Smart Factory Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Global Smart Factory Market was valued at USD 270.74 Billion in 2020, and it is expected to reach USD 461.82 Billion by 2026, registering a CAGR of 9.33% during the forecast period, 2021-2026
- The adoption of smart systems can reduce the need for human labor, particularly in challenging environments. Quality control processes have historically relied on human intervention, but a greater availability of these smart factory systems, with more user-friendly controls, is expected to gain popularity in complex manufacturing settings.
- Coupled with the Industrial Internet of Things (IIoT) and smart factories, where industrial devices are connected to each other via the internet, the sheer volume of real-time data (Big Data) would create means for Industry 4.0 to bring about a massive change, in the way modern-day control systems function.
Key Market Trends
Growing Adoption of IoT across the Value Chain
- IoT is fruitful in applications, where faster development and real-time monitoring of quality are the vital factors ensuring greater benefits to the end user. The manufacturing sector is one such end user where real-time monitoring and feed back is vital for seamless manufacturing operations. IoT has numerous applications in the manufacturing sector. It can facilitate the production course in a plant, as IoT devices can automatically monitor development cycles and manage warehouses and inventories.
The smart factory market is a highly competitive market and consists of several major players. In terms of market share, few of the major players currently dominate the market, and the market is moving toward a consolidated stage. These major players in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic initiatives, like mergers and acquisitions, partnerships, and product innovation to increase their market shares and profitability. The major players in the market are Siemens Ag, Schneider Electric SE, Honeywell international, and Robert Bosch GmbH, among others.
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