Smart factory market to reach USD 152.94 billion

September 2, 2021 4:55 pm

Rising demand for IoT and artificial intelligence, cost reduction in manufacturing operations with the aid of industrial robots, factors are driving the market growth.

Rising demand for IoT and artificial intelligence, a growing emphasis on energy efficiency, resource optimisation, and cost reduction in manufacturing operations with the aid of industrial robots, are among the factors driving the growth of the market. According to Verified Market Research, the Global Smart Factory Market was valued at USD 70.65 Billion in 2020 and is projected to reach USD 152.94 billion by 2028, growing at a CAGR of 10 percent from 2021 to 2028.

Global Smart Factory Market: Increased demand for industrial robots is driving market growth. Industrial robots undertake activities such as electronic and mechanical assembly, product testing, and material handling. Force sensors assist industrial robots in confirming part insertion, maintaining constant force during buffing, polishing, and deburring, gathering force data for loT testing and statistical process control (SPC), and performing a variety of other duties.

In recent years, the usage of industrial robots and automation has grown at an exponential rate in the manufacturing industry. With better production efficiency, safety, and quality assurance at the forefront of enterprises’ concerns, it’s not surprising that there is significant ongoing investment and adoption of robotics in manufacturing facilities all over the world.

Industrial robots can perform operations with high precision and repeatability without the need for stoppages or pauses. Because of their capacity to perform continuously without weariness, robots are highly productive and can provide producers with a quick return on investment. Robot precision also means that fewer errors are made throughout the manufacturing process, which often correlates to a reduction in waste and production. Technological advancements in sensing components such as sensors and actuators within the industrial setup are expected to increase demand during the forecast period due to their increasing self-sufficiency with reduced power consumption and integrated computing abilities.

The major players in the market are ABB Ltd., and Endress+Hauser AG: Switzerland; Emerson Electric Co., General Electric, Rockwell Automation, Inc., Honeywell International Inc., from US; Schneider Electric SE: France; Siemens AG: Germany, Mitsubishi Electric Corp., and Yokogawa Electric Corp., from Japan.