The North America Smart Factory Market would witness market growth of 9.7% CAGR during the forecast period (2021-2027). The term ‘smart factory’ is considered as the several completely integrated automation solutions adopted for manufacturing facilities. Such integration assists in simplifying the material flow during all the processes included in the manufacturing, hence allowing efficient transfer of material across the factory floor. The deployment of smart systems can decrease the requirement for human labor, specifically in challenging environments.
IoT is beneficial in those applications wherein rapid development and real-time tracking of quality are the crucial aspects ensuring higher advantages to the end-user. The manufacturing sector is a sector where real-time tracking and feedback are essential in order to streamline manufacturing operations. IoT finds considerable applications in the manufacturing industry. It is capable of simplifying the production processes in a manufacturing plant because IoT devices can automatically track development cycles and manage warehouses and inventories.
Huge shifts in manufacturing because of industry 4.0 and the adoption of IoT need companies to accept faster, smarter, and unique methods to increase production, with technologies that support and facilitate human labor with robotics and cut down industrial accidents caused by a process error. These trends are currently being leveraged by system integrators and ICT consultants. For example, in September 2019, Deloitte introduced Smart Factory Fabric, a pre-configured solution of cloud-based Internet of Things (IoT) applications and integrated services to augment the developments in the smart factory domain.
Modern technological methods like machine vision and 3D food printing are modifying the manufacturing processes of the food & beverage industry. The prime objective of the stakeholders included in the manufacturing and distributing chain of this is to provide the best quality products while maintaining the low cost of production, maintenance, and distribution. The automation technologies utilized in the food & beverages industry provide design flexibility, unique and integrated safety solutions, and modern software tools for monitoring and controlling the operations of machines. Manufacturers are constantly involved in digitalizing and connecting factories to explore the advantages of the fourth industrial revolution. In the upcoming year, makers anticipated smart factories to boost performance improvements that considerably surpass earlier efforts.
The US market dominated the North America Chemicals & Pharmaceuticals Smart Factory Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,870.1 million by 2027. The Canada market is experiencing a CAGR of 12.8% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 11.8% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Factory Market is Estimated 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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