Smart Factory Industry Overview

The global smart factory market size is expected to reach USD 271.91 billion by 2030, expanding at a CAGR of 9.8% from 2023 to 2030, according to a new study by Grand View Research, Inc. The market for smart factory has experienced remarkable growth in recent years, primarily attributed to several factors. These include the increasing adoption of Industry 4.0 concepts characterized by integrating digital technologies such as the Internet of Things (IoT), AI, Machine Learning (ML), and industrial automation. These technologies enhance operational efficiency and enable real-time data analysis, fostering agile and responsive manufacturing processes.

Moreover, the need for cost optimization and resource efficiency has prompted businesses to invest in smart factory solutions, as they promise reduced downtime, minimized wastage, and improved resource allocation. Besides, the growing emphasis on sustainability and environmental concerns has led manufacturers to gravitate towards the adoption of smart factories to monitor and optimize energy consumption and reduce their carbon footprint.

Gather more insights about the market drivers, restrains and growth of the Smart Factory Market

Additionally, technological advancements such as integrating connected devices with IoT and cloud computing act as development factors. Automated material handling, electronic and mechanical assembly, and product testing are all made easier with these cutting-edge technologies. Force sensors are also used in smart factories to maintain constant force during polishing, buffing, and deburring, collect data for statistical process control (SPC) systems, and ensure proper component insertion. Additional aspects, including the inclusion of the Industrial Internet of Things (IIoT) and the growing usage of smart factory solutions for the production of complex automotive and medical components, are expected to propel the smart factory sector during the forecast period.

Several companies operating in the market for smart factory adopt strategies such as mergers, acquisitions, partnerships, and innovations to enhance their product offerings to cater to the larger customer base and strengthen their foothold in the industry. For instance, in October 2022, ABB Robotics launched the IRB 1010, the smallest-ever industrial robot. The compact system is developed to help electronics manufacturers improve the production of devices such as smart watches, sensors, earphones, and health trackers.

This industrial robot by ABB Robotics also comes with a high payload capacity and accuracy. The compact system is created to assist electronics manufacturers in enhancing their production of devices such as earphones, health trackers, smartwatches, and sensors through automation. Such advancements are poised to fuel the growth of the smart factory industry in the coming years.

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Smart Factory Market Segmentation

Grand View Research has segmented the global smart factory market based on technology, field devices, application, and region:

Smart Factory Technology Outlook (Revenue, USD Billion, 2018 - 2030)

• Distributed Control Systems (DCS)
• Enterprise Resource Planning (ERP)
• Human Machine Interface (HMI)
• Manufacturing Execution System (MES)
• Product Life Cycle Management (PLM)
• Program Logic Controller (PLC)
• Supervisory Controller and Data Acquisition (SCADA)
• Others

Smart Factory Field Devices Outlook (Revenue, USD Billion, 2018 - 2030)

• Sensors
• Industrial Robotics
• Machine Vision Systems
• Others

Smart Factory Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Aerospace & Defense
• Automotive
• Energy & Power
• Food and Beverages
• Healthcare
• Semiconductor & Electronics
• Oil & Gas
• Others

Smart Factory Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • Rest of Middle East & Africa

Key Companies profiled:

• ABB, Ltd.
• Dassault Systèmes S.E.
• FANUC Corporation
• General Electric Company
• Honeywell International, Inc.
• Johnson Controls, Inc.
• KUKA AG
• Mitsubishi Electric Corporation
• Rockwell Automation, Inc.
• Schneider Electric SE
• Canon Inc.
• Cisco System Inc.
• Emerson Electric Co.

Order a free sample PDF of the Smart Factory Market Intelligence Study, published by Grand View Research.