Smart Factory Market Size, Share & Analysis

Smart Factory Market Size, Share, Industry Growth & Trends by Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, Manufacturing Execution System, Industrial Safety, PAM), Industry and Region - Global Forecast to 2029

Report Code: SE 3068 Mar, 2024, by marketsandmarkets.com

Smart Factory Market Size, Share & Growth

[272 Pages Report] The global Smart factory market size is expected to grow from USD 100.6 billion in 2024 to USD 164.0 billion by 2029, registering a CAGR of 10.3%. The smart factory market is thriving due to heightened workplace safety awareness, stringent regulatory compliance, and widespread integration of automation technologies across global industries, fostering substantial growth.

Smart Factory Market

Smart Factory Market Forecast to 2029

To know about the assumptions considered for the study, Request for Free Sample Report

Smart Factory Market Trends & Dynamics

Driver: Rising demand for technologies such as IoT and artificial intelligence in industrial environments

Artificial intelligence (AI) in manufacturing plants constitutes technologies such as deep learning, computer vision, natural language processing (NLP), and context awareness. These technologies not only enable machines to execute activities that are currently being performed by humans but also enhance business processes and overcome challenges that manufacturers face. Big data and computer vision technologies are increasingly being used because of the growing adoption of AI-based solutions in manufacturing industries such as semiconductor & electronics, energy & power, pharmaceuticals, automotive, heavy metals and machinery manufacturing, and food & beverage.

The integration of IoT has revolutionized various industries, notably manufacturing, giving rise to the term Industrial IoT (IIoT). IIoT is reshaping manufacturing plants by connecting intelligent devices through SCADA systems, establishing fully digitalized facilities. SCADA systems, infused with IoT and AI technologies, empower industries to monitor and control applications, enhance response times, and predict machine failures more accurately. This results in reduced operational costs and heightened efficiency. Utilizing IoT- and AI-based SCADA platforms facilitates seamless data transmission and analysis, streamlining plant operations. Smart factories enable automatic data collection and analysis, empowering managers to make well-informed decisions and optimize production. Sensors and machines communicate data to the cloud via IoT connectivity solutions at the factory level.. Using such IoT devices in smart factories leads to high productivity and improved quality. Manual inspection business models are replaced by AI-powered visual insights, which reduce manufacturing errors and save money and time. Many solutions providers across the world provide IoT-based smart factory solutions; for instance, in May 2021, Zyter Inc., an IoT enablement platform, launched “Zyter Smart Factories”, an end-to-end intelligent solution that connects factory floor machinery, workers, and building systems using the latest IoT technology devices on Zyter’s digital transformation platform.

Restraint: Need for significant capital investments.

The evolution of a conventional manufacturing facility into a sophisticated smart manufacturing unit necessitates significant capital investment in advanced machinery, software, and IT infrastructure. This includes crucial elements like smart field devices, industrial robots, and advanced communication technologies for seamless industrial automation. However, this shift poses a financial challenge for industries in price-sensitive regions like Asia Pacific and South America. Industry experts cite overall costs, encompassing expenses for upgrading traditional systems, as a major impediment in transitioning to smart factories. The upfront setup cost for overhauling the entire manufacturing process is often impractical for many companies due to its high magnitude. Additionally, ongoing maintenance and upgrades required for automation software systems pose further financial burdens, particularly for small businesses.

Opportunity: Emergence of 5G technology in smart factory

Smart factories integrate Internet of Things (IoT), sensors, robots, and computerized maintenance management systems (CMMS) to collaborate, generating real-time analytics. This enables automated processes, enhancing productivity and minimizing downtime. Typically linked via Ethernet, Wi-Fi, or 4G LTE, smart factories drive large-scale industrial automation. The emergence of 5G technology, expected to be ten times faster than 4G, promises to expand the accessibility of individual factories. With 5G, factories comprise powerfully connected and continuously updated components. Smart factory owners leverage 5G for secure cellular technology use, tailored to specific use cases. Placing sensors on equipment connected to 5G networks enables seamless real-time optimization by extracting data without connecting to machines. Manufacturers increasingly adopt 5G networks for robust, uninterrupted connections. The installation of 5G in factories eliminates the need for wired connectivity, fostering a high-speed, flexible manufacturing environment with reduced downtime. A network supporting speed, coverage, and reliability becomes crucial for industries. The emergence of 5G networks is poised to offer a comprehensive solution for factories, creating significant opportunities for smart manufacturing.

Challenge: Vulnerability to cyberattacks

Developing a sensor-based network for monitoring and controlling critical infrastructures must address the significant challenge of cyberattacks. SCADA systems, comprising sensors, mainframe computers, and communication and storage systems, are susceptible to such threats. These systems, managing critical infrastructure operations, face the risk of disruption, impacting organizations, communities, and economies. Catastrophes like oil or sewage leaks and electricity grid failures can result in long-term consequences. SCADA systems, with diverse communication systems, are vulnerable to cyberattacks at various nodes, causing malfunctions and potential disasters such as oil spills, radiation leaks, and transportation delays. While using common technology standards like IPv5 and IPv6 enhances connectivity and accessibility of real-time data for effective decision-making, it also increases vulnerability to external attacks in shared networks. In the construction of SCADA systems, prioritizing real-time data availability over data confidentiality underscores the threat cyberattacks pose to the smart factory market.

Smart Factory Market Segmentation

Smart Factory Market by Segmentation

Industrial sensors holds the largest market share among the component of smart factory market  in the year 2023.

The industrial sensor market has seen significant worldwide expansion, propelled by a surge in demand for automation and data-driven decision-making. Various industries, including manufacturing, healthcare, and energy, are increasingly embracing sensor technologies to boost efficiency. Technological progress, particularly the incorporation of IoT and AI, is accelerating the adoption of sensors. The growing recognition of the advantages associated with real-time data monitoring and analytics is a key factor driving the widespread growth of the global industrial sensor market.

Manufacturing Execution Systems (MES) segment to hold largest market share among the solution of smart factory market in 2023.

The global expansion of Manufacturing Execution Systems (MES) is gaining momentum, propelled by widespread adoption of Industry 4.0. MES plays a pivotal role in real-time monitoring, data analysis, and process optimization, enhancing overall manufacturing efficiency. Its integration with cutting-edge technologies such as IoT and AI is amplifying its appeal, providing advanced production visibility and traceability. In response to the growing emphasis on smart manufacturing, MES implementation is on the rise across various industries, leading to streamlined operations, cost reduction, and increased competitiveness on a global scale.

Metal & Mining is expected to register highest CAGR during the forecast period

The metal and mining sector has experienced notable growth in the adoption of smart factory practices, incorporating cutting-edge technologies such as IoT, AI, and automation. These smart factories contribute to heightened operational efficiency, real-time monitoring, and predictive maintenance, resulting in streamlined production processes and optimized resource utilization. This transformation has substantially elevated safety standards, minimized downtime, and boosted overall productivity within the metal and mining industry. The ongoing integration of smart technologies remains a key driver of innovation and competitiveness, heralding a significant departure from conventional industry practices.

Medical devices is expected to register highest CAGR during the forecast period

The medical devices sector is experiencing substantial growth in smart factory adoption. Integration of advanced automation, IoT connectivity, and data analytics enhances operational efficiency and precision in manufacturing. Smart factories optimize production processes, minimize errors, and ensure stringent quality control, resulting in heightened production speed and cost reduction. Real-time monitoring capabilities further revolutionize the medical device manufacturing landscape, fostering innovation and boosting competitiveness within the industry.

Asia Pacific to hold largest market share in the year 2023

The smart factory industry in the Asia-Pacific region is experiencing robust growth, driven by increasing industrial automation and adoption of advanced technologies. Factors such as the demand for improved efficiency, rising investments in Industry 4.0, and government initiatives promoting smart manufacturing contribute to the sector's expansion. The integration of technologies like IoT, AI, and robotics further accelerates the smart factory market's evolution, positioning the Asia-Pacific region as a key player in the global smart manufacturing landscape.

