cost-effective measures, contributing to overall resource optimization.

► Key Players

Key industry influencers, including ABB Limited, Emerson Electric Co., and Fanuc Corporation, lead the charge in innovation, with a collective impact on the sector's evolution.

► Key Takeaways

• Asia-Pacific's Dominance: The Smart Factory Market is witnessing significant growth in the Asia-Pacific region, with governments actively promoting smart manufacturing initiatives. China's strategic focus on creating manufacturing innovations contributes to the region's dominance.

• 5G Technology Driving Optimization: The integration of 5G technology is revolutionizing smart factories by providing secure and high-speed cellular connectivity. This enables real-time data extraction and optimization, creating substantial opportunities for the market. 

• Rising Demand for Industrial Technologies: Increasing resource utilization focus, cost reduction, and energy efficiency drive the smart factory market. The growing adoption of industrial robots, IoT, and AI, coupled with the proliferation of Industry 4.0, propels the transformation of global manufacturing facilities.

► Key Market Segmentation

↪ On The Basis of Component

• Industrial Robots

• Machine Vision

• Sensors

• Industrial 3D Printing

↪ On The Basis of Solution

• SCADA (Supervisory Control and Data Acquisition)

• PLC (Programmable Logic Controller)

• DCS (Distributed Control System)

• MES (Manufacturing Execution System)

• PLM (Product Life Cycle Management)

• ERP (Enterprise Resource Planning)

• HMI (Human–Machine Interface)

• PAM (Plant Asset Management)

↪ On The Basis of Industry

Process Industries

• Oil & Gas

• Chemicals

• Pharmaceuticals

• Energy & Power

• Metals & Mining

• Pulp & Paper

• Food & Beverages

• Others 

Discrete Industries

• Automotive

• Aerospace & Defense

• Semiconductor & Electronics

• Machine Manufacturing

• Medical Devices

• Others

► Recent Developments

↪ In March 2023: Schneider Electric initiated the construction of a new smart factory in Hungary, with an expected investment of EUR 40 million. Samsung Electronics announced plans to enhance smart manufacturing capabilities at its Noida plant, aiming for more competitive and localized production.

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Table of Contents (TOC)

1.Introduction
2.Research Methodology
3.Market Dynamics
4.Impact Analysis
5.Value Chain Analysis
6.Porter’s 5 forces model
7.PEST Analysis
8.Smart Factory Market Segmentation, by Component
9.Smart Factory Market Segmentation, by Solution
10.Smart Factory Market Segmentation, by Industry
11.Regional Analysis
12.Company Profile
13.Competitive Landscape
14.Conclusion


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