Smart Factory Market Size & Share poised for growth by 2021

The smart factory is the new trend in the manufacturing industry. It includes systems such as cyber–physical technology, Internet of Things, and cloud computing. In cyber–physical system, the process is handled by the computer which is connected to the Internet and its users. Physical and software elements are weaved together. Internet of Things enables cyber–physical mechanism to connect with each other and human beings in real-time. The smart factory provides advanced and automated facilities to make manufacturing process faster, more efficient, and safer. This is helping to minimize the gap between digital world and traditional industrial manufacturing methods.

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The use of advanced machinery and manufacturing processes are increasing in the industries worldwide, companies are focusing on lesser energy consumption, efficient production practices, use of robots, and RFID are some factors contributing to the global smart factory market growth. Automation helps industries to use every minute of the production time to its fullest by streamlining the processes. Due to an Internet of Things, machines are connected to each other and its users, this reduces time wastage and decisions can be taken in real-time. Additionally, manufacturing can be done smoothly without any disturbance as the entire process is digitized. All these advantages are forcing industries to have smart factories.

This trend is of substantial value in industries such as transportation, packaging, oil, mining of minerals, and others. Hence, companies all over the world are investing in this untapped industry. However, lack trained man force and growing skill gap factors hindering the growth of the global smart factory market.

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The global smart factory market is segmented on the basis of products, end-users, technology, and region. On the basis of products, the global market is segmented as industrial robotics, control devices, machine vision system, communication technology, and sensors. Industrial robotics and machine vision system are dominating the market. On the basis of end-users, the global market is segmented as chemical & petrochemical, aerospace, oil & gas, automotive, mining, defense, and others. Of which, the chemical & petrochemical segment is leading the market followed by oil and gas. On the basis of technology, the global smart factory market is divided as production lifecycle management, enterprise resource planning, distributed control system, programmable logic controller, and others.

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North America is leading the global smart factory market. This trend is followed by the Asia Pacific. As the market is growing, industries are finding better ways to cater to the customers and users of these technologies by investing more in R&D process.

Some of the major companies leading this market include General Dynamics Corporation, Freescale Semiconductor Inc., Intel Corporation, Siemens AG, and Emerson Electric Co. Other major players influencing the global market are CMC Associates, Apriso Corporation, National Instruments Corporation, Invensys Plc., ABB Ltd., and Fraunhofer-Gesellschaft.

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