According to a new report Global Smart Factory Market, published by KBV research, 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.
The industrial sensors segment would procure the maximum revenue share of the smart factory market. Factors such as the increasing adoption of Industry 4.0 and IIoT, and the increasing wireless sensors market act as catalysts for the massive growth of the industrial sensors segment. Predictive maintenance would create attractive opportunities for the players operating in the industrial sensors market in the next few years. Predictive maintenance is assisted by 3 significant improvements over a conventional maintenance schedule: capturing sensor data, simplifying data communications, and making predictions.
The automotive segment would garner the highest revenue share of the smart factory market, by discrete industry, throughout the forecast period. Developments in automotive manufacturing technologies and a surge in investments by leading automotive makers in smart factory solutions are some of the prime catalysts that would boost the smart factory market for the automotive industry. Acceptance of smart factory technologies will remain popular in the automotive industry, due to the transformation of automotive manufacturing facilities by installing automated solutions.
The majority of the leading manufacturers from various industries have shifted their manufacturing units in the APAC region because of the low labor cost and the high accessibility of skilled labor in the region. The growth of the smart factory market in the APAC region would be boosted by the growing number of automation activities in process and discrete industries. Additionally, nations like China, South Korea, Japan, and India are augmenting the growth of the smart factory market in the region. These countries garner a major market size and have the potential for the development of the smart factory market in the region.
Full Report: https://www.kbvresearch.com/smart-factory-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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