CHICAGO, Nov. 21, 2022 (Globe Newswire) — Report “Smart Factory Market By Component (Industrial Sensors, Industrial Robotics, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, MES, Industrial Safety, PAM), Industry (Processing Industry, Discrete Industry) and Region – Global Outlook to 2027″growing adoption of Industry 4.0 across industries, increasing number of initiatives by governments worldwide to promote adoption of modern and advanced technologies in factories, and rapidly increasing need for real-time data analysis are the major factors driving the smart factory market.
[293 Pages Report] The global smart factory market size is estimated at US$86.2 billion in 2022 and is expected to reach US$140.9 billion by 2027, at a compound annual growth rate of 10.3%.“
The main players in Smart factory industry
Rockwell Automation Inc. (United State) ,
Siemens AG (Germany),
Schneider Electric SE (France),
ABB (Switzerland), and
Honeywell International Inc. (United States) among others
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Browse the in-depth table of contents on Smart Factory size“
63 – numbers
293 – pages
Schneider Electric SE It is a European multinational company specializing in energy management and automation solutions. Schneider Electric SE operates through the Energy Management (medium voltage, low voltage and safe power) and Industrial Automation sectors. It operates in four primary markets: non-residential and residential buildings, utilities and infrastructure, industry and machinery manufacturers, and data centers and networks. The Energy Management business segment provides products and solutions to meet MV, LV and energy security requirements.
It provides medium voltage distribution and network automation solutions, which use SCADA, distribution management software (DMS), and operations management software (OMS). The Industrial Automation segment provides many products and solutions, including hardware and software automation products such as distributed control systems (DCS), human-machine interface operator panels, safety systems, motor starters, sensors, programmable logic controllers (PLCs), and control systems. Supervisory control and asset and operations management solutions for discrete and process automation manufacturing plants..
ABB It is a leading technology company offering a wide range of products such as control room solutions, metallurgy products, electric vehicle charging infrastructure, motors and generators, metering and analytics, mechanical power transmission and more. The company operates through four business divisions, namely Electrical, Motion, Process Automation, Robotics and Discrete Automation. The electrification sector offers protection and connectivity solutions, building products, installation products and medium voltage products. A separate Robotics and Automation division offers products, solutions and services under two separate business areas, Robotics and Machine Automation. Within the Robotics division, the company offers industrial robots, software, field services, parts, robotics systems and solutions, and related digital services. Within the Machine Automation division, the company offers solutions based on programmable logic controllers (PLCs), servo motion, transmission systems, industrial computers (IPC), and machine vision.
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Dynamics of the smart factory market
Drivers: Increasing adoption of industrial robots
Increasing miniaturization of sensors, increasing investments in automation (in the automotive, electrical, electronics, metals, and machinery industries), and increasing demand for Industrial robots Regulations in developing countries are the factors driving the growth of the industrial robots market. The increasing demand for automation across industries has led to an increase in the adoption of industrial robots in various industries. The growth of the industrial robots market can be attributed to the growth of the electronics industry and the rise in labor wages in manufacturing. This is expected to drive the demand for industrial robots and support the growth of the smart factory market during the review period.
Restriction: Security risks associated with cyber-physical systems
The manufacturing sector is the most targeted sector of cyber attacks, with about 47% of cyber attacks targeting the manufacturing sector to gain competitive advantages and trade secrets. Cyber-Physical System (CPS) is an advanced technology that integrates the virtual and physical worlds to build a factory with intelligent equipment. CPS technology has changed manufacturing processes. Cyber-physical manufacturing facilities use cutting-edge technologies such as robotics, big data, automation, artificial intelligence, virtual reality, sensors, augmented reality, and additive manufacturing to provide extraordinary flexibility, precision, and efficiency to manufacturing processes. However, security risks associated with CPS adoption may constrain the market. CPS enables communication between all plant equipment and stores critical information about the plant. This information may be at risk if the system is hacked.
Opportunities: The emergence of 5G technology in the smart factory market
With 5G, smart factory owners can use cellular technologies more securely and can adjust them for specific use cases. By placing sensors on equipment connected to 5G networks, they can remove data from manufacturing networks without connecting to the devices; This can make the optimization smooth in real time. Many manufacturers are adopting 5G network to achieve strong, uninterrupted connectivity. Installing a 5G network in factories eliminates the need for wired connectivity, enabling a high-speed manufacturing environment with high flexibility and less downtime. It becomes imperative for industries to have a network that they can support in terms of speed, coverage and reliability. The emergence of 5G network will provide a comprehensive solution for factories and create great opportunities for smart factories.
Challenges: Interoperability between IT and OT
The biggest challenge to implementing a smart factory is the lack of interoperability between information technology (IT) and operating technology (OT); IT and OT use different protocols and architecture, which greatly increases the complexity and costs associated with smart factory adoption. Most operating systems today operate in silos. However, a smart factory requires a fully functional digital ecosystem to seamlessly share data between machines and other physical systems of various manufacturers. Enterprises that master the interoperability of information and operation technology will have an advantage in manufacturing, which will be reflected in production yield. Moreover, most companies have invested heavily in expensive industrial equipment with a long life. The equipment is designed to operate in a standalone manner, which is the main pain point for end users, as this equipment does not fit into the IoT ecosystem.
The Industrial control and factory automation market Estimated at $147.9 billion in 2022 and expected to reach $218.8 billion by 2027, at a compound annual growth rate of 8.2%.
The smart manufacturing market It was valued at US$97.6 billion in 2022 and is expected to reach US$228.3 billion by 2027; It is expected to grow at a compound annual growth rate of 18.5% from 2022 to 2027.
The Oil and gas industrial automation market It is expected to grow from US$14.9 billion in 2020 to US$18.7 billion by 2025; It is expected to grow at a compound annual growth rate of 4.7% from 2020 to 2025.
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