Smart Factory Market by Region

Smart Factory Market by Region

To know about the assumptions considered for the study, download the pdf brochure

Top Companies Smart Factory Market - Key Market Players

The Smart factory companies players have implemented various organic and inorganic growth strategies, such as product launches, collaborations, partnerships, and acquisitions, to strengthen their offerings in the market. The major players in the market are

  • ABB (Switzerland), Emerson Electric Co. (US),
  • Siemens (Germany),
  • Schneider Electric (France),
  • Mitsubishi Electric Corporation (Japan),
  • General Electric (US),
  • Rockwell Automation, Inc. (US),
  • Honeywell International Inc. (US),
  • Yokogawa Electric Corporation (Japan),
  • OMRON Corporation (Japan),
  • Endress+Hauser (Switzerland),
  • FANUC Corporation (Japan),
  • WIKA (Germany),
  • Dwyer Instruments, LLC. (US),
  • Stratasys (US),
  • 3D Systems Corporation (US)

The study includes an in-depth competitive analysis of these key players in the Smart factory market with their company profiles, recent developments, and key market strategies.

Scope of the Smart Factory Market Report

Report Metric

Details

Estimated Market Size USD 100.6 billion in 2024
Projected Market Size USD 164.0 billion by 2029
Market Growth Rate
CAGR of 10.3%

Years Considered

2020–2029

Base Year Considered

2023

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Segments Covered

By Component, By Solution By Process Industry, By Discrete Industry and By Region

Regions Covered

North America, Asia Pacific, Europe, and the Rest of the World

Companies Covered

ABB (Switzerland), Emerson Electric Co. (US), Siemens (Germany), Schneider Electric (France), Mitsubishi Electric Corporation (Japan), General Electric (US), Rockwell Automation, Inc. (US), Honeywell International Inc. (US), Yokogawa Electric Corporation (Japan), OMRON Corporation (Japan), Endress+Hauser (Switzerland), FANUC Corporation (Japan), WIKA (Germany), Dwyer Instruments, LLC. (US), Stratasys (US), 3D Systems Corporation (US) and a total of 25 players covered

Smart Factory Market Highlights

This report has segmented the Smart factory market based on Component, Solution and Process Industry, Discrete Industry and Region.

Segment

Subsegment

By Components

  • Industrial Sensors
  • Industrial Robots
  • Industrial 3D Printing
  • Machine Vision

By Solution

  • SCADA
  • MES
  • Industrial Safety
  • PAM

By Process Industry

  • Oil & Gas
  • Chemicals
  • Pulp & Paper
  • Pharmaceuticals
  • Metals & Mining
  • Food & Beverages
  • Energy & Power
  • Others

By Discrete Industry

  • Automotive
  • Aerospace & Defense
  • Semiconductor & Electronics
  • Machine Manufacturing
  • Medical Devices
  • Others

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Rest of the World
    • GCC
    • Africa & Rest of the Middle East
    • South America

Recent Developments:

  • In December 2023, Mitsubishi Electric India has unveiled a cutting-edge smart manufacturing facility for advanced Factory Automation Systems in Talegaon Industrial area, Maharashtra, India. This facility adheres to top industry standards, ensuring the production of high-quality and reliable products.
  • In November 2022, ABB Measurement & Analytics inaugurated its first smart instrumentation facility in Bangalore, India, supporting the region's goal of becoming a global manufacturing hub. Equipped with advanced technology, it aligns with the "Make in India" program, fostering efficient and sustainable customer operations.
  • In May 2022 Stratasys Ltd., a frontrunner in polymer 3D printing solutions, has unveiled an array of new manufacturing materials spanning three distinct 3D printing technologies. Notably, this release includes third-party materials specifically tailored for FDM® 3D printers, marking a significant milestone. With the introduction of 16 new materials, Stratasys significantly broadens its capabilities, enabling diverse applications in a wide range of manufacturing environments.

Frequently Asked Questions:

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 27)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE 
           1.3.1 MARKETS COVERED
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
    1.5 LIMITATIONS 
    1.6 STAKEHOLDERS 
    1.7 SUMMARY OF CHANGES 
    1.8 IMPACT OF RECESSION 
 
2 RESEARCH METHODOLOGY (Page No. - 32)
    2.1 RESEARCH DATA 
           2.1.1 SECONDARY DATA
                    2.1.1.1 List of major secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Breakdown of interviews with experts
                    2.1.2.2 Key data from primary sources
                    2.1.2.3 Key industry insights
           2.1.3 SECONDARY AND PRIMARY RESEARCH
    2.2 MARKET SIZE ESTIMATION 
           2.2.1 BOTTOM UP APPROACH
                    2.2.1.1 Approach to estimate market size using bottom up analysis
           2.2.2 TOP DOWN APPROACH
                    2.2.2.1 Approach to estimate market size using top down analysis
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 
    2.4 RESEARCH ASSUMPTIONS 
    2.5 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION 
    2.6 RISK ASSESSMENT 
 
3 EXECUTIVE SUMMARY (Page No. - 43)
 
4 PREMIUM INSIGHTS (Page No. - 47)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SMART FACTORY MARKET 
    4.2 SMART FACTORY MARKET, BY COMPONENT 
    4.3 SMART FACTORY MARKET, BY SOLUTION 
    4.4 SMART FACTORY MARKET, BY PROCESS INDUSTRY 
    4.5 SMART FACTORY MARKET, BY DISCRETE INDUSTRY 
    4.6 SMART FACTORY MARKET, BY COUNTRY 
 
5 MARKET OVERVIEW (Page No. - 50)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           5.2.1 DRIVERS
                    5.2.1.1 Increasing focus on enhancing energy efficiency, optimizing resources, and reducing costs in production operations
                    5.2.1.2 Increasing demand for industrial robots
                    5.2.1.3 Rising demand for technologies such as IoT and artificial intelligence in industrial environments
           5.2.2 RESTRAINTS
                    5.2.2.1 Need for significant capital investments
                    5.2.2.2 Security risks associated with cyber-physical systems
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Emergence of 5G technology in smart factories
                    5.2.3.2 Advancements in wireless sensor networks and integration into intelligent manufacturing facilities
           5.2.4 CHALLENGES
                    5.2.4.1 Interoperability between information technology (IT) and operational technology (OT)
                    5.2.4.2 Vulnerability to cyberattacks
    5.3 SUPPLY CHAIN ANALYSIS 
           5.3.1 MANUFACTURING
           5.3.2 SOFTWARE DEVELOPMENT
           5.3.3 PRODUCT, SOLUTION, AND SYSTEM INTEGRATION
           5.3.4 DISTRIBUTORS
           5.3.5 END USER INDUSTRIES
           5.3.6 POST-SALES SERVICES
    5.4 ECOSYSTEM ANALYSIS 
    5.5 INVESTMENT AND FUNDING SCENARIO 
    5.6 PRICING ANALYSIS 
           5.6.1 AVERAGE SELLING PRICE OF INDUSTRIAL ROBOTS
           5.6.2 AVERAGE SELLING PRICE OF KEY PLAYERS, BY PRODUCT (USD)
           5.6.3 AVERAGE SELLING PRICES OF INDUSTRIAL ROBOTS, BY REGION (USD)
           5.6.4 AVERAGE SELLING PRICE TREND, BY PAYLOAD CAPACITY
    5.7 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS 
    5.8 PORTER’S FIVE FORCES ANALYSIS 
           5.8.1 THREAT OF NEW ENTRANTS
           5.8.2 THREAT OF SUBSTITUTES
           5.8.3 BARGAINING POWER OF SUPPLIERS
           5.8.4 BARGAINING POWER OF BUYERS
           5.8.5 INTENSITY OF COMPETITIVE RIVALRY
    5.9 CASE STUDY ANALYSIS 
           5.9.1 ELOPAK INSTALLS FULLY ASEPTIC FILLING MACHINE FOR GABLE TOP PACKAGING WITH ROBUST PNEUMATICS FROM EMERSON AVENTICS
           5.9.2 MP EQUIPMENT JOINS HANDS WITH ROCKWELL AUTOMATION SAFETY CONSULTANTS TO RE-EVALUATE DESIGN OF PROTEIN PORTIONING MACHINE
           5.9.3 MOLLART ENGINEERING SELECTS PROCTER SMART FACTORY’S ENCLOSED GUARDS TO INSTALL IN ITS MACHINE TOOLS
    5.10 TECHNOLOGY TRENDS 
           5.10.1 KEY TECHNOLOGIES
                    5.10.1.1 Artificial Intelligence
                    5.10.1.2 Augmented Reality
                    5.10.1.3 IoT
           5.10.2 COMPLEMENTARY TECHNOLOGY
                    5.10.2.1 5G
                    5.10.2.2 Digital Twin
                    5.10.2.3 Predictive Maintenance
           5.10.3 ADJACENT TECHNOLOGY
                    5.10.3.1 Blockchain
                    5.10.3.2 Smart Energy Management
                    5.10.3.3 Edge Computing
                    5.10.3.4 Predictive Supply Chain
                    5.10.3.5 Cybersecurity
    5.11 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.11.1 KEY STAKEHOLDERS IN BUYING PROCESS
           5.11.2 BUYING CRITERIA
    5.12 TRADE ANALYSIS 
           5.12.1 IMPORT SCENARIO
           5.12.2 EXPORT SCENARIO
    5.13 PATENT ANALYSIS 
           5.13.1 LIST OF MAJOR PATENTS
    5.14 KEY CONFERENCES AND EVENTS, 2024–2025 
    5.15 STANDARDS AND REGULATORY LANDSCAPE 
           5.15.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.15.2 STANDARDS
 
