Smart factory market to cross US$155 bn by 2025

from Smart factory market to cross US$155 bn by 2025
by Anasia D'mello
https://ift.tt/eA8V8J

Global Smart Factory Market is set to grow from its current market value of more than $75 billion (€66 billion) to over $155 billion (€138 billion) by 2025; according to a new research report by Global Market Insights, Inc.

The smart factory market is driven by the growing demand for intelligent industrial solutions that organise output and save huge labour & operational costs. These factories are digitally advanced & connected facilities that enhance the manufacturing performance along with replacing human workers in a variety of operations. Several technologies including IoT, AI, big data, and analytics in the smart factory market have the ability to operate autonomously. and correct by itself.

Various planning & management software detect probable errors and alert managers to eliminate losses, creating a high demand for these solutions. Additionally, government initiatives & policies in the European and Asian countries to promote the utilisation of intelligent factory techniques are also major factors attributing to smart factory expansion. The industry is witnessing a high demand from the automotive, pharmaceutical, food & beverage, etc. applications owing to the popularity of cost-effective and automated benefits.

Machine vision components are witnessing an increasing demand in the smart factory market owing to the improved quality & consistency in manufacturing operations. Reduced manufacturing & operational costs due to the requirement of less labour for running equipment and process monitoring benefits industries, driving the market growth.

With the integration of vision components with production machines, the assembly, testing, and inspection functions can be performed in less space, reducing the overall footprint. These systems aid production teams & managers to perform intricate & complex tasks with high speed & precision, creating smart factory market solution demand. The machine vision cameras are increasingly deployed in intelligent factories due to high resolution and inspection advantages compared to traditional methods.

Distributed Control Systems (DCS) in the smart factory market are gaining popularity due to flexibility & simplicity advantages in controlling, monitoring, and reporting processes. These systems control complex enterprise processes, which are distributed throughout the entire system.

The controlling and redundancy features in DCS enhance the system availability & reliability, creating several market development opportunities. The industry players are launching new distributed control systems for applications in various manufacturing sectors. For instance, in March 2019, ABB announced the launch of its new distributed control system 800*A 6.1 that provides flexible & efficient engineering solutions.

In the smart factory market, automotive applications will grow at over 12% CAGR from 2019 to 2025 due to the transformation of automobile manufacturing facilities by adopting automated & robotic technologies. The Asian automotive industry is witnessing increased adoption of intelligent solutions such as asset management, enterprise resource planning, etc. to gain high productivity and reduce labour costs.

Major automotive manufacturers are transforming their production facilities with industrial robots that perform several manufacturing related tasks with high efficiency compared to human labours. The OEMs are collaborating with software & service providers for building intelligent manufacturing units and gain IIoT benefits. For instance, in April 2019, BMW and Microsoft Corporation announced their collaboration to [...]

The post Smart factory market to cross US$155 bn by 2025 appeared first on IoT Now - How to run an IoT enabled business.