Global Smart Factory Market size is expected to grow considerably through 2032, owing to rising investments in the Industry 4.0 concept. In February 2023, the governor of Iowa and the Iowa Economic Development Authority announced that the state would invest an additional USD 2 million in Manufacturing 4.0 Technology Investment Program to strengthen its manufacturing capability.
Developing economies such as India are also making heavy investments in the Industry 4.0 concept through Make in India Initiative, thus, boosting market performance. On the other hand, many players operating in the field are investing in product innovations, which is also positively impacting the industry landscape. For instance, in October 2022, Honeywell International Inc., a multinational conglomerate corporation, announced the launch of its manufacturing excellence platform, which provides end-to-end production visualization platforms to multiple users. This launch will ensure interoperability and transparency and maximize efficiency while promoting digitalization in the life sciences industry.
The overall smart factory market is divided on the basis of component, end-use, and region.
Based on components, the smart factory industry size from the hardware segment is anticipated to grow considerably through 2032. Growing product innovations in the hardware segment are contributing to segment expansion. For instance, in September 2022, Mitsubishi Electric India, a leading electronics manufacturer, announced the launch of its M80V and M800V series Computerized Numerical Controllers to accelerate smart manufacturing in India. It is the first-ever computerized numerical controller equipped with a built-in wireless LAN for efficient workflow.
In terms of end-use, the smart factory market share from the healthcare segment is expected to be worth over USD 30 billion by 2032. Smart manufacturing solutions enhance asset utilization and offer shorter time-to-value of medical devices. They also help the medical device sector digitalize its operations which helps ensure product integrity and comply with regulatory standards. Rapid digitalization in the medical device space will favor the adoption of the smart factory concept through 2032.
Regionally speaking, Asia Pacific smart factory industry size is anticipated to see considerable gains through 2032. Growing medical device industry in the region has increased the demand for smart factory solutions. As per IBEF, the medical device sector in India has the potential to attain a valuation of USD 50 billion by 2025. Favorable government initiatives, such as Make in China and Make in India, have advanced the manufacturing capabilities of emerging economies in the region, which will favor the expansion of regional market share.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope and definitions
- 1.2 Base estimates & calculations
- 1.3 Forecast calculations
- 1.4 Data Sources
- 1.4.1 Primary
- 1.4.2 Data mining sources
- 1.4.2.1 Paid
- 1.4.2.2 Public
Chapter 2 Executive Summary
- 2.1 Global smart factory industry 360 degree synopsis, 2018-2032
- 2.2 Business trends
- 2.3 Regional trends
- 2.4 Component trends
- 2.5 End-use trends
Chapter 3 Smart Factory Market Industry Insights
- 3.1 Impact analysis of COVID-19 pandemic
- 3.1.1 North America
- 3.1.2 Europe
- 3.1.3 Asia Pacific
- 3.1.4 Latin America
- 3.1.5 MEA
- 3.2 Impact of the Russia-Ukraine war
- 3.3 Impact of China-U.S. trade war
- 3.4 Industry ecosystem analysis
- 3.4.1 Manufacturer
- 3.4.2 Component provider
- 3.4.3 Technology provider
- 3.4.4 System integrator
- 3.4.5 Distribution channel analysis
- 3.4.6 End users
- 3.4.7 Vendor matrix
- 3.5 Profit margin analysis
- 3.6 Patent analysis
- 3.7 Key news & initiatives
- 3.8 Technology landscape
- 3.8.1 Artificial Intelligence (AI)
- 3.8.2 Machine Learning (ML)
- 3.8.3 Virtual Reality (VR) and Augmented Reality (AR)
- 3.8.4 Big data
- 3.8.5 Industrial Internet of Things (IIoT)
- 3.8.6 Automation & robotics
- 3.8.7 Additive printing
- 3.8.8 Cloud connectivity
- 3.8.9 5G
- 3.9 Regulatory landscape
- 3.9.1 International standards
- 3.9.1.1 ISO/DIS 37173
- 3.9.1.2 Intelligent Buildings International, Volume 14, Issue 6 (2022)
- 3.9.2 North America
- 3.9.2.1 American Council for Energy-Efficient Economy
- 3.9.2.2 H.R.2044-Smart Building Acceleration Act
- 3.9.3 Europe
- 3.9.3.1 Buildings Energy Act (GEG)
- 3.9.3.2 ISO 16739:2013
- 3.9.4 Asia Pacific
- 3.9.4.1 Ministry of Housing and Urban-Rural Development
- 3.9.4.2 Article 42-2
- 3.9.5 Latin America
- 3.9.5.1 IEEE PES
- 3.9.5.2 LGEEPA
- 3.9.6 MEA
- 3.9.6.1 REIPPP Programme-South Africa
- 3.10 Industry impact forces
- 3.10.1 Growth drivers
- 3.10.1.1 Surge in the integration of 5G networks into smart factory
- 3.10.1.2 Rising adoption of industrial robots
- 3.10.1.3 Growing investments in industry 4.0
- 3.10.1.4 Increasing emphasis on energy efficiency
- 3.10.1.5 Growing adoption of IoT and AI in smart factory technologies
- 3.10.2 Industry pitfalls & challenges
- 3.10.2.1 Lack of technical expertise and skilled labor
- 3.10.2.2 Growing concerns of cyber-attack and data breach
- 3.11 Growth potential analysis
- 3.12 Porter's analysis
- 3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
- 4.1 Introduction
- 4.2 Company market share, 2022
- 4.3 Major market players, 2022
- 4.3.1 ABB Limited
- 4.3.2 Cisco
- 4.3.3 Fujitsu
- 4.3.4 General Electric
- 4.3.5 Honeywell International
- 4.3.6 Mitsubishi Electric
- 4.3.7 Emerson Electric Co.