6 SMART FACTORY MARKET, BY COMPONENT (Page No. - 84)
    6.1 INTRODUCTION 
    6.2 INDUSTRIAL SENSORS 
           6.2.1 LEVEL SENSORS
                    6.2.1.1 Requirement to measure liquid, bulk solid, and other fluid levels to drive market
           6.2.2 TEMPERATURE SENSORS
                    6.2.2.1 Adoption of lean manufacturing and process control technologies to drive market
           6.2.3 FLOW SENSORS
                    6.2.3.1 Wide use in monitoring flow of various chemicals to foster market growth
           6.2.4 POSITION SENSORS
                    6.2.4.1 Increasing demand from several applications to drive market
           6.2.5 PRESSURE SENSORS
                    6.2.5.1 Replacement of pressure transducers with cost-efficient pressure transmitters to drive market
           6.2.6 FORCE SENSORS
                    6.2.6.1 Demand for force control to improve safety and comfort in robot - human interactions to drive market
           6.2.7 HUMIDITY & MOISTURE SENSORS
                    6.2.7.1 Extensive use in chemicals, pharmaceuticals, oil & gas, and food & beverage industries to drive market
           6.2.8 IMAGE SENSORS
                    6.2.8.1 Wide usage in imaging devices to foster market growth
           6.2.9 GAS SENSORS
                    6.2.9.1 Rising demand from various end-use industries to drive market
    6.3 INDUSTRIAL ROBOTS 
           6.3.1 TRADITIONAL INDUSTRIAL ROBOTS
                    6.3.1.1 Adoption of automated manufacturing techniques to drive market growth
                    6.3.1.2 Articulated robots
                               6.3.1.2.1 Demand for assembly, welding, and machine load and unloads to drive market
                    6.3.1.3 Cartesian robots
                               6.3.1.3.1 Provision of accurate and quick solutions for material handling applications to drive market
                    6.3.1.4 Selective compliance assembly robot arm
                               6.3.1.4.1 Enabling flexible horizontal motions while being fixed vertically to drive market
                    6.3.1.5 Cylindrical robots
                               6.3.1.5.1 Deployment in various robotic applications to drive market
                    6.3.1.6 Other robots
           6.3.2 COLLABORATIVE ROBOTS
                    6.3.2.1 High production efficiency through human-robot collaboration to drive market
    6.4 INDUSTRIAL 3D PRINTERS 
           6.4.1 ELIMINATION OF ASSEMBLY LINE AND REDUCTION OF LABOR COSTS TO DRIVE MARKET
    6.5 MACHINE VISION SYSTEMS 
           6.5.1 INCREASING DEMAND FOR QUALITY FROM MANUFACTURERS AND CUSTOMERS TO DRIVE MARKET
           6.5.2 CAMERAS
                    6.5.2.1 Demand for high-quality images, image processing, and compactness to drive market
           6.5.3 FRAME GRABBERS, OPTICS, AND LED LIGHTING
                    6.5.3.1 Enhancement of image quality to drive market
           6.5.4 PROCESSORS AND SOFTWARE
                    6.5.4.1 Extraction of patterns from images of products to match predefined requirements and enable approval to drive market
 
7 SMART FACTORY MARKET, BY SOLUTION (Page No. - 103)
    7.1 INTRODUCTION 
    7.2 MANUFACTURING EXECUTION SYSTEM (MES) 
           7.2.1 INCREASING PRODUCTIVITY, REDUCING SHIPPING TIME, AND PROCESSING DATA TO DRIVE MARKET
    7.3 SUPERVISORY CONTROL AND DATA ACQUISITION (SCADA) 
           7.3.1 CONTROL AND ACQUISITION OF DATA FROM REMOTE DEVICES TO DRIVE MARKET
    7.4 PLANT ASSET MANAGEMENT (PAM) 
           7.4.1 REDUCED UNPLANNED DOWNTIME AND OPTIMIZED ASSET UTILIZATION TO FOSTER MARKET GROWTH
    7.5 INDUSTRIAL SAFETY 
           7.5.1 RISK MITIGATION IN SENSORS, LOGIC CONTROLS, AND ACTING ELEMENTS TO DRIVE MARKET
 
8 SMART FACTORY MARKET, BY INDUSTRY (Page No. - 113)
    8.1 INTRODUCTION 
    8.2 PROCESS INDUSTRIES 
           8.2.1 NEED TO DELIVER SUPERIOR PRODUCTS AT COMPETITIVE COSTS TO DRIVE MARKET
           8.2.2 OIL & GAS
                    8.2.2.1 Reliability in large-scale production, product quality, and accelerated decision-making to drive market
           8.2.3 CHEMICALS
                    8.2.3.1 Enhancement of production efficiencies and operational excellence in processes to drive market
           8.2.4 PULP & PAPER
                    8.2.4.1 Workflow management and process optimization to boost market
           8.2.5 PHARMACEUTICALS
                    8.2.5.1 Need to standardize workflows and enable regulatory compliances to fuel market
           8.2.6 METALS & MINING
                    8.2.6.1 Cost containment, supply chain visibility, and risk management to drive market
           8.2.7 FOOD & BEVERAGE
                    8.2.7.1 Cost-efficient and streamlined production processes to foster growth
           8.2.8 ENERGY & POWER
                    8.2.8.1 Improved plant performance and flexibility in electricity production to drive market
           8.2.9 OTHER PROCESS INDUSTRIES
    8.3 DISCRETE INDUSTRIES 
           8.3.1 OPTIMIZATION OF SUPPLY CHAIN MANAGEMENT TO DRIVE MARKET
           8.3.2 AUTOMOTIVE
                    8.3.2.1 Development and production of high-quality automobiles to drive market
           8.3.3 AEROSPACE
                    8.3.3.1 Real-time visibility of production processes, equipment conditions, and process defects to drive market
           8.3.4 SEMICONDUCTOR & ELECTRONICS
                    8.3.4.1 Need to achieve accuracy in designing complex products to drive market
           8.3.5 MACHINE MANUFACTURING
                    8.3.5.1 Prevention of machine breakdown and unplanned downtime to drive market
           8.3.6 MEDICAL DEVICES
                    8.3.6.1 Pressing need for manufacturing precision and high profitability to boost demand
           8.3.7 OTHER DISCRETE INDUSTRIES
 
