The Europe Smart Factory Market would witness market growth of 9.5% CAGR during the forecast period (2021-2027). Industrial production abilities are constantly changing by the Industry 4.0 revolution.
In addition to it, industrial processes are completely transformed by the increasing adaptation of connected devices, artificial intelligence-based systems, enterprise applications, and sophisticated sensing systems to gather data. Moreover, various makers are making high use of the component technologies of smart factories in various domains like advanced planning and scheduling, utilizing real-time production, inventory management, and augmented reality for maintenance.
Europe has always remained at the forefront of manufacturing activities. However, competition compels a large number of innovations. Hence, Europe must act as a breeding ground for unique ideas in manufacturing technologies. Boosted by the IT world, manufacturing will become smart and be ready to define the 4th industrial revolution in smart factories.
The factory of the future is termed as smart factories in order to deal with competitiveness and integrated the latest technologies, applications, and services. Digital industrial platforms are able to manage this requirement by offering the means to incorporate various technologies, take information from the shop floor and the supply network, make it available to observe and control applications and enable the development of complementary applications.
Industrial robots carry out various tasks like electronic and mechanical assembly, materials handling, and product testing. Force sensors assist industrial robots in the verification of part insertion; holding consistent force during buffing, polishing, and deburring; collecting force data for IoT testing and statistical process control (SPC), and conducting many other functions.
Growing miniaturization of sensors, increasing funding in the automation domain (in automotive, electrical & electronics, and metals & machinery industries), and increasing demand for industrial robotics systems in emerging countries are some of the drivers for the growth of the industrial robots market. This would boost the demand for industrial sensors and augment the development of the smart factory market during the forecast period.
The Germany market dominated the Europe Smart Factory Industrial 3D Printers Market by Country 2020, thereby, achieving a market value of $1,803.3 million by 2027. The UK market is exhibiting a CAGR of 9% during (2021 - 2027). Additionally, The France market is poised to grow at a CAGR of 10.6% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Smart Factory Market Size will Hit $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.
By Component
By Solution
By Industry Vertical
By Country
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