Smart Factory Market to Witness Growth by a CAGR of ~12% throughout 2022 – 2030

Research Nester published a report titled Smart Factory Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global smart factory market in terms of market segmentation by component, product, end user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global smart factory market is expected to garner a large revenue by growing at a CAGR of ~12% throughout the forecast period, i.e., 2022 – 2030, owing to the rising emphasis on energy conservation in factories, increasing adoption of industrial robots, and escalating demand for AI and IoT in industrial environments. Furthermore, growing digitization associated with supply and chain processes around the world is also estimated to fuel the expansion of market in the coming years.

The market is segmented on the basis of component, product and end user. On the basis of component, the software segment is anticipated to occupy the largest share during the forecast period in view of increasing use of software such as product lifestyle management and enterprise resource planning. Additionally, based on product, the industrial 3D printers segment is expected to grab the largest market share over the forecast period owing to the growing implementation of these printers in several end user industries.

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Regionally, the global smart factory market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is expected to acquire the largest share and witness the highest growth in the market over the forecast period, which can be attributed to the escalating factory automation in China and presence of large number of automobile plants in the region.

Growing Adoption of Industrial Robots Across Factories Worldwide to Drive Market Growth

Since the last few years, industrial robots have been proven to be highly useful to perform industrial applications such as material handling, product testing, and for assembling electronic and mechanical equipment. Furthermore, growing emphasis to miniaturize sensors is also predicted to boost the rise in establishment of smart factories, which in turn is anticipated to fuel market growth in the coming years.

However, need for large capital investments to deploy smart factories is expected to operate as key restraint to the growth of the global smart factory market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global smart factory market which includes company profiling of GENERAL ELECTRIC COMPANY, ABB Ltd., Rockwell Automation, Inc., Emerson Electric Co., Schneider Electric SE, Endress+Hauser AG, Honeywell International Inc., Yokogawa Electric Corp., Mitsubishi Electric Corp., Yokogawa Electric Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart factory market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.  

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