Jun 23, 2021   SOURCE: BusinessWire

Insights on the Smart Factory Global Market to 2027 - Featuring ABB, Emerson Electric and Siemens Among Others - ResearchAndMarkets.com

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.

Companies Profiled

  • 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
  • Omron Corporation

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.

The vendors of smart factory solutions are striving hard to create solutions that are capable enough to improve the quality and quantity of products made by the makers of foods and beverages. In the food & beverages manufacturing sector along with the companies involved in the processing, packaging, and distribution of food & beverages, high-quality standards hold great value. With the help of automation techniques, the food & beverages sector provides design flexibility, unique and integrated safety solutions, and sophisticated software tools for regulating the operations of machines. Food manufacturers are putting hefty investments in changing their conventional manufacturing units into advanced units. Therefore, the food & beverages industry is witnessing a high adoption rate of smart factory technologies and advanced manufacturing equipment.

Automation in the smart factories deploys different kinds of control devices like motors, sensors, drives, and switches & relays and network technologies like wired, wireless, and radio frequency identification (RFID). Integrated systems like Manufacturing Execution System (MES), Information Technology (IT) system, Programmable Logic Control (PLC), Enterprise Resource Planning (ERP), and Supervisory Control and Data Acquisition (SCADA) are made to fulfill the particular needs of a manufacturing facility. These industrial control systems are able to manage the process and simplify the flow of materials across the manufacturing line. Smart factories also deploy industrial robots like articulated robots, Cartesian robots, SCARA (Selective Compliance Assembly Robot Arm or Selective Compliance Articulated Robot Arm) robots, cylindrical and other robots for several manufacturing processes like welding, painting, heavy lifting, and conveyance, etc.

COVID-19 Impact:

In 2020, the outbreak of the COVID-19 pandemic has created an adverse impact on the overall smart factory market, causing a lower shipment of components and solutions of smart factories and the revenues produced from them. Due to this, a decline was observed in the development trend of the market during the first quarter of 2020. However, this trend had been anticipated to disrupt in the next half of the year as the demand is expected to increase because of the increasing concern for smart automation, energy, and resource efficiency.

The COVID-19 pandemic has considerably impacted the value chain of the smart factory market. The US, China, South Korea, and Japan, which have been negatively impacted by the pandemic, are responsible for a major share of the global smart factory manufacturing. The discrete industries and process industries are observing a reduced demand, which is expected to remain the same for some time due to the worldwide slowdown.

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Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview

Chapter 3. Competition Analysis - Global

Chapter 4. Global Smart Factory Market by Industry Vertical

Chapter 5. Global Smart Factory Market by Component

Chapter 6. Global Smart Factory Market by Solution

Chapter 7. Global Smart Factory Market by Region

Chapter 8. Company Profiles

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