Selbyville, Delaware, June 11, 2019 (GLOBE NEWSWIRE) --
The smart factory market is poised to rise from USD 75 billion in 2018 to over USD 155 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The market is driven by the growing demand for intelligent industrial solutions that organize output and save huge labor & operational costs. These factories are digitally advanced & connected facilities that enhance the manufacturing performance along with replacing human workers in a variety of operations.
Several technologies including IoT, AI, big data, and analytics in the smart factory market have the ability to operate autonomously. and correct by itself. Various planning & management software detect probable errors and alert managers to eliminate losses, creating a high demand for these solutions. Additionally, government initiatives & policies in the European and Asian countries to promote the utilization of intelligent factory techniques are also major factors attributing to smart factory expansion. The industry is witnessing a high demand from the automotive, pharmaceutical, food & beverage, etc. applications owing to the popularity of cost-effective and automated benefits.
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Machine vision components are witnessing an increasing demand in the smart factory market owing to the improved quality & consistency in manufacturing operations. Reduced manufacturing & operational costs due to the requirement of less labor for running equipment and process monitoring benefits industries, driving the market growth. With the integration of vision components with production machines, the assembly, testing, and inspection functions can be performed in less space, reducing the overall footprint. These systems aid production teams & managers to perform intricate & complex tasks with high speed & precision, creating smart factory market solution demand. The machine vision cameras are increasingly deployed in intelligent factories due to high resolution and inspection advantages compared to traditional methods.
Distributed Control Systems (DCS) in the smart factory market are gaining popularity due to flexibility & simplicity advantages in controlling, monitoring, and reporting processes. These systems control complex enterprise processes, which are distributed throughout the entire system. The controlling and redundancy features in DCS enhance the system availability & reliability, creating several market development opportunities. The industry players are launching new distributed control systems for applications in various manufacturing sectors.
Browse key industry insights spread across 205 pages with 265 market data tables & 32 figures & charts from the report, “Smart Factory Market Size By Component (Hardware [Sensors, Industrial Robots {Articulated Robots, Cartesian Robots, SCARA Robots, Cylindrical Robots, Collaborative Robots}, Machine Vision], Software [HMI, Product Life Cycle Management (PLM), Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS)], Service), By Application (Automotive, Aerospace & Defense, Food & Beverage, Electrical & Electronics, Energy & Power), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/smart-factory-market
In the smart factory market, automotive applications will grow at over 12% CAGR from 2019 to 2025 due to the transformation of automobile manufacturing facilities by adopting automated & robotic technologies. The Asian automotive industry is witnessing increased adoption of intelligent solutions such as asset management, enterprise resource planning, etc. to gain high productivity and reduce labor costs. Major automotive manufacturers are transforming their production facilities with industrial robots that perform several manufacturing related tasks with high efficiency compared to human labors. The OEMs are collaborating with software & service providers for building intelligent manufacturing units and gain IIoT benefits.
The Europe smart factory market was valued at over USD 25 billion in 2018 and is gaining high popularity due to the integration of these technologies across various manufacturing sectors. The countries including the UK, Germany, France, etc. are witnessing rapid technical development in manufacturing & supply chain industries due to high labor costs in the region. The European countries have a robust automotive production industry, which is developing due to increasing passenger & luxury car demand. As a result, the companies are developing intelligent operational capabilities, developing the smart factory market.
The key companies present in the smart factory market are Rockwell Automation, Schneider Electric, ABB, General Electric, Fanuc, Robert Bosch GmbH, Siemens AG, Honeywell International Inc., and Emerson Electric.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.