The Asia Pacific Smart Factory Market would witness market growth of 10% CAGR during the forecast period (2021-2027). Manufacturing is one of the leading pillars of the countries in the Asia-pacific region. With the emergence of the Industry 4.0 revolution, the world’s biggest manufacturing hub will observe major shifts as connectivity becomes the backbone of modern factories, where artificial intelligence (AI), machine learning, the Internet of things (IoT), and cloud computing are being adopted to explore technology-driven smart manufacturing.
Factories are shifting to real-time abilities, virtualization, decentralization, and modularity to streamline efficiency, accuracy, and agility. At the core of this revolution are 5G networks that provide robust, high-speed connectivity, higher bandwidth to manage huge data traffic, highly low levels of latency between devices, network slicing for virtual separation of networks, and mobile edge computing 9MEC) to streamline edge computing. As a major enable in smart factories, 5G along with IoT bring about modern technologies like automation, collaborative robots (cobots), and real-time monitoring.
Smart factory solutions are beneficial in reducing costs by lowering the wastage and optimal usage of the resources. The main goal of any company is to correct the inefficiencies of the system and simplify the processes to generate optimal productivity. The digital modes are relevant, real-time, and highly intelligent to foretell maintenance, replacement, and scheduled shutdown to decrease wastage.
When the production, manufacturing, and transportation processes are automated with the help of digital solutions, real-time communication occurs, decreasing the overall costs. The costs are decreased by a reduction in wastage and a surge in profit. These aspects are likely to open new growth avenues in the smart factory market in the next few years.
Smart factories are less costly and provide completely integrated automation solutions for manufacturing units with an aim to simplify the flow of materials during the manufacturing process. Smart factories are popular by the usage of technology and field devices to provide a whole range of automation in the manufacturing process. By integrating the cyber physical system into the forefront of the manufacturing process, smart factories become capable to connect each process and component across the value chain. Due to this interconnection of information and production, the automation industry has been revolutionized, hence helping manufacturing facilities to become efficient at an optimum level. In addition to it, manufacturing enterprises become capable to attain the shortest time to market and zero waste production with the help of smart factories.
The China market dominated the Asia Pacific SCADA Smart Factory Market by Country 2020, thereby, achieving a market value of $3,684.7 million by 2027. The Japan market is showcasing a CAGR of 9.1% during (2021 - 2027). Additionally, The India market is anticipated to witness a CAGR of 10.3% during (2021 - 2027).
Based on Component, the market is segmented into Industrial Sensors, Industrial Robots, Industrial 3D Printers and Machine Vision Systems. Based on Solution, the market is segmented into Manufacturing Execution System (MES), Plant Asset Management (PAM), SCADA, Industrial Safety and Others. Based on Industry Vertical, the market is segmented into Automotive, Semiconductor & Electronics, Chemicals & Pharmaceuticals, Food & Beverages, Oil & Gas, Aerospace & Defense, Medical Devices and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Factory Market is Projected to reach USD 137.6 Billion by 2027, at a CAGR of 9.9%
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.
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