Smart Factory Market worth $164.0 billion by 2029 - Exclusive Report by MarketsandMarkets™
Industrial sensors to hold the largest market share in smart factory market in the year 2023.
CHICAGO, March 25, 2024 /PRNewswire/ -- The global Smart factory market is expected to grow from USD 100.6 billion in 2024 to USD 164.0 billion by 2029, registering a CAGR of 10.3% according to a new report by MarketsandMarkets™. The smart factory market is witnessing strong global growth due to the widespread adoption of Industry 4.0 technologies. The incorporation of automation, IoT, and AI in manufacturing processes is enhancing operational efficiency, reducing expenses, and optimizing production. The increasing demand for intelligent manufacturing solutions is driving the expansion of the smart factory market on a global scale.
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Browse in-depth TOC on "Smart Factory Market"
150 – Tables
60 – Figures
215 – Pages
Silicon Carbide Market Report Scope:
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Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 100.6 billion |
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Estimated Value by 2029 |
$ 164.0 billion |
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Growth Rate |
Poised to grow at a CAGR of 10.3% |
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Market Size Available for |
2020–2029 |
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Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Component, Solution, Industry and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Vulnerability to cyberattacks |
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Key Market Opportunities |
Emergence of 5G technology in smart factory |
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Key Market Drivers |
Rising demand for technologies such as IoT and artificial intelligence in industrial environments |
Industrial sensors to hold the largest market share in smart factory market in the year 2023.
The global industrial sensor market is witnessing substantial growth, propelled by escalating automation trends and the widespread embrace of Industry 4.0 strategies. These sensors, pivotal for process monitoring and control, foster heightened efficiency, diminished downtime, and enhanced productivity across various industries, spanning manufacturing, energy, and transportation. Technological breakthroughs, notably the integration of IoT and sophisticated data analytics, are pivotal contributors to the escalating adoption of industrial sensors, shaping a globally interconnected and data-centric industrial environment.
Plant Asset Management (PAM) to record the highest CAGR during the forecast period.
Plant asset management (PAM) is experiencing rapid growth in the smart factory market as industries increasingly prioritize efficient operations. PAM integrates advanced technologies like IoT sensors and predictive analytics to monitor and manage industrial assets, enhancing overall plant performance. The rising demand for real-time data, predictive maintenance, and cost optimization is driving the adoption of PAM solutions in smart factories, ensuring optimal asset utilization and minimizing downtime, thereby fueling the expansion of this technology in the industrial landscape.
Metals and Mining industry segment to record the highest CAGR during the forecast period.
The metals and mining sector has undergone significant transformation with the burgeoning adoption of smart factories. The incorporation of cutting-edge technologies like IoT, AI, and automation has streamlined production processes, bolstered operational efficiency, and elevated safety standards in mining activities. Smart factories facilitate real-time data analysis, predictive maintenance, and seamless communication among machinery, fostering a more agile and sustainable industry. This paradigm shift represents a crucial milestone in the metals and mining domain, catalyzing innovation and heralding a new era of intelligent and interconnected manufacturing.
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Asia Pacific is expected to grow at the highest CAGR in the Smart factory industry from 2024 to 2029.
The smart factory sector in the Asia Pacific region has experienced substantial growth, driven by substantial investments in digital transformation and the widespread adoption of Industry 4.0 technologies. Governments and industries are actively deploying advanced solutions such as IoT, AI, and robotics to enhance manufacturing efficiency. This strategic integration of intelligent systems, data analytics, and automation is fostering innovation, bolstering competitiveness, and propelling economic development. As a consequence, the Asia Pacific region is witnessing a notable uptick in the establishment and expansion of smart manufacturing facilities, signifying a significant stride in technological advancement and business evolution.
Key players operating in the Smart factory companies include ABB (Switzerland), Emerson Electric Co. (US), Siemens (Germany), Schneider Electric (France), Mitsubishi Electric Corporation (Japan), General Electric (US), Rockwell Automation, Inc. (US), Honeywell International Inc. (US), Yokogawa Electric Corporation (Japan), OMRON Corporation (Japan), Endress+Hauser (Switzerland), FANUC Corporation (Japan), WIKA (Germany), Dwyer Instruments, LLC. (US), Stratasys (US), 3D Systems Corporation (US) and Others in the Smart factory market.
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