- 4.4 Competitive positioning matrix
- 4.5 Strategic outlook matrix
Chapter 5 Smart Factory Market, By Component
- 5.1 Smart factory market, by component, 2022 & 2032
- 5.2 Hardware
- 5.3 Software
- 5.4 Services
Chapter 6 Smart Factory Market, By End-Use
- 6.1 Smart factory market, by end-use 2022 & 2032
- 6.2 Automotive
- 6.3 Aerospace & defense
- 6.4 Energy & power
- 6.5 Food & beverages
- 6.6 Healthcare
- 6.7 Electrical & electronics
- 6.8 Oil & gas
- 6.9 Others
Chapter 7 Smart Factory Market, By Region
- 7.1 Key trends, by region
- 7.2 North America
- 7.2.1 Market estimates and forecast, 2018 - 2032
- 7.2.2 Market estimates and forecast, by component, 2018 - 2032
- 7.2.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.2.4 U.S.
- 7.2.4.1 Market estimates and forecast, 2018 - 2032
- 7.2.4.2 Market estimates and forecast, by component, 2018 - 2032
- 7.2.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.2.5 Canada
- 7.2.5.1 Market estimates and forecast, 2018 - 2032
- 7.2.5.2 Market estimates and forecast, by component, 2018 - 2032
- 7.2.5.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3 Europe
- 7.3.1 Market estimates and forecast, 2018 - 2032
- 7.3.2 Market estimates and forecast, by component, 2018 - 2032
- 7.3.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.4 UK
- 7.3.4.1 Market estimates and forecast, 2018 - 2032
- 7.3.4.2 Market estimates and forecast, by component, 2018 - 2032
- 7.3.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.5 Germany
- 7.3.5.1 Market estimates and forecast, 2018 - 2032
- 7.3.5.2 Market estimates and forecast, by component, 2018 - 2032
- 7.3.5.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.6 France
- 7.3.6.1 Market estimates and forecast, 2018 - 2032
- 7.3.6.2 Market estimates and forecast, by component, 2018 - 2032
- 7.3.6.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.7 Italy
- 7.3.7.1 Market estimates and forecast, 2018 - 2032
- 7.3.7.2 Market estimates and forecast, by component, 2018 - 2032
- 7.3.7.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.8 Russia
- 7.3.8.1 Market estimates and forecast, 2018 - 2032
- 7.3.8.2 Market estimates and forecast, by component, 2018 - 2032
- 7.3.8.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4 Asia Pacific
- 7.4.1 Market estimates and forecast, 2018 - 2032
- 7.4.2 Market estimates and forecast, by component, 2018 - 2032
- 7.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.4 China
- 7.4.4.1 Market estimates and forecast, 2018 - 2032
- 7.4.4.2 Market estimates and forecast, by component, 2018 - 2032
- 7.4.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.5 India
- 7.4.5.1 Market estimates and forecast, 2018 - 2032
- 7.4.5.2 Market estimates and forecast, by component, 2018 - 2032
- 7.4.5.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.6 Japan
- 7.4.6.1 Market estimates and forecast, 2018 - 2032
- 7.4.6.2 Market estimates and forecast, by component, 2018 - 2032
- 7.4.6.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.7 South Korea
- 7.4.7.1 Market estimates and forecast, 2018 - 2032
- 7.4.7.2 Market estimates and forecast, by component, 2018 - 2032
- 7.4.7.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.8 Singapore
- 7.4.8.1 Market estimates and forecast, 2018 - 2032
- 7.4.8.2 Market estimates and forecast, by component, 2018 - 2032
- 7.4.8.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.5 Latin America
- 7.5.1 Market estimates and forecast, 2018 - 2032
- 7.5.2 Market estimates and forecast, by component, 2018 - 2032
- 7.5.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.5.4 Brazil
- 7.5.4.1 Market estimates and forecast, 2018 - 2032
- 7.5.4.2 Market estimates and forecast, by component, 2018 - 2032
- 7.5.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.5.5 Mexico
- 7.5.5.1 Market estimates and forecast, 2018 - 2032
- 7.5.5.2 Market estimates and forecast, by component, 2018 - 2032
- 7.5.5.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.6 MEA
- 7.6.1 Market estimates and forecast, 2018 - 2032
- 7.6.2 Market estimates and forecast, by component, 2018 - 2032
- 7.6.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.6.4 Saudi Arabia
- 7.6.4.1 Market estimates and forecast, 2018 - 2032
- 7.6.4.2 Market estimates and forecast, by component, 2018 - 2032
- 7.6.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.6.5 UAE
- 7.6.5.1 Market estimates and forecast, 2018 - 2032
- 7.6.5.2 Market estimates and forecast, by component, 2018 - 2032
- 7.6.5.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.6.6 South Africa
- 7.6.6.1 Market estimates and forecast, 2018 - 2032
- 7.6.6.2 Market estimates and forecast, by component, 2018 - 2032
- 7.6.6.3 Market estimates and forecast, by end-use, 2018 - 2032
Chapter 8 Company Profiles
- 8.1 ABB Ltd.
