Global Smart Factory Market Size Expansion by 2022
According to data recently released by MarketsandMarkets International, the global smart factory market is expected to reach $86.2 billion in 2022 and is expected to increase to $140.9 billion by 2027, growing at a CAGR of 10.3% during the period.
The growing popularity of IoT and artificial intelligence, and the increased use of industrial robots in factories are the major factors driving the growth of the smart factory market.
The industrial sensors segment is expected to account for the largest share of the smart factory market. Smart factories enable connectivity across manufacturing operations through the deployment of sensors. This factor helps in establishing better communication and information flow across the manufacturing facility.
Mining and metals hold the largest market share in the process industry segment in 2021. The mining and metals industry must ensure supply cost control, supply chain visibility, and risk management while taking into account growing customer demand and globalization. To remain competitive, many companies are adopting automation solutions to increase productivity and reduce operating costs while improving safety.
Every metal manufacturer and mining company is committed to reducing scrap and downtime while increasing production. Implementing smart manufacturing solutions in the mining industry will help the industry to better manage processes and increase productivity.
Advances in automotive manufacturing and fierce competition in the global marketplace are forcing automakers to strategically invest in their manufacturing infrastructure to achieve the highest production output with the least amount of waste.
As a result, automakers are investing heavily in implementing smart factory solutions in their plants. Many automotive giants are investing heavily in converting their manufacturing facilities into smart factories to optimize production.
Asia Pacific region is expected to grow at the highest growth rate during the forecast period. The increase in the number of automation activities in process and discrete industries is one of the major factors driving the growth of the smart factory market in the Asia Pacific.
In addition, countries such as China, Japan, South Korea, and India are also contributing to the growth of the smart factory market in the region. The market size of these countries is considerable and has a huge potential for the growth of the smart factory market in the Asia Pacific.