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Smart Factory Market size to surpass $280 Bn by 2032
- Published Date: April 20, 2023
Smart Factory Market size is predicted to cross USD 280 billion by 2032, according to a new research report by Global Market Insights Inc.
The increasing deployment of industrial robots for speeding up the automation process in factories will anchor the market growth. The rapid growth of the manufacturing sector has propelled the demand for industrial robots and automation for effectively performing activities, such as material handling, mechanical & electronic assembly, and product testing. As per the IFR (International Federation of Robotics), three million industrial robots were deployed worldwide in factories in 2021. Hence, the rapid deployment of industrial robots within manufacturing facilities to offer improved production efficiency, safety and quality assurance will also foster the industry outlook.
Increasing hardware integration for automation to fuel smart factory demand
Smart factory market valuation from the hardware component segment is anticipated to reach USD 120 billion by 2032. Automation technologies are gaining significant ground as they help enhance the production efficiency while reducing human errors in manufacturing facilities for profit maximization. Hardware components, including robots, actuators, sensors, and controllers, are crucial for the automation of manufacturing processes. Thus, the rising deployment of automation technologies in manufacturing facilities will boost the market development.
Surging demand for smart factories in healthcare applications to drive industry dynamics
Based on end-use, the smart factory industry from the healthcare segment is poised to record over 10% CAGR from 2023 to 2032. Smart factories are considered highly crucial for the healthcare industry as they offer the highest standards of patient care as well as improve quality, safety, and efficiency of manufacturing processes. The surging popularity of medical devices & equipment, such as pharmaceuticals, diagnostic & therapeutic devices, and medical implants will further add positive impetus to the product demand.
Browse key industry insights spread across 246 pages with 180 market data tables and 59 figures & charts from the report, “Smart Factory Market Size By Component (Hardware [Sensors, Industrial Robots, Machine Vision, Communication Technology Devices], Software [HMI, PLM, SCADA, DCS], PLC, ERP, Service), By Application & Global Forecast, 2023 – 2032” in detail along with the table of contents:
Booming manufacturing sector to accelerate the market in APAC
Asia Pacific smart factory market size is expected to exhibit more than 15% CAGR between 2023 and 2032, on account of the rapidly growing manufacturing sector in India. As per the S&P Global, the manufacturing purchasing managers index surged from 55.3 to 56.4 in February to March. The thriving government initiatives have resulted in the reduction in corporate tax, introduction of goods and services Tax, and FDI policy reforms in India for promoting the manufacturing sector. The introduction of various polices to boost domestic manufacturing via Phased Manufacturing Programme (PMP) and procurement order will also add to the regional market revenue.
Partnership-oriented strategies to accelerate the industry expansion
Some of the major players operating in this smart factory market include ABB Ltd., Cisco, General Electric, Honeywell International, Fujitsu, Mitsubishi Electric and Emerson Electric Co. Several collaborative strategies, including acquisitions, partnerships and mergers are actively adopted by these firms for scaling revenues and expanding their global presence. For instance, Kyocera Corporation, in April 2023, acquired nearly 37 acres of land for a novel smart factory in Isahaya City, Nagasaki Prefecture to cater to the rising need for various components in the electronics industry.