Dublin, April 10, 2019 (GLOBE NEWSWIRE) -- The "Smart Factory Market by Technology (DCS, PLC, MES, ERP, SCADA, PAM, HMI, PLM), Component (Sensors, Industrial Robots, Machine Vision Systems, Industrial 3D Printing), Industry, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The smart factory market is expected to be valued at USD 153.7 billion in 2019 and is expected to reach USD 244.8 billion by 2024, at a CAGR of 9.76% between 2019 and 2024.
The market growth can be attributed to increasing adoption of industrial robots, evolution of the Internet of Things (IoT), growing demand for smart automation solutions, and increasing emphasis on regulatory compliances. However, huge capital investment and security threat of cyber physical systems act as restraints for the market.
Smart factory is an emerging trend that encompasses set of technologies, solutions, and products. It connects people, processes, and machines in industrial environment to enable advance manufacturing. Smart factory offers multiple benefits that help users to optimize process, reduce errors, improve quality, and eliminate waste.
The concept for smart factory is there in the market since many decades. But the market has change its direction in the past few years as paradigm for factory automation has shifted from traditional product based automation to smart automation. The latter part is driven by data; thus, data is the powerhouse in the present digital era. Emerging technologies and connected assets affect supply chains both upstream and downstream, thus required a rethink for everything from sourcing to logistics.
There is increasing emphasis on industrial automation and optimum utilization of resources that are drivers for the industry control and factory automation market. Components and solutions forms the overall industry automation and factory control market. Components include industrial robots, sensors, field instruments, machine vision, control valves, HMI, industrial PC, and industrial 3D printing. Solutions offered are distributed control systems (DCS), supervisory control and data acquisition (SCADA), programmable logic controller (PLC), manufacturing execution system (MES), product lifecycle management (PLM), functional safety, and plant asset management (PAM).
The industry control and factory automation market include suppliers such as Emerson Electric Company (US), Mitsubishi Corporation (Japan), Siemens AG (Germany), ABB LTD. (Switzerland), Schneider Electric SE (France), Rockwell Automation, Inc. (US), OMRON Corporation (Japan), Honeywell International Inc. (US), FANUC Corporation (Japan), and STRATASYS LTD. (US), and Yokogawa Electric Corporation (Japan).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Smart Factory Market, 2019-2024 (USD Billion)
4.2 Smart Factory Market, By Component (2019-2024)
4.3 Smart Factory Market, 2019-2024 (USD Billion)
4.4 Smart Factory Market, By Industry and Type
4.5 Smart Factory Market, Partnerships
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Industrial Robots
5.2.1.2 Industrial IoT (IIoT): Revolution to the Industry
5.2.1.3 Importance of Energy Efficiency, Resource Optimization, and Cost Reduction
5.2.1.4 Increasing Emphasis on Real-Time Data Analysis, Enhanced Visibility, and Predictive Maintenance
5.2.2 Restraints
5.2.2.1 Risk Associated With Security of Cyber-Physical System
5.2.2.2 Requirement of A Significant Amount of Capital Investments
5.2.3 Opportunities
5.2.3.1 Lucrative Opportunities for Collaborative Robots
5.2.3.2 Ongoing Advancements in 3D Printing Technology
5.2.4 Challenges
5.2.4.1 Interoperability Between Information Technology (IT) and Operational Technology (OT)
5.2.4.2 Lack of Awareness in Small and Medium-Sized Businesses
5.3 Enabling Technologies of Smart Factory Ecosystem
5.3.1 Artificial Intelligence
5.3.1.1 Importance of AI in Smart Factory
5.3.2 Augmented Reality (AR)
5.3.2.1 AR Enhancing the Smart Manufacturing Workforce
5.3.3 Big Data and Analytics
5.3.3.1 Big Data and Analytics: Crucial Industrial Communication
5.3.4 Blockchain
5.3.4.1 Connecting Blockchain and Iot
5.3.5 Industrial Cybersecurity
5.3.5.1 Defense for Smart Manufacturing
5.3.6 5G
5.3.6.1 5G Technology to Drive Smart Factory Market
6 Smart Factory Market, By Component
6.1 Introduction
6.2 Sensors
6.2.1 Evolution of Sensor Technology Empowering Smart Factory Market
6.3 Industrial Robots
6.3.1 Traditional Industrial Robots
6.3.1.1 Articulated Robots
6.3.1.2 Cartesian Robots
6.3.1.3 Selective Compliance Assembly Robot ARM (SCARA)
6.3.1.4 Cylindrical Robots
6.3.1.5 Other Robots
6.3.2 Collaborative Robots
