Smart Factory Market

Market Leadership - Smart Factory Market

The global smart factory market size is expected to reach USD 134.9 billion by 2026 from USD 80.1 billion in 2021, growing at a CAGR of 11.0%. The key factors driving the growth of the market include growing emphasis on energy efficiency, resource optimization, and cost reduction in production operations, increasing demand for industrial robots, rising demand for technologies such as IoT and artificial intelligence in industrial environments, and fiscal policies to keep manufacturing facilities afloat amidst COVID-19 crisis. ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan) are among a few major players in the smart factory market.

Siemens

Siemens is one of the leading companies leveraging industrial automation capabilities with the help of various products and software suites for the digitalization of both process and discrete industries. The smart factory solutions offered by the company cater to the requirements of customers across different industries. The company is a forerunner in the field of electrification, automation, and digitization. It offers a wide range of products related to industrial automation technologies.

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ABB

ABB has a vast product portfolio for the smart factory market, encompassing SCADA, industrial sensors, industrial robots, 3D printing solutions, machine vision solutions, industrial safety solutions, and plant asset management solutions. Industrial robots are one of the key offerings from the Robotics & Discrete Automation business segment. It had a revenue of USD 2.9 billion in 2020. In February 2021, ABB launched a cobots portfolio in GoFa and SWIFTI cobot families. The company is trying to stay ahead in the industrial robots offering by expanding its cobots portfolio for higher payloads and faster operations. ABB offers smart factory solutions such as smart sensors, SCADA, and PAM for varied industries, such as oil & gas and chemicals. With a strong presence geographically, the company has an edge in the smart factory market with comprehensive products and solutions offerings.

Honeywell

Honeywell is one of the leading providers of industrial automation components and solutions for the oil & gas market. The company has strong product offerings of MES software, HMI, and SCADA, and a strong presence in Europe, North America, and APAC. The company has always invested a significant amount of its overall revenue in R&D, indicating that the company is continuously trying innovations in the field of automation.

Emerson

Emerson is one of the prominent companies in the smart factory market. The Automation Solutions segment, which offers pressure measurement solutions and other analytical instruments, is the largest contributor to its overall revenue generation. This trend has existed for the last few years, and considering the efforts the company is putting in the expansion of this segment, it is likely to remain the same in the near future.

Related Reports:

Smart Factory Market With COVID-19 Impact by Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, PAM, MES, Industrial Safety), Industry, and Region - Global Forecast to 2026

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Report Code
SE 3068
RI Published ON
5/10/2021
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