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“Smart factory market expected to exhibit significant growth potential between 2017 and 2022”The Smart Factory Market is projected to grow at a CAGR of 9.3% between 2017 and 2022, to reach USD 205.42 billion by 2022. The key driving factors for the growth of the smart factory market are the increase in adoption of industrial robots, the evolution of Internet of Things (IoT), growth in demand for smart automation solutions, and increase in emphasis on regulatory compliances. However, the factors such as huge capital investments and the risks associated with security of cyber-physical system are the major factors restraining the growth of this market.
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“DCS technology expected to hold a major share of the smart factory market during the forecast period”
DCS technology is expected to hold a major share of the market by 2022. This growth is attributed to a high rate of industrialization in the developing economies. The developing regions are witnessing the expansion of the manufacturing activities at the highest pace due to the availability of skilled workforce, low labor cost, and availability of resources. Developing countries have expansion and capacity addition plans related to the power sector, which would boost the demand for DCS.
“Market for industrial 3D printing expected to grow at the highest rate between 2017 and 2022”
The industrial 3D printing market is projected to grow at the highest rate between 2017 and 2022. The market growth is attributed to the increasing adoption of 3D printing technology in industries such as automotive, aerospace and defense, food and beverages, and semiconductor and electronics.
“Market for the automotive industry to account for largest share of the global smart factory market, during the forecast period”
The automotive industry is expected to hold the largest size of the smart factory market during the forecast period. Advancement in automotive manufacturing technologies and an increase in investment by key automotive manufacturers are some of the factors expected to drive the market for the automotive industry. Smart manufacturing plays a key role in the development and production of quality automobiles. Innovations in the assembly line methods are welcomed by the vehicle manufacturers to enhance quality and increase factory productivity.
“Smart factory market in APAC expected to grow at the highest rate during the forecast period”
The smart factory market in the APAC region is projected to grow at the highest rate between 2017 and 2022. The growth of the market is primarily driven by the growing manufacturing sector in the region. Furthermore, continuous advancements and technological innovations in various industries; economic development in China, Japan, and India; growth in infrastructural developments in other countries in Southeast Asia; and an increase in foreign investments in this region are driving the growth of the smart factory market in the region.
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The breakdown of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 = 50%, Tier 2= 30%, and Tier 3 = 20%
• By Designation: C-Level Executives = 70%, Directors = 20%, and Others = 10%
• By Region: North America = 40%, Europe = 35%, APAC = 15%, and RoW = 10%
The key players in the smart factory market include ABB Ltd.(Switzerland), Atos SE (France), Emerson Electric Co. (U.S.), FANUC Corporation (Japan), General Electric Co. (U.S.), Honeywell International Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan).
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