The growing awareness about the benefits of smart factories is fuelling the growth of the global smart factory market. The smart factories ensure more advanced, safer, and more efficient approaches than conventional factories. The emergence of smart factories is largely influenced by the sweeping shift towards automation, advanced microprocessors, and resources with local intelligence. They have the ability to connect every process and component across the value chain by integrating cyber physical system with the forefront of manufacturing flow. The rising focus on saving energy and manufacturing of various products through the implementation of IoT is anticipated to bolster the growth of the global smart factory market.
Enhanced Factory Vision Technology to Play Pivotal Role in Development of Smart Factory Market
The demand for factory vision from a distinct location is likely to foster the growth of the global smart factory market. Recent technological advancements in the factory vision technology such as smart cameras is likely to increase the adoption of smart factories. Moreover, the maintenance of smart factories is easier than that of conventional factories, which attracts more factory owners to switch to the former.
Another feature of smart factories that ensures promising growth of this market is the use of collaborative robots. Robots such as Selective Compliance Assembly Robot Arm (SCARA) and articulated robots effectively enhance the production. Furthermore, the government regulations on energy saving and minimal hazardous emissions is likely to propel the growth of the global smart factory market.
Shortage of Skilled Workforce to Hamper Growth of Smart Factory Market
To run a smart factory, the requirements for skilled and educated labor are high. There are shortages of such workforce, especially in the developing nations. This factor is expected to adversely affect the growth of the global smart factory market. Moreover, the adoption rate of these factories is very low owing to the fact that switching from traditional factories to smart factories require a lot of capital investment, which is not possible for capital-conscious factory owners. Furthermore, the lack of standardization in equipment is likely to pose a challenge to the growth of the global smart factory market.
Automotive and Transportation Industries to Maintain Lead Owing to Growing Capital Investments
The valuation of the global smart factory market was US$ 51.9 Bn in 2014 and is anticipated to expand at an impressive CAGR of 13.3% between 2015 and 2025. The market has been segmented using four criteria: market structure, component, region, and manufacturing vertical. Based on market structure, the global smart factory market is categorized into to connect, to collect, to analyze, and to control. The ‘to analyze’ segment will expand at a CAGR of 15.2% during the same period. The ‘to control’ segment dominated the global smart factory market by revenue in 2014 and is expected to retain leadership by 2025.
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Based on manufacturing vertical, the automotive and transportation segment was the leading segment in terms of revenue in 2014 and will maintain its position by the end of 2025. The growth of this segment can be attributed to the increasing penetration of automation and increasing capital investment in this industry. Geographically, the APAC region was the leading segment in 2014 in terms of value and represented a share of 39.0% of the global smart factory market. However, the Middle East and Africa will emerge as the fastest-growing segment owing to rapid infrastructural development in this region.