The global smart factory market is estimated to grow at a significant CAGR of XX% during the forecast period. The market for the smart factory is growing due to the increasing adoption of machine learning and deep learning technologies by the manufacturing sector for smart manufacturing and supply process. The manufacturing industry has been home to substantial activities in the past few years aiming for new advancements based on smart technologies. This includes standardized schemes and establishment of ecosystems that tie together the IT and manufacturing industries, with the introduction of IIC (Industrial Internet Consortium) in the US, led by General Electric Company, as well as the introduction of government-led Industry 4.0 initiative in Germany. Various companies are adopting autonomous decentralized systems.
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The global smart factory market is classified on the basis of components and industry. Based on component the market is segregated into hardware and software. The smart factory hardware includes sensors, industrial robots, machine vision, and others. As per IFR, the estimated annual supply of industrial robots in the automotive industry has increased from 103,000 units in 2016 to 116,000 in 2018. Electrical and electronic held the second-largest position in industrial robots with 113,000 units’ installation in 2018. The rising demand for industrial robots and industry 4.0 further contributes to the growth of the hardware segment. On the basis of industry, the global smart factory market is segregated into automotive, aerospace & defense, electrical & electronics, energy & power, chemical industry, and others.
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Global Smart factory Market Segmentation
By Component
- Hardware
- Sensors
- Industrial Robots
- Machine Vision
- Software
By Industry
- Automotive
- Aerospace and Defense
- Electrical and Electronics
- Energy & Power
- Chemical Industry
- Others (Healthcare)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
