Mordor Intelligence announces the publication of their research report on the Global Smart Factory Market. The report discusses market dynamics, trends, forecasts, among many other aspects.
The global smart factory market was valued at USD 38.95 billion in 2015 and is forecasted to grow at a CAGR of 9.70% to reach USD 61.88 billion by 2020. Factors driving the smart factory market include, a growing demand for energy efficiency, increased adoption of IoT, technological advancements in process automation systems & manufacturing, greater visibility of factory operations and connected supply chain operations.
Significant evolutions in Industry 4.0 practices coupled with growing potential for communication technologies are expected to open up new growth opportunities for the smart factory market over and beyond the forecast period. However, high capital costs, cyber security concerns, dearth of skilled workforce and dynamic changes with regards to labor requirements are expected to impede growth in this market.
North America is expected to hold the largest market share, followed by Europe and Asia-Pacific. High levels of industrialization, increased demand for efficient systems, and stringent regulatory standards can be attributed to the high adoption of smart factory solutions in the North America region. Asia-Pacific is forecasted to record the highest CAGR growth over the reporting period, buoyed by increased focus on “efficient” practices and growing levels of awareness of the benefits of smart processes in factories.
Some of the major firms operating in this market include Siemens AG, Honeywell International, FANUC Corporation, Rockwell Automation, Inc. and Scheider Electric. The smart factory market is witnessing increased competition with the emergence of technology giants to go with a mix of market incumbents and new entrants. These companies are increasingly looking at strategic acquisitions and collaborations to consolidate their market position.
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