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In terms of the regional spectrum, Europe is expected to retain its position as a lucrative market player over the projected period. In fact, Europe accounted for over $25 billion of the global smart factory market share in 2018. The region is home to a number of global automotive firms and according to the European Automobile Manufacturers Association, Europe automobile sector brings in over €90.3 billion in the form of trade surplus. Moreover, the industry is the biggest private investor for R&D in Europe, investing approximately €54 billion annually.
Rapid industrialization and technology developments transforming the global manufacturing sector have enabled smart factory market to emerge as a highly lucrative investment avenue over the forthcoming years. Several advancements in the field of automation, communications and computing power have turned intelligent manufacturing facilities into a feasible reality. Today, several manufacturers are looking to bring more efficiencies in production process while gaining the ability to supply a wider range of products to consumers, driving the expansion of smart factory market.
Factories that leverage smart manufacturing technology offer a number of benefits to manufacturers including increased productivity, enhanced efficiency and long-term cost savings. Growing awareness of modern manufacturing technologies owing to these advantages will reinforce global smart factory market share. Although high initial investment in smart factories are keeping small to medium sized enterprises at bay, expected rise in affordability of the technologies in the next few years would open up the landscape for these businesses, fueling the adoption of solutions offered by smart factory market players.
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Through this production method, Audi estimates that the factory can produce approximately 400 electric drives with just 100 employees. Audi’s initiative offers a proof of the benefits in establishing a smart factory. Several key industry players are expected to follow suit and make investments in their own visions regarding advanced manufacturing plants, significantly boosting smart factory market outlook.
The global food & beverage segment will certainly emerge as a major revenue contributor for smart factory market due to consistent demand for packaged and frozen food products. A large global population base, that is estimated to hit 9 billion by 2050, tightening regulatory demands around food safety & quality and environmental concerns, as the food & beverage sector consumes 5% of the world’s energy, are putting immense pressure on profit margins of producers.
TOC for this research report:
Chapter 4. Smart Factory Market, By Component
4.1. Key trends by component
4.2.1. Market estimates and forecast, 2015 – 2025
184.108.40.206. Market estimates and forecast, 2015 – 2025
4.2.3. Industrial robots
220.127.116.11. Market estimates and forecast, 2015 – 2025
18.104.22.168. Articulated robots
22.214.171.124.1. Market estimates and forecast, 2015 – 2025
126.96.36.199. Cartesian robots
188.8.131.52.1. Market estimates and forecast, 2015 – 2025
184.108.40.206. SCARA robots
220.127.116.11.1. Market estimates and forecast, 2015 – 2025
18.104.22.168. Cylindrical robots
22.214.171.124.1. Market estimates and forecast, 2015 – 2025
126.96.36.199. Collaborative robots
188.8.131.52.1. Market estimates and forecast, 2015 – 2025
4.2.4. Machine vision
184.108.40.206. Market estimates and forecast, 2015 – 2025
220.127.116.11. Market estimates and forecast, 2015 – 2025
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Major players operating in the smart factory market include ABB, Honeywell International Inc., Robert Bosch GmbH, General Electric, Emerson Electric, Siemens, Schneider Electric, and Rockwell Automation, etc. These players are adopting various business expansion strategies such as mergers & acquisitions, product launches, and collaborations & agreements for introducing new manufacturing-related solutions. These strategies are supporting the development of advanced and efficient products, leading to an increase in customer satisfaction in the smart factory market.
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