How Smart Factory Automation is Driving the Smart Factory Market Growth

Smart factory market growth, thanks to smart factory automation,is a trending subject in today’s digital world. Many traditional factories are now adopting smart manufacturing solutions to ensure accuracy, reduced waste production, optimized processes, save time, and effort. A smart factory is an affordable and fully automated production facility that operates by employing technologies such as Artificial Intelligence, Big Data Analytics, and the Internet of Things.Increased user adoption ofan IoTsolution for smart manufacturing like sensors and devices combines machinery and enables monitoring and complete automation in the manufacturing process.

By integrating the cyber-physical system (computation, networking, and physical processes) into the manufacturing workflow, smart factories can efficiently streamline and combine every process and element across the value chain. This smart interconnection of information and production has truly transformed the entire automation industry, ensuring the optimal performance of manufacturing units. Moreover, with fully integrated smart factory automation solutions, factories can ensure tuned workflow, zero-waste production, and achieve the shortest time for marketing goods. This, in turn, has led to the growth of the smart factory market in many regions around the world in 2020 and beyond.

Smart Factory Market – Segmentation Based on Industry

Based on industry, a smart factory market is bifurcated into the process industry and discrete industry.

• Process Industry – Based on the process industry, a smart factory market is further categorized as food and beverages, oil and gas, chemicals, pharmaceuticals,pulp and paper, metals and mining, energy and power, and others.

• Discrete Industry – On the basis of the discrete industry, the market is divided into machine manufacturing,automotive,semiconductor and electronics,aerospace and defense,medical devices, and other sectors. The automotive industry reigns the market with a lion’s share in the forecast period.

Smart Factory Market– Segmentation Based on Components & Technology

Based on components, a smart factory is divided into sensors, industrial robots, industrial 3D printing, and machine vision. Among these, industrial 3D printing continues to dominate the market in the forecast period. Some of the control devices that a smart factory employs include sensors, switches, motors, drives, and relays and network technologies including wired, wireless, and radio frequency identification (RFID).

Smart factories also employing modern industrial robots such as articulated robots, Cartesian robots, selective compliance assembly robot arm (SCARA), cylindrical robots, and other AI-driven robots.

Machine vision is further divided into the camera, optics and led lighting, frame grabbers, processor, and software.

Other fully-integrated systems include Information Technology (IT) system, Product Life Cycle Management(PLM), Manufacturing Execution System (MES),Programmable Logic Controller(PLC),Enterprise Resource Planning (ERP) and Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), Human Machine Interface (HMI) and Plant Asset Management (PAM) are exclusively designed to cater to the needs of a manufacturing unit.

Employing an IoT solution for smart manufacturing is the key mantra for driving business growth in today’s digitally-driven world.

Smart Factory Market – Drivers & Restraints

Key Drivers:

• Increased use of IoT solution for smart manufacturing

• Rising need for higher levels of IoT security

• Simplified and optimal business processes

Key Restraints:

• Lack of standardization and interoperability issues

• Technologically unskilled workers and scarcity of trained workers

• Cybersecurity threats

• Higher costs

• Huge expectation for an increase in the number of nodes

Smart Factory Market – Country-level Analysis

Based on the region, the smart factory market is segmented into North America and South America, Asia Pacific, Europe and the Middle East, and Africa.

Countries covered under these major regions are as follows:

North and South America:

• US, Canada, Mexico,

• Argentina

• Brazil

• Rest of Americas

Europe:

• France, Germany, Italy, Spain, and the UK

• Eastern Europe

• CIS

APAC:

• China

• India

• Japan

• Australia

• Others

Asia-Pacific region is the dominating segment with a lion’s share in the market in the forecast duration 2020-2029.

Smart Factory Market – Top Market Players

Some of the top market players around the world include:

• Intel Corporation,

• General Dynamics Corporation,

• CMC Associates,

• Freescale Semiconductor Inc.,

• Honeywell International Inc.,

• Johnson Controls Inc.,

• Mitsubishi Electric Corporation,

• Rockwell Automation Inc.,

• Siemens AG,

• Schneider Electric SA,

• General Electric Co.,

• Apriso Corporation,

• Emerson Electric Co.,

• Invensys Plc.,

• Teledyne Technologies Inc.,

• ABB Ltd.,

• Fraunhofer-Gesellschaft, and

• National Instruments Corporation.

The above-mentioned companies have already adopted unique methodology and leveraged the smart factory solutions to expand their business territories and grab the largest market share in the industry. In today’s technological world, adopting smart factory automation in your business can work wonders for your growth in the future. Therefore, don’t waste your time using the traditional systems rather start investing smart factory solutions to take your business to the next level.

Smart Factory Market – Major Developments

Schneider Electric has established the second smart factory in Bengaluru, India in November 2019. This newly launched unit focuses on process automation and enhanced operational efficiency of the industries. This unit is likely to accelerate business growth along with the market share of the company.

In June 2018, PTC announced its long-term partnership with Rockwell Automation, Inc., which in turn will boost the business growth of both the parties. This partnership is expected to expand the resources, technologies, and market share of both companies.

So, now you see how smart factory automation is reaping rewards for the companies who are already leveraging the IoT solution for smart manufacturing and other smart manufacturing solutions over the years.

Smart Factory Market – Competitive and Market Share Analysis

The smart factory market across the globe comprises all small-medium enterprises that are competing with each other to make a mark in the global marketplace. Some of the top players have already used unique strategies such as smart factory automation, adoption of trending smart factory solutions and technology, expansions and joint ventures, new product launches, agreements, acquisitions, partnerships, and so on to gain the largest market share. The major regions that are dominating with the highest market share globally are Europe, North America, Asia-Pacific, South America and the Middle East, and Africa.

Growing Need for Smart Factory Automation Solutions

Transforming your traditional manufacturing unit into a smart manufacturing unit is the need of the hour in today’s digital era. If inaccuracy and inefficiency of manufacturing processes and huge waste production are the causes of your poor performance and growth, it’s high time that you should opt for an IoT solution for smart manufacturing. You should approach or hire a smart factory automation service provider who would analyze your current status, develop strategies, and provide you with the best-fit smart factory solutions that will give you a competitive edge in the market.

So, why wait? Head over to an experienced and reliable smart factory solutions provider to better optimize and accelerate your manufacturing process and business growth.