9 SMART FACTORY MARKET, BY REGION (Page No. - 141)
    9.1 INTRODUCTION 
    9.2 NORTH AMERICA 
           9.2.1 IMPACT OF RECESSION ON NORTH AMERICA
           9.2.2 US
                    9.2.2.1 Operational efficiency, improved product quality, and optimal use of resources to drive market
           9.2.3 CANADA
                    9.2.3.1 Increasing government support for adopting advanced manufacturing technologies to drive market
           9.2.4 MEXICO
                    9.2.4.1 Increasing investments and expansions by global market players to drive market
    9.3 EUROPE 
           9.3.1 IMPACT OF RECESSION ON EUROPE
           9.3.2 UK
                    9.3.2.1 Increasing adoption of smart factory solutions in automotive industry to drive market
           9.3.3 GERMANY
                    9.3.3.1 Industry 4.0 initiative to automate operations to drive market
           9.3.4 FRANCE
                    9.3.4.1 Growth of industrial sector to drive market
           9.3.5 ITALY
                    9.3.5.1 Focus on boosting manufacturing output to drive market
           9.3.6 REST OF EUROPE
    9.4 ASIA PACIFIC 
           9.4.1 IMPACT OF RECESSION ON ASIA PACIFIC
           9.4.2 CHINA
                    9.4.2.1 Increasing adoption of automation solutions due to rising labor costs to drive market
           9.4.3 JAPAN
                    9.4.3.1 Ongoing developments in smart manufacturing processes to drive market
           9.4.4 INDIA
                    9.4.4.1 Rapid industrialization, recovering economy, growing government support, and increasing foreign investments to drive market
           9.4.5 REST OF ASIA PACIFIC
    9.5 REST OF THE WORLD (ROW) 
           9.5.1 IMPACT OF RECESSION ON ROW
           9.5.2 GCC COUNTRIES
                    9.5.2.1 Commitment to technological advancement and industrial automation to drive market
           9.5.3 AFRICA & REST OF MIDDLE EAST
                    9.5.3.1 Manufacturing, chemicals, oil & gas, machinery, and metal products industries to drive market
           9.5.4 SOUTH AMERICA
                    9.5.4.1 Increasing demand for smart factory solutions to drive market
 
10 COMPETITIVE LANDSCAPE (Page No. - 164)
     10.1 INTRODUCTION 
     10.2 KEY PLAYER STRATEGIES 
     10.3 REVENUE ANALYSIS 
     10.4 MARKET SHARE ANALYSIS 
     10.5 COMPANY VALUATION AND FINANCIAL METRICS, 2023 
     10.6 BRAND/PRODUCT COMPARISON 
     10.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 
             10.7.1 STARS
             10.7.2 EMERGING LEADERS
             10.7.3 PERVASIVE PLAYERS
             10.7.4 PARTICIPANTS
             10.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
                        10.7.5.1 Overall footprint
                        10.7.5.2 Sensor type footprint
                        10.7.5.3 Industry footprint
                        10.7.5.4 Region footprint
     10.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 
             10.8.1 PROGRESSIVE COMPANIES
             10.8.2 RESPONSIVE COMPANIES
             10.8.3 DYNAMIC COMPANIES
             10.8.4 STARTING BLOCKS
             10.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023
                        10.8.5.1 List of key startups/SMEs
                        10.8.5.2 Competitive benchmarking of key startups/SMEs
     10.9 COMPETITIVE SCENARIOS AND TRENDS 
             10.9.1 PRODUCT LAUNCHES/ENHANCEMENT
             10.9.2 DEALS
             10.9.3 OTHERS
             10.9.4 EXPANSIONS
             10.9.5 OTHER DEVELOPMENTS
 
11 COMPANY PROFILES (Page No. - 188)
     11.1 KEY PLAYERS 
             11.1.1 ABB
                        11.1.1.1 Business overview
                        11.1.1.2 Products/Solutions/Services offered
                        11.1.1.3 Recent developments
                                     11.1.1.3.1 Deals
                                     11.1.1.3.2 Expansions
                        11.1.1.4 MnM view
                                     11.1.1.4.1 Right to win
                                     11.1.1.4.2 Strategic choices
                                     11.1.1.4.3 Weaknesses and competitive threats
             11.1.2 EMERSON ELECTRIC CO.
                        11.1.2.1 Business overview
                        11.1.2.2 Products/Solutions/Services offered
                        11.1.2.3 Recent developments
                                     11.1.2.3.1 Product launches and developments
                                     11.1.2.3.2 Deals
                        11.1.2.4 MnM view
                                     11.1.2.4.1 Right to win
                                     11.1.2.4.2 Strategic choices
                                     11.1.2.4.3 Weaknesses and competitive threats
             11.1.3 SIEMENS
                        11.1.3.1 Business overview
                        11.1.3.2 Products/Solutions/Services offered
                        11.1.3.3 Recent developments
                                     11.1.3.3.1 Deals
                        11.1.3.4 MnM view
                                     11.1.3.4.1 Right to win
                                     11.1.3.4.2 Strategic choices
                                     11.1.3.4.3 Weaknesses and competitive threats
             11.1.4 SCHNEIDER ELECTRIC
                        11.1.4.1 Business overview
                        11.1.4.2 Products/Solutions/Services offered
                        11.1.4.3 Recent developments
                                     11.1.4.3.1 Expansions
                        11.1.4.4 MnM view
                                     11.1.4.4.1 Right to win
                                     11.1.4.4.2 Strategic choices
                                     11.1.4.4.3 Weaknesses and competitive threats
             11.1.5 MITSUBISHI ELECTRIC CORPORATION
                        11.1.5.1 Business overview
                        11.1.5.2 Products/Solutions/Services offered
                        11.1.5.3 Recent developments
                                     11.1.5.3.1 Others
                                     11.1.5.3.2 Expansions
             11.1.6 GENERAL ELECTRIC
                        11.1.6.1 Business overview
                        11.1.6.2 Products/Solutions/Services offered
                        11.1.6.3 Recent developments
                                     11.1.6.3.1 Product launches and developments
                                     11.1.6.3.2 Expansions
             11.1.7 ROCKWELL AUTOMATION, INC.
                        11.1.7.1 Business overview
                        11.1.7.2 Products/Solutions/Services offered
                        11.1.7.3 Recent developments
                                     11.1.7.3.1 Product launches and developments
                                     11.1.7.3.2 Deals
                                     11.1.7.3.3 Expansions
                        11.1.7.4 MnM view
                                     11.1.7.4.1 Right to win
                                     11.1.7.4.2 Strategic choices
                                     11.1.7.4.3 Weaknesses and competitive threats
             11.1.8 HONEYWELL INTERNATIONAL INC.
                        11.1.8.1 Business overview
                        11.1.8.2 Products/Solutions/Services offered
                        11.1.8.3 Recent developments
                                     11.1.8.3.1 Product launches and developments
                                     11.1.8.3.2 Deals
                        11.1.8.4 MnM view
                                     11.1.8.4.1 Right to win
                                     11.1.8.4.2 Strategic choices
                                     11.1.8.4.3 Weaknesses and competitive threats
             11.1.9 YOKOGAWA ELECTRIC CORPORATION
                        11.1.9.1 Business overview
                        11.1.9.2 Products/Solutions/Services offered
                        11.1.9.3 Recent developments
                                     11.1.9.3.1 Product launches and developments
                                     11.1.9.3.2 Contracts
             11.1.10 OMRON CORPORATION
                        11.1.10.1 Business overview
                        11.1.10.2 Products/Solutions/Services offered
                        11.1.10.3 Recent developments
                                     11.1.10.3.1 Deals
             11.1.11 ENDRESS+HAUSER GROUP SERVICES AG
                        11.1.11.1 Business overview
                        11.1.11.2 Products/Solutions/Services offered
                        11.1.11.3 Recent developments
                                     11.1.11.3.1 Product launches and developments
                                     11.1.11.3.2 Expansions
             11.1.12 FANUC CORPORATION
                        11.1.12.1 Business overview
                        11.1.12.2 Products/Solutions/Services offered
             11.1.13 WIKA
                        11.1.13.1 Business overview
                        11.1.13.2 Products/Solutions/Services offered
                        11.1.13.3 Recent developments
                                     11.1.13.3.1 Expansions
 
