Smart Factory - The next big leap in Manufacturing Ecosystem
The market value of smart factory manufacturing industries stood at USD$ 153.7 billion for the year 2019. The industry is expected to grow at a CAGR of 9.76% during the period of 2019-2024, which would roughly account for USD$ 244.82 of the total global business profit. The advent of Internet of Things (IoT), increased dependence of manufacturers on technology for better output, connected enterprise along with the demand for increased production have played a key role in increasing the global size of smart factory market.
The smart factory manufacturing industries are scattered in nature, owing to the presence of several major global companies who deal with the sale of hardware, software and other technology related components for factory automation. To deal with the competitive needs of the manufacturers, several entities who manufacture technologies related to smart factory manufacturing industries have been partnering at global level to develop new industrial solutions. For example the prominent players of smart factory in global market includes General Electric, Honeywell International Inc., ABB, Emerson Electric, Robert Bosch GmbH, Schneider Electric, Rockwell Automation, Siemens. These companies entered into a partnership and collaboration for developing highly advanced and automated technologies, which would support smart factory intelligence manufacturing trends.
The smart factory manufacturing industries aids production unit, to perform and carry out complex tasks, without involving human labor and reducing the error occurrence, has increased the demand of smart factory manufacturing industries.
Latest trends in smart factory manufacturing industries
The Distributed Control Systems (DCS) has been the latest sensation in smart factory manufacturing industries. The basic features which has helped the product to grow in the smart factory market includes its flexibility to adapt with any form of industries, simplified features of the product which enables the manufacturers to have control over monitoring and reporting processes. These systems control the complex sections within industrial units.
The controlling and monitoring ability of Distributed Control Systems (DCS) has enabled the product to create its own market in smart factory manufacturing industries. This is evident from key players of the industry launching new Distributed Control Systems (DCS) for applications in various manufacturing sectors. For example, in March 2019 ABB (Switzerland) announced the launch of its new Distributed Control Systems (DCS), with the capability of 800*A6.1, which provides flexible and efficient engineering solutions.
It is to be noted, that the market of automotive applications in smart factory manufacturing industries is expected to grow at over 12% CAGR between the period of 2019-2025. This is due to the steep rise in the increase of adoption of automated and robotic technologies.
Industrial Robots to be the largest contributor for smart factory market
Logistics show that market for robots is going to account for the highest share of global market for smart factory manufacturing industries, during the forecast period. It would grow at about 10% CAGR between 2019-2025. The industrial robotics trend will not only give 'smart touch' in an industrial unit, but would also enable a manufacturer to procure improved productivity in less span of time, reduce human errors, and increased production volume.
In industrial robot sector, the industrial 3D printing technology is expected to witness the highest CAGR between 2019 and 2024, owing to its steep rise in adoption in aerospace, defense, food and beverages, and semi conductors and electronics sector.
Automotive industries to have the highest market share in smart factory manufacturing industries
Automotive industries are going to account for the highest share of global smart factory market during the forecast period. As it is this industry which uses smart solutions like 3D technology and digitized programming for manufacturing, which going to be the largest contributor of smart factory market. In the process industry like oil and gas factory, there has been a steep rise in the adoption of smart technologies for its manufacture , to secure safety and reliability in oil and gas plants. However, it should be noted oil and gas companies are always in a look to discover methods to meet the rising demand for energy, at a cost effective budget and enhance the overall efficiency of the plants.
Food and beverages - Leading user of smart factory applications
Productivity and cost saving benefits have got food and beverage the much needed attention in smart factory market. The advanced electronic gadgets and machines with high data integration, the manufacture of food products has gained efficiency. Technologies related to Industry 4.0 solutions have helped the food manufacturers to provide fresh and ready to cook products based on demands of the consumers. There has been a steady transition witnessed from traditional food and beverage factories into digital units, which has improved the production and operational management due to faster decision making process within cost effective budget.
Asia Pacific a growing hub for smart factory investment
The Asia Pacific countries are all set to record the highest share in smart factory market, during the forecast period. Technological innovation and increased adoption of automation technologies have played a key role in expanding the market in the region. Prominent countries in the market who have been contributing significantly to the development of smart factory manufacturing industries include Japan and China. In China, the research institutes and corporates have been collectively working on to improve manufacturing process through digitization. China has also been focusing on to improve upon the standards for intellectual industrialization and information integration in collaboration with the Chinese government.