The global smart factory market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing technological advancements such as machine to machine communication enable smart factories to eliminate wastage of time is the major factors expected to boost growth of the global smart factory market.
The global smart factory market report has been segmented on the basis of technology, component, end-user industry, and region.
On the basis of technology, the global smart factory market is segmented into Product Life Cycle Management (PLM), Manufacturing Execution Systems (MES), Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition System (SCADA), Enterprise Resource Planning (ERP), Distributed Control System (DCS), Human Machine Interface (HMI), and Plant Asset Management (PAM)
On the basis of component, the global smart factory market is segmented into sensors, industrial robots, machine vision systems, and industrial 3D printing. The sensors segment is expected to contribute significant share in terms of revenue in the global market. The industrial 3D printing segment is estimated to register lucrative CAGR.
On the basis of end-user industry, the global smart factory market is segmented into process industry and discrete industry. The process industry is further sub-segmented into oil and gas, food and beverages, energy and power, mining and metals, chemical, pharmaceutical, pulp and paper, and others including cement and glass, and water and wastewater management. The discrete industry is further sub-segmented into automotive, semiconductor and electronics, aerospace and defense, medical devices, machine manufacturing and others including packaging, printing and fabricating, precision and optics, solar panel manufacturing, and foundry and forging industries.
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On the basis of region, the global smart factory market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America market is expected to dominate in the global market, and is projected to maintain its dominance over the forecast period. Asia Pacific market is projected to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. This can be attributed due to growing automobile sector which is highly adopting smart factor and smart machines in countries in the region. The global smart factory markets in Europe, Latin America and Middle East & Africa are projected to witness moderate growth over the forecast period.
Prominent players in the global smart factory market include ABB Ltd. Atos SE, Emerson Electric Co., FANUC Corporation, General Electric Co., Honeywell International Inc. Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation, Inc. Schneider Electric SE, Siemens AG and, Yokogawa Electric Corporation.