Global Smart Factory Market (2021 to 2027) - by Component, Solution and Regional Outlook
DUBLIN, June 23, 2021 /PRNewswire/ -- The "Global Smart Factory Market By Component, By Solution, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Factory Market size is expected to reach $137.6 billion by 2027, rising at a market growth of 9.9% CAGR during the forecast period. A smart factory is considered as a concept where equipment and machines are capable to enhance processes with the help of self-optimization and automation. The advantages of a smart factory go beyond the physical production of goods and into functions, such as planning, supply chain logistics, and even product development. The smart factory market is bifurcated by product type, into machine vision systems and industrial robotics, among others, and based on technology, into SCADA, PLZ, and HMI, among others.
Industry Vertical Outlook
Based on Industry Vertical, the market is segmented into Automotive, Semiconductor & Electronics, Chemicals & Pharmaceuticals, Food & Beverages, Oil & Gas, Aerospace & Defense, Medical Devices and Others. The medical devices industry is boosted by development and technological innovations. The industry has observed major growth due to the development of cutting-edge medical devices with the help of novel technologies. In the medical devices industry, smart factory solutions assist enhance manufacturing processes, planning, third-party services, technology assessment, and remote support. Smart factory technologies also assist in decreasing the recalls and wastes and surge the profitability of the companies involved in the manufacturing of medical devices because of the accuracy in manufacturing.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is quickly emerging as a hub for industries. Hence, there is a massive demand for refurbishing the existing infrastructure with modern technologies. Smart factors of the fourth industrial revolution may reveal the key to efficiency for makers. And every maker - those from already "running smart" to those not yet put investment in smart factory technologies can adopt the cutting-edge technologies that will yield business value.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Siemens AG, Honeywell International, Inc., ABB Group, General Electric (GE) Co. are the major forerunners in the Smart Factory Market. Companies such as Mitsubishi Electric Corporation, Emerson Electric Co., and Kuka AG are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Emerson Electric Co., General Electric (GE) Co., Siemens AG, Rockwell Automation, Inc., Schneider Electric SE, Honeywell International, Inc., Mitsubishi Electric Corporation, Kuka AG, and Omron Corporation.
Unique Offerings from the Publisher
Key Topics Covered:
Chapter 8. Company Profiles
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