According to a new market research report published by Acute Market Reports “Global Smart Factory Market (Component (Industrial Robots, Machine Vision, Industrial IoT, Industrial Additive Manufacturing); Solution (Product Life Cycle Management (PLM), Manufacturing Execution System (MES), Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Enterprise Resource Planning (ERP), Distributed Control System (DCS), Human–Machine Interface (HMI), Plant Asset Management (PAM)); Application (Automotive, Aerospace & Defense, Food & Beverages, Electronics & Electrical, Chemical, Pharmaceuticals, Energy & Utility, Mining, Others)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the smart factory market is set to grow with a CAGR of 9.5% during the forecast period
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The market is driven by the increasing automation and automation of advance technologies across various industry verticals. Smart manufacturing is defined as the connected and highly digitalized production facility that leverages on advance manufacturing technologies such as additive manufacturing, robotics and real time monitoring to enhance the operational efficiency and reduce the cost of operation. It is combination multiple technologies and systems such as IoT, robots, machine vision, additive manufacturing, and other communication technology.
The organizations are moving towards smart factories to take full advantage of the large chunks of the data not only for product development and increasing operation efficiency, but also for the development of new business models. The organization can use advance analytics and predictive applications to optimize the company’s performance and mitigate risks. For instance, Boeing recently launched AnalytX, through which it provides data analytics tools and services to its customers. The company’s analytics-based solutions and consulting services were designed to help customers enhance operations by exploring data-based flight plans that deliver insights to help maximize fuel efficiency and minimize operational disruptions.
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The automotive sector accounted for more than 20% share in the smart factory market. The segment growth is credited to the increasing adoption of the industry 4.0 revolution across the globe. The automotive companies are heavily leveraging on the smart technologies to reduce the overall cost of operations and gain operational efficiency. Furthermore, the supportive government policies to promote the use of advance technologies are also accelerating the adoption of smart factory concept across the automotive sector.
North America accounted for over 25% share in the smart factory market. The growth of the market is credited to the early adoption of the technology in the region. The automotive companies in the region are swiftly shifting towards the new business models and digitalizing their operational processes. The hefty investment by the government in the advance technologies such as additive manufacturing, industrial IoT and automation is further developing numerous growth opportunities for the growth of the market.
The major vendors of the Smart Factor market are ABB Ltd., Emerson Electric, FANUC, General Electric, Honeywell International, Mitsubishi Electric, Robert Bosch, Rockwell Automation, Schneider Electric, Siemens, and Yokogawa Electric.
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