             11.1.14 DWYER INSTRUMENTS, LLC.
                        11.1.14.1 Business overview
                        11.1.14.2 Products/Solutions/Services offered
                        11.1.14.3 Recent developments
                                     11.1.14.3.1 Product launches and developments
             11.1.15 STRATASYS
                        11.1.15.1 Business overview
                        11.1.15.2 Products/Solutions/Services offered
                        11.1.15.3 Recent developments
                                     11.1.15.3.1 Product launches and developments
                                     11.1.15.3.2 Deals
             11.1.16 3D SYSTEMS, INC.
                        11.1.16.1 Business overview
                        11.1.16.2 Products/Solutions/Services offered
                        11.1.16.3 Recent developments
                                     11.1.16.3.1 Deals
     11.2 OTHER PLAYERS 
             11.2.1 FUJI ELECTRIC CO., LTD.
             11.2.2 HITACHI, LTD.
             11.2.3 KROHNE MESSTECHNIK GMBH
             11.2.4 AZBIL CORPORATION
             11.2.5 VEGA GRIESHABER KG
             11.2.6 DANFOSS
             11.2.7 KUKA AG
     11.3 OTHER SMALL AND MEDIUM-SIZED ENTERPRISES 
             11.3.1 TRIDITIVE
             11.3.2 ROBOZE
             11.3.3 SOFTGRIPPING GMBH
             11.3.4 ZIVID
             11.3.5 ENERSIS SUISSE AG
             11.3.6 INXPECT S.P.A.
             11.3.7 INUITIVE
             11.3.8 EARTEX LTD (EAVE)
             11.3.9 CANARIA TECHNOLOGIES
             11.3.10 FUELICS
             11.3.11 ULTIMAKER
             11.3.12 NANO DIMENSION
             11.3.13 DEEP LEARNING ROBOTICS
             11.3.14 PICK-IT N.V.
             11.3.15 ONROBOT A/S
 
12 ADJACENT & RELATED MARKETS (Page No. - 259)
     12.1 INTRODUCTION 
     12.2 LIMITATIONS 
     12.3 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE 
             12.3.1 INTRODUCTION
             12.3.2 LARGE ENTERPRISES
                        12.3.2.1 Rapid deployment of blockchain technology in healthcare sector to drive market
             12.3.3 SMALL & MEDIUM ENTERPRISES (SMES)
                        12.3.3.1 Subscription-based digital twin services to boost segmental growth
 
13 APPENDIX (Page No. - 265)
     13.1 INSIGHTS OF INDUSTRY EXPERTS 
     13.2 DISCUSSION GUIDE 
     13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     13.4 CUSTOMIZATION OPTIONS 
     13.5 RELATED REPORTS 
     13.6 AUTHOR DETAILS 
 
LIST OF TABLES (244 TABLES)
 
