The Latin America, Middle East and Africa Smart Factory Market would witness market growth of 11.7% CAGR during the forecast period (2021-2027). Presently, smart manufacturing is accepted more extensively in industries that focus on high-volume and low-margin production.
It is also adopted in extremely regulated industries like pharmaceutical and food & beverage industries, where monitoring and traceability are crucial. Whole value-chain processes can be automated to depend on robotic inspections, for example, in order to cut down the human errors. With automated processes, smart factories leverage machine learning and AI to precisely detect defects. Increasingly, innovations are aimed towards areas like predictive maintenance, remote monitoring, and control, real-time supply chain management, advanced process control, and quality management. These aspects are likely to push the growth of the regional smart factory market.
A wireless network embedded with distributed autonomous devices comprises sensors to observe physical or environmental condition is termed as a wireless sensor network (WSN). WSNs are deployed in various industries like pharmaceuticals, oil & gas, and water & wastewater treatment. Oil & gas plants are commonly located in remote areas having extreme environmental conditions. In the oil & gas plant, tanks, compressors, generators, and separators are observed, managed, and regulated by a SCADA system using sensors installed in a WSN.
The utilization of a WSN decreases the costs related to installing a sensor network and communication system. Wired technology is relative of high cost as compared to its wireless counterpart because of the higher hardware requirement like networking devices, cables, routers, and network adapters. Parameters like pressure, temperature, flow, and level of fluids and gases in plant operation are evaluated and detected with the help of a WSN. Integrating a WSN in SCADA and other smart factory elements and solutions allows real-time data monitoring and process control. Hence, the increasing research & development activities and its higher adoption in smart factories would boost the application areas of smart factories. Besides, the regular software updates for wireless sensor networks make them appropriate for the existing automated systems in the industries deploying smart factory components and solutions.
The Industrial Sensors market dominated the South Africa Smart Factory Market by Component 2020, thereby, achieving a market value of $628.5 million by 2027. The Industrial Robots market is experiencing a CAGR of 12.8% during (2021 - 2027). Additionally, The Industrial 3D Printers market is showcasing a CAGR of 12.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Smart Factory Market is Predict to reach $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
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