6.3.2.1 Collaborative Robots Being Most Emerging Among All the Types of Industrial Robots
6.4 Industrial 3D Printing
6.4.1 Evolution of Industrial 3D Printing to Drive Smart Factory Market
6.5 Machine Vision
6.5.1 Camera
6.5.1.1 Digital Camera
6.5.1.2 Smart Camera
6.5.2 Frame Grabbers, Optics, and Led Lighting
6.5.2.1 Increasing Demand of Led and Laser Lighting
6.5.3 Processor and Software
6.5.3.1 Processor and Software Being Important Part of Machine Vision System
7 Smart Factory Market, By Technology
7.1 Introduction
7.2 Product Life Cycle Management (PLM)
7.2.1 Global Demand for Efficiency and Productivity in Manufacturing Plants
7.3 Manufacturing Execution System (MES)
7.3.1 Increasing Adoption of Manufacturing Execution System (MES) to Offer Growing Benefits to Process and Discrete Industries
7.4 Programmable Logic Controller (PLC)
7.4.1 Growing Demand for Micro and Nano PLCs in Smart Factory Market
7.5 Supervisory Control and Data Acquisition (SCADA)
7.5.1 Shift Toward the Development of SCADA App for Smartphones to Uplift the Smart Factory Market Growth
7.6 Enterprise Resource Planning (ERP)
7.6.1 Potential of Integrating Critical Business Information Across an Organization Drives the Adoption of ERP Solutions in Smart Factories
7.7 Distributed Control System (DCS)
7.7.1 Expanding Industrial Infrastructure in Developing Regions
7.8 Human-Machine Interface (HMI)
7.8.1 Evolution of Industrial Internet of Things (IIoT) Leading to Adoption of HMI
7.9 Plant Asset Management (PAM)
7.9.1 PAM to Predict Failure in Advance to Avoid Future Loss
8 Smart Factory Market, By Industry
8.1 Introduction
8.2 Process Industry
8.2.1 Oil and Gas
8.2.1.1 Increase in Demand for Remote Monitoring Solutions Due to the Growing Number of Drilling Operations in Remote Offshore Locations
8.2.2 Chemicals
8.2.2.1 Growth of Smart Factory Market Due to Increasing Automation in the Chemicals Industry
8.2.3 Pulp and Paper
8.2.3.1 Raising Adoption of Digitalization in the Paper Manufacturing to Drive Smart Manufacturing Process
8.2.4 Pharmaceuticals
8.2.4.1 Increasing Implementation of Automated Processes to Ensure the Sophisticated Manufacturing Process
8.2.5 Metals and Mining
8.2.5.1 Rise in Demand for Predictive Maintenance Encourages Adoption of Smart Factory Solutions
8.2.6 Food and Beverages
8.2.6.1 Rapid Technological Development in the Industry Leading to the Growth of the Smart Factory Market
8.2.7 Energy and Power
8.2.7.1 Increasing Demand for Advanced Monitoring Solutions Drives the Demand for Smart Technologies
8.2.8 Others
8.2.8.1 Growing Demand for the Process Control Solutions Due to the Increasing Significance of Product Quality and Production Efficiency
8.2.8.2 Technological Development Leading to the Adoption of Automation Solutions in Water Treatment Plants
8.3 Discrete Industry
8.3.1 Automotive
8.3.1.1 Increasing Investment By Key Automotive Manufactures for the Deployment of Smart Factory
8.3.2 Aerospace and Defense
8.3.2.1 High Equipment Cost Encourages the Adoption of Smart Factory Solutions to Ensure Proper Functioning of the Equipment
8.3.3 Semiconductor and Electronics
8.3.3.1 Continuous Advancements in the Industry Encourage the Adoption of Smart Factory Solutions to Enhance the Productivity
8.3.4 Machine Manufacturing
8.3.4.1 Increasing Need for Predictive Maintenance to Grow the Smart Factory Market
8.3.5 Medical Devices
8.3.5.1 Adoption of Smart Factory Solutions Enabling Higher Efficiency in Manufacturing Processes
8.3.6 Others
9 Smart Factory Market, By Geography
10 Competitive Landscape
10.1 Overview
10.2 Competitive Analysis
10.2.1 Market Ranking Analysis: Smart Factory Market, 2017
10.2.2 Financial and Operational Performance Benchmarking for Select Companies in Smart Factory Market
10.3 Competitive Leadership Mapping, 2018
10.3.1 Vanguards
10.3.2 Dynamic Differentiators
10.3.3 Innovators
10.3.4 Emerging Companies
10.4 Competitive Situation and Trends
10.4.1 Agreements, Contracts, Joint Ventures, Collaborations & Partnerships
10.4.2 Product Launches and Developments
10.4.3 Acquisitions and Expansions
11 Company Profiles
11.1 Key Players
11.1.1 Siemens
11.1.2 General Electric
11.1.3 ABB
11.1.4 Rockwell Automation
11.1.5 Schneider Electric
11.1.6 Honeywell
11.1.7 FANUC
11.1.8 Mitsubishi Electric
11.1.9 Emerson Electric
11.1.10 Yokogawa Electric
11.1.11 Robert Bosch
11.1.12 Stratasys
11.2 Other Players
11.2.1 TE Connectivity
11.2.2 Texas Instruments
11.2.3 HP
11.2.4 KUKA
11.2.5 SAP
11.2.6 Omron
11.2.7 Dassault Systemes
11.2.8 Qualcomm
For more information about this report visit https://www.researchandmarkets.com/research/qrf9s8/global_smart?w=12
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