TABLE 1 LIMITATIONS AND ASSOCIATED RISKS
TABLE 2 ROLE OF PLAYERS IN ECOSYSTEM
TABLE 3 AVERAGE SELLING PRICE OF INDUSTRIAL ROBOTS, BY PAYLOAD CAPACITY
TABLE 4 AVERAGE SELLING PRICE OF KEY PLAYERS, BY PRODUCT (USD)
TABLE 5 AVERAGE SELLING PRICES OF INDUSTRIAL ROBOTS, BY REGION (USD)
TABLE 6 IMPACT OF PORTER’S FIVE FORCES ON SMART FACTORY MARKET
TABLE 7 INFLUENCE OF STAKEHOLDERS FROM TOP 3 INDUSTRIES ON BUYING PROCESS
TABLE 8 KEY BUYING CRITERIA OF TOP 3 INDUSTRIES
TABLE 9 REGION-WISE LIST OF KEY CONFERENCES AND EVENTS
TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 12 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 13 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 14 MAJOR COMMUNICATION STANDARDS FOR SCADA SYSTEMS
TABLE 15 INDUSTRIAL SAFETY STANDARDS
TABLE 16 SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 17 SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 18 INDUSTRIAL SENSORS: SMART FACTORY MARKET, BY SENSOR TYPE, 2020–2023 (USD MILLION)
TABLE 19 INDUSTRIAL SENSORS: SMART FACTORY MARKET, BY SENSOR TYPE, 2024–2029 (USD MILLION)
TABLE 20 INDUSTRIAL SENSORS: SMART FACTORY MARKET, 2020–2023 (MILLION UNITS)
TABLE 21 INDUSTRIAL SENSORS: SMART FACTORY MARKET, 2024–2029 (MILLION UNITS)
TABLE 22 INDUSTRIAL SENSORS: SMART FACTORY MARKET, BY REGION, 2020–2023 (USD MILLION)
TABLE 23 INDUSTRIAL SENSORS: SMART FACTORY MARKET, BY REGION, 2024–2029 (USD MILLION)
TABLE 24 INDUSTRIAL ROBOTS: SMART FACTORY MARKET, BY TYPE, 2020–2023 (USD MILLION)
TABLE 25 INDUSTRIAL ROBOTS: SMART FACTORY MARKET, BY TYPE, 2024–2029 (USD MILLION)
TABLE 26 INDUSTRIAL ROBOTS: SMART FACTORY MARKET, BY TYPE, 2020–2023 (THOUSAND UNITS)
TABLE 27 INDUSTRIAL ROBOTS: SMART FACTORY MARKET, BY TYPE, 2024–2029 (THOUSAND UNITS)
TABLE 28 INDUSTRIAL ROBOTS: SMART FACTORY MARKET, BY REGION, 2020–2023 (USD MILLION)
TABLE 29 INDUSTRIAL ROBOTS: SMART FACTORY MARKET, BY REGION, 2024–2029 (USD MILLION)
TABLE 30 INDUSTRIAL 3D PRINTERS: SMART FACTORY MARKET, BY OFFERING, 2020–2023 (USD MILLION)
TABLE 31 INDUSTRIAL 3D PRINTERS: SMART FACTORY MARKET, BY OFFERING, 2024–2029 (USD MILLION)
TABLE 32 INDUSTRIAL 3D PRINTERS: SMART FACTORY MARKET, 2020–2023 (MILLION UNITS)
TABLE 33 INDUSTRIAL 3D PRINTERS: SMART FACTORY MARKET, 2024–2029 (MILLION UNITS)
TABLE 34 INDUSTRIAL 3D PRINTERS: SMART FACTORY MARKET, BY PROCESS, 2020–2023 (USD MILLION)
TABLE 35 INDUSTRIAL 3D PRINTERS: SMART FACTORY MARKET, BY PROCESS, 2024–2029 (USD MILLION)
TABLE 36 INDUSTRIAL 3D PRINTERS: SMART FACTORY MARKET, BY REGION, 2020–2023 (USD MILLION)
TABLE 37 INDUSTRIAL 3D PRINTERS: SMART FACTORY MARKET, BY REGION, 2024–2029 (USD MILLION)
TABLE 38 MACHINE VISION SYSTEMS: SMART FACTORY MARKET, BY PRODUCT, 2020–2023 (USD MILLION)
TABLE 39 MACHINE VISION SYSTEMS: SMART FACTORY MARKET, BY PRODUCT, 2024–2029 (USD MILLION)
TABLE 40 MACHINE VISION SYSTEMS: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 41 MACHINE VISION SYSTEMS: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 42 MACHINE VISION SYSTEMS: SMART FACTORY MARKET, BY REGION, 2020–2023 (USD MILLION)
TABLE 43 MACHINE VISION SYSTEMS: SMART FACTORY MARKET, BY REGION, 2024–2029 (USD MILLION)
TABLE 44 SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 45 SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 46 MANUFACTURING EXECUTION SYSTEM: SMART FACTORY MARKET, BY OFFERING, 2020–2023 (USD MILLION)
TABLE 47 MANUFACTURING EXECUTION SYSTEM: SMART FACTORY MARKET, BY OFFERING, 2024–2029 (USD MILLION)
TABLE 48 MANUFACTURING EXECUTION SYSTEM: SMART FACTORY MARKET, BY REGION, 2020–2023 (USD MILLION)
TABLE 49 MANUFACTURING EXECUTION SYSTEM: SMART FACTORY MARKET, BY REGION, 2024–2029 (USD MILLION)
TABLE 50 SUPERVISORY CONTROL & DATA ACQUISITION: SMART FACTORY MARKET, BY OFFERING, 2020–2023 (USD MILLION)
TABLE 51 SUPERVISORY CONTROL & DATA ACQUISITION: SMART FACTORY MARKET, BY OFFERING, 2024–2029 (USD MILLION)
TABLE 52 SUPERVISORY CONTROL & DATA ACQUISITION: SMART FACTORY MARKET, BY REGION, 2020–2023 (USD MILLION)
TABLE 53 SUPERVISORY CONTROL & DATA ACQUISITION: SMART FACTORY MARKET, BY REGION, 2024–2029 (USD MILLION)
TABLE 54 PLANT ASSET MANAGEMENT: SMART FACTORY MARKET, BY REGION, 2020–2023 (USD MILLION)
TABLE 55 PLANT ASSET MANAGEMENT: SMART FACTORY MARKET, BY REGION, 2024–2029 (USD MILLION)
TABLE 56 INDUSTRIAL SAFETY: SMART FACTORY MARKET, BY REGION, 2020–2023 (USD MILLION)
TABLE 57 INDUSTRIAL SAFETY: SMART FACTORY MARKET, BY REGION, 2024–2029 (USD MILLION)
TABLE 58 SMART FACTORY MARKET, BY INDUSTRY, 2020–2023 (USD MILLION)
TABLE 59 SMART FACTORY MARKET, BY INDUSTRY, 2024–2029 (USD MILLION)
TABLE 60 SMART FACTORY MARKET, BY PROCESS INDUSTRIES, 2020–2023 (USD MILLION)
TABLE 61 SMART FACTORY MARKET, BY PROCESS INDUSTRIES, 2024–2029 (USD MILLION)
TABLE 62 OIL & GAS: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 63 OIL & GAS: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 64 OIL & GAS: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 65 OIL & GAS: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 66 CHEMICALS: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 67 CHEMICALS: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 68 CHEMICALS: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 69 CHEMICALS: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 70 PULP & PAPER: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 71 PULP & PAPER: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 72 PULP & PAPER: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 73 PULP & PAPER: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 74 PHARMACEUTICALS: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 75 PHARMACEUTICALS: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 76 PHARMACEUTICALS: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 77 PHARMACEUTICALS: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 78 METALS & MINING: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 79 METALS & MINING: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 80 METALS & MINING: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 81 METALS & MINING: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 82 FOOD & BEVERAGE: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 83 FOOD & BEVERAGE: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 84 FOOD & BEVERAGE: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 85 FOOD & BEVERAGE: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 86 ENERGY & POWER: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 87 ENERGY & POWER: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 88 ENERGY & POWER: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 89 ENERGY & POWER: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 90 OTHER PROCESS INDUSTRIES: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 91 OTHER PROCESS INDUSTRIES: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 92 OTHER PROCESS INDUSTRIES: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 93 OTHER PROCESS INDUSTRIES: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 94 SMART FACTORY MARKET, BY DISCRETE INDUSTRIES, 2020–2023 (USD MILLION)
TABLE 95 SMART FACTORY MARKET, BY DISCRETE INDUSTRIES, 2024–2029 (USD MILLION)
TABLE 96 AUTOMOTIVE: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 97 AUTOMOTIVE: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 98 AUTOMOTIVE: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 99 AUTOMOTIVE: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 100 AEROSPACE: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 101 AEROSPACE: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 102 AEROSPACE: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 103 AEROSPACE: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 104 SEMICONDUCTOR & ELECTRONICS: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 105 SEMICONDUCTOR & ELECTRONICS: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 106 SEMICONDUCTOR & ELECTRONICS: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 107 SEMICONDUCTOR & ELECTRONICS: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 108 MACHINE MANUFACTURING: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 109 MACHINE MANUFACTURING: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 110 MACHINE MANUFACTURING: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 111 MACHINE MANUFACTURING: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 112 MEDICAL DEVICES: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 113 MEDICAL DEVICES: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 114 MEDICAL DEVICES: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 115 MEDICAL DEVICES: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 116 OTHER DISCRETE INDUSTRIES: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 117 OTHER DISCRETE INDUSTRIES: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 118 OTHER DISCRETE INDUSTRIES: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 119 OTHER DISCRETE INDUSTRIES: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 120 SMART FACTORY MARKET, BY REGION, 2020–2023 (USD MILLION)
TABLE 121 SMART FACTORY MARKET, BY REGION, 2024–2029 (USD MILLION)
TABLE 122 NORTH AMERICA: SMART FACTORY MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
TABLE 123 NORTH AMERICA: SMART FACTORY MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
TABLE 124 NORTH AMERICA: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 125 NORTH AMERICA: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 126 NORTH AMERICA: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 127 NORTH AMERICA: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 128 EUROPE: SMART FACTORY MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
TABLE 129 EUROPE: SMART FACTORY MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
TABLE 130 EUROPE: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 131 EUROPE: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 132 EUROPE: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 133 EUROPE: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 134 ASIA PACIFIC: SMART FACTORY MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
TABLE 135 ASIA PACIFIC: SMART FACTORY MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
TABLE 136 ASIA PACIFIC: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 137 ASIA PACIFIC: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 138 ASIA PACIFIC: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 139 ASIA PACIFIC: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 140 REST OF THE WORLD: SMART FACTORY MARKET, BY REGION, 2020–2023 (USD MILLION)
TABLE 141 REST OF THE WORLD: SMART FACTORY MARKET, BY REGION, 2024–2029 (USD MILLION)
TABLE 142 REST OF THE WORLD: SMART FACTORY MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
TABLE 143 REST OF THE WORLD: SMART FACTORY MARKET, BY COMPONENT, 2024–2029 (USD MILLION)
TABLE 144 REST OF THE WORLD: SMART FACTORY MARKET, BY SOLUTION, 2020–2023 (USD MILLION)
TABLE 145 REST OF THE WORLD: SMART FACTORY MARKET, BY SOLUTION, 2024–2029 (USD MILLION)
TABLE 146 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN SMART FACTORY MARKET, 2022–2023
TABLE 147 INDUSTRIAL SENSORS MARKET: DEGREE OF COMPETITION
TABLE 148 OVERALL COMPANY FOOTPRINT (25 COMPANIES)
TABLE 149 SENSOR TYPE: COMPANY FOOTPRINT (25 COMPANIES)
TABLE 150 INDUSTRY: COMPANY FOOTPRINT (25 COMPANIES)
TABLE 151 REGION: COMPANY FOOTPRINT (25 COMPANIES)
TABLE 152 STARTUPS/SMES IN INDUSTRIAL SENSORS MARKET
TABLE 153 INDUSTRIAL SENSORS MARKET: LIST OF KEY STARTUPS/SMES
TABLE 154 INDUSTRIAL SENSORS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
TABLE 155 SMART FACTORY MARKET: PRODUCT LAUNCHES/ENHANCEMENT, JANUARY 2022–MARCH 2023
TABLE 156 SMART FACTORY MARKET: DEALS, JANUARY 2022–MARCH 2023
TABLE 157 SMART FACTORY MARKET: OTHERS, JANUARY 2022–MARCH 2023
TABLE 158 SMART FACTORY MARKET: EXPANSIONS, JANUARY 2022–MARCH 2023
TABLE 159 SMART FACTORY MARKET: OTHER DEVELOPMENTS, JANUARY 2022–MARCH 2023
TABLE 160 ABB: COMPANY OVERVIEW
TABLE 161 ABB: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 162 ABB: DEALS
TABLE 163 ABB: EXPANSIONS
TABLE 164 EMERSON ELECTRIC CO.: COMPANY OVERVIEW
TABLE 165 EMERSON ELECTRIC CO.: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 166 EMERSON ELECTRIC CO.: PRODUCT LAUNCHES AND DEVELOPMENTS
TABLE 167 EMERSON ELECTRIC CO.: DEALS
TABLE 168 SIEMENS: COMPANY OVERVIEW
TABLE 169 SIEMENS: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 170 SIEMENS: DEALS
TABLE 171 SCHNEIDER ELECTRIC: COMPANY OVERVIEW
TABLE 172 SCHNEIDER ELECTRIC: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 173 SCHNEIDER ELECTRIC: EXPANSIONS
TABLE 174 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW
TABLE 175 MITSUBISHI ELECTRIC CORPORATION: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 176 MITSUBISHI ELECTRIC CORPORATION: OTHERS
TABLE 177 MITSUBISHI ELECTRIC CORPORATION: EXPANSIONS
TABLE 178 GENERAL ELECTRIC: COMPANY OVERVIEW
TABLE 179 GENERAL ELECTRIC: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 180 GENERAL ELECTRIC: PRODUCT LAUNCHES AND DEVELOPMENTS
TABLE 181 GENERAL ELECTRIC: EXPANSIONS
TABLE 182 ROCKWELL AUTOMATION, INC.: COMPANY OVERVIEW
TABLE 183 ROCKWELL AUTOMATION, INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 184 ROCKWELL AUTOMATION, INC.: PRODUCT LAUNCHES AND DEVELOPMENTS
TABLE 185 ROCKWELL AUTOMATION, INC.: DEALS
TABLE 186 ROCKWELL AUTOMATION, INC.: EXPANSIONS
TABLE 187 HONEYWELL INTERNATIONAL INC.: COMPANY OVERVIEW
TABLE 188 HONEYWELL INTERNATIONAL INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 189 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES AND DEVELOPMENTS
TABLE 190 HONEYWELL INTERNATIONAL INC.: DEALS
TABLE 191 YOKOGAWA ELECTRIC CORPORATION: COMPANY OVERVIEW
TABLE 192 YOKOGAWA ELECTRIC CORPORATION: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 193 YOKOGAWA ELECTRIC CORPORATION: PRODUCT LAUNCHES AND DEVELOPMENTS
TABLE 194 YOKOGAWA ELECTRIC CORPORATION: CONTRACTS
TABLE 195 OMRON CORPORATION: COMPANY OVERVIEW
TABLE 196 OMRON CORPORATION: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 197 OMRON CORPORATION: DEALS
TABLE 198 ENDRESS+HAUSER GROUP SERVICES AG: COMPANY OVERVIEW
TABLE 199 ENDRESS+HAUSER GROUP SERVICES AG: PRODUCT/SOLUTION/ SERVICE OFFERINGS
TABLE 200 ENDRESS+HAUSER GROUP SERVICES AG: PRODUCT LAUNCHES AND DEVELOPMENTS
TABLE 201 ENDRESS+HAUSER GROUP SERVICES AG: EXPANSIONS
TABLE 202 FANUC CORPORATION: COMPANY OVERVIEW
TABLE 203 FANUC CORPORATION: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 204 WIKA: COMPANY OVERVIEW
TABLE 205 WIKA: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 206 WIKA: EXPANSIONS
TABLE 207 DWYER INSTRUMENTS, LLC.: COMPANY OVERVIEW
TABLE 208 DWYER INSTRUMENTS: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 209 DWYER INSTRUMENTS: PRODUCT LAUNCHES AND DEVELOPMENTS
TABLE 210 STRATASYS: COMPANY OVERVIEW
TABLE 211 STRATASYS: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 212 STRATASYS: PRODUCT LAUNCHES AND DEVELOPMENTS
TABLE 213 STRATASYS: DEALS
TABLE 214 3D SYSTEMS, INC.: COMPANY OVERVIEW
TABLE 215 3D SYSTEMS, INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 216 3D SYSTEMS, INC.: DEALS
TABLE 217 FUJI ELECTRIC CO., LTD.: COMPANY OVERVIEW
TABLE 218 HITACHI, LTD.: COMPANY OVERVIEW
TABLE 219 KROHNE MESSTECHNIK GMBH: COMPANY OVERVIEW
TABLE 220 AZBIL CORPORATION: COMPANY OVERVIEW
TABLE 221 VEGA GRIESHABER KG: COMPANY OVERVIEW
TABLE 222 DANFOSS: COMPANY OVERVIEW
TABLE 223 KUKA AG: COMPANY OVERVIEW
TABLE 224 TRIDITIVE: COMPANY OVERVIEW
TABLE 225 ROBOZE: COMPANY OVERVIEW
TABLE 226 SOFTGRIPPING GMBH: COMPANY OVERVIEW
TABLE 227 ZIVID: COMPANY OVERVIEW
TABLE 228 ENERSIS SUISSE AG: COMPANY OVERVIEW
TABLE 229 INXPECT S.P.A.: COMPANY OVERVIEW
TABLE 230 INUITIVE: COMPANY OVERVIEW
TABLE 231 EARTEX LTD (EAVE): COMPANY OVERVIEW
TABLE 232 CANARIA TECHNOLOGIES: COMPANY OVERVIEW
TABLE 233 FUELICS: COMPANY OVERVIEW
TABLE 234 ULTIMAKER: COMPANY OVERVIEW
TABLE 235 NANO DIMENSION: COMPANY OVERVIEW
TABLE 236 DEEP LEARNING ROBOTICS: COMPANY OVERVIEW
TABLE 237 PICK-IT N.V.: COMPANY OVERVIEW
TABLE 238 ONROBOT A/S: COMPANY OVERVIEW
TABLE 239 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION)
TABLE 240 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION)
TABLE 241 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 242 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 243 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 244 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
 
