Originally published on Technavio : Smart Factory Market Analysis across North America, Europe, APAC, South America, the Middle East, and Africa - US, China, Japan, UK, Germany - is detailed in a comprehensive report forecasting trends from 2023 to 2027. The market is projected to experience a USD 73.68 billion increase between 2022 and 2027, with a CAGR of 9.26%. The US dominated the market in 2017, reaching an annual revenue of USD 16.22 billion.
The report segments the industry based on components, including Industrial Sensors, Industrial Robots, Industrial 3D Printers, and Machine Vision Systems. Solutions are categorized as SCADA, MES, DCM, PLC, and PLM, and geographical regions encompass North America, Europe, APAC, South America, and the Middle East and Africa. This comprehensive forecasting report offers market size, historical data from 2017 to 2021, and future projections in USD billion for each segment.
Market Dynamics and Analysis:
The global smart factory market is primarily driven by the imperative need to simplify intricate manufacturing processes. The focus on maintaining plant assets has led to complexities in production due to customized product demands. Managing the intricate relationship between production equipment, inventory, and support systems further adds to the complexity. To address these challenges, industries are adopting industrial automation, including SCADA, DCSs, and PLCs. These systems effectively monitor processes, gather data, and strive for operational efficiency and asset maintenance to avert disruptions and revenue loss.
Regional Outlook:
North America is estimated to contribute significantly, accounting for 41% of global market growth by 2027. This is attributed to the emergence of Industry 4.0 concepts, fostering the use of IoT, cloud computing, and automation in the industrial sector. The demand for smart factory solutions is expected to increase, particularly in the oil and gas industry, due to the initiation of new chemical and petrochemical projects in the region.
Market Overview:
The Smart Factory Market focuses on enhancing energy efficiency, resource optimization, and cost reduction in production operations through innovative technologies such as IoT, artificial intelligence, and augmented reality. By integrating compatible devices and leveraging technologies like machine learning and physics-based modeling, smart factories create an augmented reality experience for engineers and technicians on the shop floor. Digitization, automated processes, and internal data tracking contribute to increased productivity, sustainability, and global competition across diverse manufacturing sectors.
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The market growth and forecasting report provides revenue-based growth forecasts at global, regional, and country levels from 2017 to 2027. The components are categorized into Industrial Sensors, Industrial Robots, Industrial 3D Printers, and Machine Vision Systems, offering insights into the latest trends and growth opportunities.
