The market is segmented by product type (industrial robotics, control devices, machine vision system, communication technology, sensors), by technology (production lifecycle management (PLM), enterprise resource planning (ERP), distributed control system (DCS), programmable logic control (PLC), Manufacturing execution system (MES), supervisory control and data acquisition (SCADA), others (HMI, SCARA)), by end-users (Chemical Industry, Oil and Gas Industry, Aerospace industry, Automotive industry, Mining industry, others (defence, consumer electronics)) and by region (North America, South America, Asia Pacific, Europe and Middle East and Africa). Smart factories employ the principles of cyber-physical technology, Internet of Things, and cloud computing technologies. The smart factory provides advanced and automated facilities to make the 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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Market Dynamics
Increasing industrial automation, demand for productivity, managing challenges in the manufacturing process, complying with quality control policies, and growing application of cloud services are some of the salient factors responsible for the growth of the global smart factory market. Changes in monetary and social conditions set apart by a significant increase in manufacturing indicate the growing rate of industrialization among the countries of the world. According to the International Yearbook of Industrial Statistics 2018 released by United Nations Industrial Development Organizations (UNIDO), the world manufacturing value added (MVA) rose by 3.5% in 2017, the highest rate in the last seven years. According to the International Federation of Robotics (IFR), over 1.8 million industrial robots were in operation globally at the end of 2016 pacing up the industrial automation growth rate. which is likely to propel the growth of the global smart factory market in the future.
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Segment Analysis
The Oil and gas industry is expected to drive the global smart factory market at a higher rate owing to the increasing demand for automation in oil and gas industry and high global production of oil and gas. Automation and Instrumentation services in Digital oilfields include SCADA (Supervisory control and data acquisition), smart good sensors, wireless sensors, distributed control systems, and other components which are widely used to monitor industrial operations and real-time process data. These components are crucial for driving the market, and the oil and gas industry is expected to dominate the global smart factory market in the future.
Competitive Landscape
Key players are Siemens AG, Schneider Electric SE, Honeywell International, Robert Bosch GmbH, Rockwell Automation, ABB Ltd, General Electric, General Dyanamics Corporation, Invensys PLC, Mitsubhishi Electric Co.
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