 
LIST OF FIGURES (70 FIGURES)
 
FIGURE 1 RESEARCH DESIGN
FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY (SUPPLY SIDE): REVENUE FROM INDUSTRIAL SENSORS MARKET
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM UP APPROACH
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP DOWN APPROACH
FIGURE 5 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 6 ASSUMPTIONS FOR RESEARCH STUDY PARAMETERS
FIGURE 7 INDUSTRIAL SENSORS SEGMENT ESTIMATED TO BE LARGEST IN 2024
FIGURE 8 MES SEGMENT ESTIMATED TO DOMINATE MARKET IN 2024
FIGURE 9 OIL & GAS PROCESS INDUSTRY ESTIMATED TO LEAD IN 2024
FIGURE 10 MEDICAL DEVICES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 11 ASIA PACIFIC ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
FIGURE 12 INCREASING USE OF AUTOMATION IN MANUFACTURING TO BOOST ADOPTION OF SMART FACTORY SOLUTIONS
FIGURE 13 INDUSTRIAL 3D PRINTERS SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 14 MES SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
FIGURE 15 OIL & GAS PROCESS INDUSTRY ESTIMATED TO BE LARGEST IN 2024
FIGURE 16 AUTOMOTIVE DISCRETE INDUSTRY ESTIMATED TO BE LARGEST IN 2024
FIGURE 17 MARKET IN INDIA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 18 SMART FACTORY MARKET DYNAMICS
FIGURE 19 HISTORICAL AND PROJECTED ANNUAL INSTALLATION OF INDUSTRIAL ROBOTS, 2012–2022
FIGURE 20 SMART FACTORY MARKET DRIVERS AND THEIR IMPACT
FIGURE 21 SMART FACTORY MARKET RESTRAINTS AND THEIR IMPACT
FIGURE 22 SMART FACTORY MARKET OPPORTUNITIES AND THEIR IMPACT
FIGURE 23 SMART FACTORY MARKET CHALLENGES AND THEIR IMPACT
FIGURE 24 SMART FACTORY SUPPLY CHAIN ANALYSIS
FIGURE 25 ECOSYSTEM
FIGURE 26 FUNDING FOR SMART FACTORY PLAYERS (2019–2023)
FIGURE 27 AVERAGE SELLING PRICE OF KEY PLAYERS, BY PRODUCT
FIGURE 28 INDUSTRIAL ROBOTS MARKET: AVERAGE PRICE BASED ON PAYLOAD CAPACITY
FIGURE 29 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
FIGURE 30 SMART FACTORY MARKET: PORTER’S FIVE FORCES ANALYSIS
FIGURE 31 INFLUENCE OF STAKEHOLDERS FROM TOP 3 INDUSTRIES ON BUYING PROCESS
FIGURE 32 BUYING CRITERIA OF TOP 3 INDUSTRIES
FIGURE 33 IMPORT DATA FOR HS CODE 847950: INDUSTRIAL ROBOTS, N.E.S., BY KEY COUNTRY, 2018–2022 (USD MILLION)
FIGURE 34 EXPORT DATA FOR HS CODE 847950: INDUSTRIAL ROBOTS, BY KEY COUNTRY, 2018–2022 (USD MILLION)
FIGURE 35 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS
FIGURE 36 PATENT ANALYSIS
FIGURE 37 SMART FACTORY MARKET, BY COMPONENT
FIGURE 38 INDUSTRIAL SENSORS COMPONENT SEGMENT TO LEAD SMART FACTORY MARKET DURING FORECAST PERIOD
FIGURE 39 SMART FACTORY MARKET, BY SOLUTION
FIGURE 40 MES SEGMENT TO LEAD SMART FACTORY MARKET FROM 2024 TO 2029
FIGURE 41 SMART FACTORY MARKET, BY INDUSTRY
FIGURE 42 METALS & MINING SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 43 AUTOMOTIVE INDUSTRY TO ACCOUNT FOR LARGEST MARKET SHARE IN 2024
FIGURE 44 SMART FACTORY MARKET, BY REGION
FIGURE 45 SMART FACTORY MARKET IN ASIA PACIFIC TO REGISTER HIGHEST CAGR FROM 2024 TO 2029
FIGURE 46 NORTH AMERICA: SMART FACTORY MARKET SNAPSHOT
FIGURE 47 EUROPE: SMART FACTORY MARKET SNAPSHOT
FIGURE 48 ASIA PACIFIC: SMART FACTORY MARKET SNAPSHOT
FIGURE 49 REST OF THE WORLD: SMART FACTORY MARKET SNAPSHOT
FIGURE 50 INDUSTRIAL SENSORS MARKET: REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2018–2022
FIGURE 51 INDUSTRIAL SENSORS MARKET SHARE ANALYSIS, 2023
FIGURE 52 COMPANY VALUATION, 2023 (USD BILLION)
FIGURE 53 FINANCIAL METRICS (EV/EBITDA), 2022
FIGURE 54 BRAND/PRODUCT COMPARISON
FIGURE 55 INDUSTRIAL SENSORS MARKET: COMPANY EVALUATION MATRIX, KEY PLAYERS, 2023
FIGURE 56 INDUSTRIAL SENSORS MARKET: COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
FIGURE 57 ABB: COMPANY SNAPSHOT
FIGURE 58 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT
FIGURE 59 SIEMENS: COMPANY SNAPSHOT
FIGURE 60 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
FIGURE 61 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
FIGURE 62 GENERAL ELECTRIC: COMPANY SNAPSHOT
FIGURE 63 ROCKWELL AUTOMATION, INC.: COMPANY SNAPSHOT
FIGURE 64 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT
FIGURE 65 YOKOGAWA ELECTRIC CORPORATION: COMPANY SNAPSHOT
FIGURE 66 OMRON CORPORATION: COMPANY SNAPSHOT
FIGURE 67 ENDRESS+HAUSER GROUP SERVICES AG: COMPANY SNAPSHOT
FIGURE 68 FANUC CORPORATION: COMPANY SNAPSHOT
FIGURE 69 STRATASYS: COMPANY SNAPSHOT
FIGURE 70 3D SYSTEMS, INC.: COMPANY SNAPSHOT

