The current value of the smart factories market is USD 75 billion (data from 2018). The new Global Market Insight research report shows that the value of this market is expected to increase to USD 155 billion by 2025.
The growing use of technology drives the development of the smart factories market, which causes an increase in demand for intelligent industrial solutions aimed at reducing operating and labor costs. A solid automotive and electronics sector in Asian countries and a great deal of emphasis on the integration of automated technologies thanks to supportive government policies will create more opportunities for the development of the industry.
Digitally advanced factories produce industrial robots that replace human workers in several operations with the help of evolutionary technologies, such as large data sets, artificial intelligence or analytics. Industrial robots are gaining popularity over the work of people in the smart factories market due to their ability to increase productivity and eliminate human errors.
What's more, collaborative robots have been designed with many advanced sensors and software, enabling them to work safely and effectively with people. Smart factories are integrated with various advanced solutions, such as cloud computing, AI, IoT, 3D printing and various automation technologies. Global automotive companies are making large investments in these technologies to increase the efficiency of their manufacturing and storage facilities.
A major factor hampering the market is data & security-related issues. That occur because of high technology dependence and data integration. Intelligent production and supply chain systems are connected to data functions that may be exposed to various cyber attacks. As a result, cybersecurity and data protection are a problem in these intelligent manufacturing units.
The main manufacturers operating on the intelligent factories market are ABB, Honeywell International, Bosch, General Electric, Emerson Electric, Siemens, Schneider Electric and Rockwell Automation. These manufacturers use various business expansion strategies, such as mergers and acquisitions, product launches, and collaboration and contracts for introducing new production-related solutions.
The smart factory industry is fragmented due to the presence of several major companies providing various hardware, software, and service components related to factory automation. The industry includes several players operating at the global level and partnering with other technology providers to develop specific industrial solutions. Moreover, due to the demand for automated options at production sites, the market companies are developing highly efficient industrial automation solutions. The industry is witnessing huge investments from government and private companies for promoting the utilization of Industry 4.0 technologies that aid manufacturers in gaining productivity benefits.
source: roboticsandautomationnews, gminsights
