Asia-Pacific Dominates Smart Factory Market
The automotive industry is expected to account for the highest share of the global smart factory market during the forecast period.
The smart factory market is expected to be valued at $153.7 billion in 2019, growing at a CAGR of close to 9.8% from 2019-2024, according to a recent report from Markets and Markets. The growth of this market is propelled by the evolution of the Internet of Things (IoT), increasing use of enabling technologies in manufacturing, rising adoption of industrial robots in manufacturing sector driven by collaborative robots, and connected enterprise, along with mass production to cater to rising population.
The market for industrial robots is expected to account for the highest share of the global smart factory market during the forecast period. Implementing industrial robotics in smart manufacturing processes can improve productivity, reduce human errors, and increase production volume. However, the market for industrial 3D printing is expected to witness the highest CAGR between 2019 and 2024 due to the increasing adoption of 3D printing technology in various processes and discrete industries, such as automotive, aerospace and defense, food and beverages, and semiconductor and electronics.
The automotive industry is expected to account for the highest share of the global smart factory market during the forecast period. Smart factory solutions play a key role in the development and production of quality automobiles. Innovations in assembly line methods are welcomed by vehicle manufacturers to enhance quality and increase factory productivity.
Among all regions, Asia-Pacific is expected to account for the largest share of the smart factory market in 2019. Asia-Pacific is projected to hold the highest market share in the smart factory market due to technological innovation and increasing adoption of automation technologies in various industries. China has been working on an innovative industrial practice by implementing automation technologies in manufacturing. Research institutes and corporates are collaboratively working to improve manufacturing processes in China. In addition, in China, industrial intellectualization and information integration remain the main focus of the government’s industrial policy.
Toyota (Japan), Honda (Japan), and Suzuki (Japan) are developing smart factories for manufacturing robots, sensors, wireless technologies, and machine vision systems. This demand is propelling the growth of the smart factory market in Japan.
Additional details are available at www.marketsandmarkets.com.