Smart factory market in North America and Europe to witness rapid growth due to increasing demand for automated systems

Industrial robots are gaining popularity over human labor in the smart factory market due to their ability to increase productivity & eliminate human errors. These robots produce high-quality products with continuous precision, thereby reducing a large amount of industrial wastes. Additionally, they are capable of handling critical & dangerous manufacturing applications and keeping workers safe & motivated. Increasing labor cost in North American and European countries and high investments required for employee training are supporting the high adoption of these robots. Moreover, collaborative robots are designed with multiple advanced sensors and software, enabling them to work alongside humans safely & effectively.The automotive industry is expected to emerge as a prominent growth avenue for the smart factory market over the forecast timeframe. In 2016, multinational automobile company Audi unveiled its Smart Factory 2035 vision in which it envisioned a facility without any assembly lines, instead deploying intelligent, flexible and modern production stations.

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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. Hardware

4.2.1. Market estimates and forecast, 2015 – 2025

4.2.2. Sensors

4.2.2.1. Market estimates and forecast, 2015 – 2025

4.2.3. Industrial robots

4.2.3.1. Market estimates and forecast, 2015 – 2025

4.2.3.2. Articulated robots

4.2.3.2.1. Market estimates and forecast, 2015 – 2025

4.2.3.3. Cartesian robots

4.2.3.3.1. Market estimates and forecast, 2015 – 2025

4.2.3.4. SCARA robots

4.2.3.4.1. Market estimates and forecast, 2015 – 2025

4.2.3.5. Cylindrical robots

4.2.3.5.1. Market estimates and forecast, 2015 – 2025

4.2.3.6. Collaborative robots

4.2.3.6.1. Market estimates and forecast, 2015 – 2025

4.2.4. Machine vision

4.2.4.1. Market estimates and forecast, 2015 – 2025

4.2.5. Others

4.2.5.1. 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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