 

The study involves four significant activities for estimating the size of the Smart factory market. Exhaustive secondary research has been conducted to collect information related to the market. The next step is to validate these findings and assumptions related to the market size with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the overall size of the Smart factory market. After that, market breakdown and data triangulation procedures were used to determine the extent of different segments and subsegments of the market.

Secondary Research

Secondary sources for this research study included corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; certified publications, articles by recognized authors; directories; and databases. The secondary data has been collected and analyzed to determine the overall market size, further validated through primary research.

Primary Research

Extensive primary research has been conducted after gaining knowledge about the current scenario of the Smart factory market through secondary research. Several primary interviews have been conducted with experts from the supply and demand sides across four major regions—North America, Europe, Asia Pacific, and RoW. This primary data has been collected through questionnaires, emails, and telephonic interviews.

Smart Factory Market
 Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

In the complete market engineering process, top-down and bottom-up approaches and several data triangulation methods have been implemented to estimate and validate the size of the Smart factory market and other dependent submarkets listed in this report.

  • The key players in the industry and markets have been identified through extensive secondary research.
  • The supply chain of the industry and the market size, in terms of value, have been determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Smart Factory Market: Bottom-Up Approach

  • The bottom-up approach was used to arrive at the overall size of the Smart factory market from the revenue of key players and their market share.
  • Identifying various industries using or expected to deploy Smart factory by its component & Solution at their facilities.
  • Analyzing the use cases across different regions and companies.
  • Estimating the size of the Smart factory market on the basis of the demand from these industries and companies
  • Tracking the ongoing and upcoming installation contracts, acquisitions, expansions, and product launches by various companies, and forecasting the market based on these developments and other critical parameters.
  • Conducting multiple discussions with key opinion leaders to understand Smart factory component by companies in these industries to analyze the break-up of the scope of work carried out by each major company providing Smart factory components.
  • Arriving at the market estimates by analyzing the country-wise sales of Smart factory solutions companies and combining this data to get the regional market estimates.
  • Verifying and crosschecking the estimates at every level through discussions with key opinion leaders, including CEOs, directors, operations managers, and domain experts at MarketsandMarkets
  • Studying various paid and unpaid information sources, such as annual reports, press releases, and white papers.

Smart Factory Market
 Bottom-Up Approach and Top-Down Approach

Smart Factory Market: Top-Down Approach

  • In the top-down approach, the overall market size has been used to estimate the size of the individual markets (mentioned in the market segmentation) through percentage splits obtained from secondary and primary research.
  •  For calculating the Smart factory market segments, the market size obtained by implementing the bottom-up approach has been used to implement the top-down approach, which was later confirmed with the primary respondents across different regions.
  • The bottom-up approach has also been implemented for the data extracted from secondary research to validate the market size of various segments.
  • Each company’s market share has been estimated to verify the revenue shares used earlier in the bottom-up approach. With the help of data triangulation and validation of data through primary, the size of the overall Smart factory and each market have been determined and confirmed in this study.

Data Triangulation

After arriving at the overall market size, the total market has been split into several segments. The market breakdown and data triangulation procedures have been employed wherever applicable to complete the overall market engineering process and arrive at exact statistics for all segments. The data was then triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.

Market Definition

A smart factory epitomizes a profoundly digital and interconnected production system. It possesses the capability to self-optimize performance within an expansive network, adapt autonomously to real-time shifts in production conditions, and independently oversee the entire production system. Its primary strength lies in its adaptability to the evolving organizational requirements. By employing a network to link virtual and physical facets of the production process, a smart factory creates an autonomous manufacturing environment. This environment adeptly manages real-time production challenges through fragmented information and communication structures, ensuring optimal control of production processes.. The key players operating in this market are ABB (Switzerland), Emerson Electric Co. (US), FANUC Corporation(Japan), General Electric (US), Honeywell International Inc (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation Inc (US), Schneider Electric (France), Siemens AG (Germany), and Yokogawa Electric Corporation(Japan).

Key Stakeholders

  • Original equipment manufacturers (OEMs)
  • Providers of technology solutions
  • Research institutes
  • Market research and consulting firms
  • Forums, alliances, and associations related to Smart factory
  • Technology investors
  • Governments and financial institutions
  • Analysts and strategic business planners
  • Existing end users and prospective ones

Report Objectives:

  • To describe and forecast the Smart factory market in terms of value based on Component, Solution, Process Industry, and Discrete Industry
  • To describe and forecast the Smart factory market size in terms of value for four main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the Smart factory market
  • To provide a detailed overview of the supply chain of the ecosystem
  • To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the market
  • To analyze the probable impact of the recession on the market in the future
  • To benchmark the market players using the proprietary company evaluation matrix framework, which analyzes the market players on various parameters within the broad categories of market ranking/share and product portfolio.
  • To analyze competitive developments such as acquisitions, product launches, partnerships, expansions, and collaborations undertaken in the Smart factory market

Available Customization:

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for this report:

  • Company Information: Detailed analysis and profiling of additional five market players
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

Request Customization

Instant Answers with GPT - Ask Now!

Ask real questions. Get complete answers !
Report Code
SE 3068
Published ON
Mar, 2024
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Smart Factory Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
CUSTOMIZED WORKSHOP REQUEST
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2024 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status
Website Feedback