- 8.1.1 Business Overview
- 8.1.2 Financial Data
- 8.1.3 Product Landscape
- 8.1.4 Strategic Outlook
- 8.1.5 SWOT Analysis
- 8.2 Cisco Systems, Inc.
- 8.2.1 Business Overview
- 8.2.2 Financial Data
- 8.2.3 Product Landscape
- 8.2.4 Strategic Outlook
- 8.2.5 SWOT Analysis
- 8.3 Cognex Corporation
- 8.3.1 Business Overview
- 8.3.2 Financial Data
- 8.3.3 Product Landscape
- 8.3.4 Strategic Outlook
- 8.3.5 SWOT Analysis
- 8.4 Emerson Electric Co.
- 8.4.1 Business Overview
- 8.4.2 Financial Data
- 8.4.3 Product Landscape
- 8.4.4 Strategic Outlook
- 8.4.5 SWOT Analysis
- 8.5 FANUC
- 8.5.1 Business Overview
- 8.5.2 Financial Data
- 8.5.3 Product Landscape
- 8.5.4 Strategic Outlook
- 8.5.5 SWOT Analysis
- 8.6 Fujitsu
- 8.6.1 Business Overview
- 8.6.2 Financial Data
- 8.6.3 Product Landscape
- 8.6.4 Strategic Outlook
- 8.6.5 SWOT Analysis
- 8.7 General Electric
- 8.7.1 Business Overview
- 8.7.2 Financial Data
- 8.7.3 Product Landscape
- 8.7.4 Strategic Outlook
- 8.7.5 SWOT Analysis
- 8.8 Hewlett Packard Enterprise
- 8.8.1 Business overview
- 8.8.2 Financial data
- 8.8.3 Product Landscape
- 8.8.4 SWOT analysis
- 8.9 Honeywell International Inc.
- 8.9.1 Business Overview
- 8.9.2 Financial Data
- 8.9.3 Product Landscape
- 8.9.4 Strategic Outlook
- 8.9.5 SWOT Analysis
- 8.10 IBM Corporation
- 8.10.1 Business Overview
- 8.10.2 Financial Data
- 8.10.3 Product Landscape
- 8.10.4 Strategic Outlook
- 8.10.5 SWOT Analysis
- 8.11 KUKA AG
- 8.11.1 Business Overview
- 8.11.2 Financial Data
- 8.11.3 Product Landscape
- 8.11.4 Strategic Outlook
- 8.11.5 SWOT Analysis
- 8.12 Mitsubishi Electric Corporation
- 8.12.1 Business Overview
- 8.12.2 Financial Data
- 8.12.3 Product Landscape
- 8.12.4 Strategic Outlook
- 8.12.5 SWOT Analysis
- 8.13 National Instruments Corporation
- 8.13.1 Business Overview
- 8.13.2 Financial Data
- 8.13.3 Product Landscape
- 8.13.4 SWOT Analysis
- 8.14 Omron Corporation
- 8.14.1 Business Overview
- 8.14.2 Financial Data
- 8.14.3 Product Landscape
- 8.14.4 Strategic Outlook
- 8.14.5 SWOT Analysis
- 8.15 Robert Bosch GmbH
- 8.15.1 Business Overview
- 8.15.2 Financial Data
- 8.15.3 Product Landscape
- 8.15.4 Strategic Outlook
- 8.15.5 SWOT Analysis
- 8.16 Rockwell Automation Inc.
- 8.16.1 Business Overview
- 8.16.2 Financial Data
- 8.16.3 Product Landscape
- 8.16.4 Strategic Outlook
- 8.16.5 SWOT Analysis
- 8.17 SAP SE
- 8.17.1 Business overview
- 8.17.2 Financial Data
- 8.17.3 Product Landscape-
- 8.17.5 SWOT Analysis
- 8.18 Schneider Electric SE
- 8.18.1 Business Overview
- 8.18.2 Financial Data
- 8.18.3 Product Landscape
- 8.18.4 Strategic Outlook
- 8.18.5 SWOT Analysis
- 8.19 Siemens Energy AG
- 8.19.1 Business Overview
- 8.19.2 Financial Data
- 8.19.3 Product Landscape
- 8.19.4 Strategic Outlook
- 8.19.5 SWOT Analysis
- 8.20 Yokogawa Electric Corporation
- 8.20.1 Business Overview
- 8.20.2 Financial Data
- 8.20.3 Product Landscape
- 8.20.4 Strategic Outlook
- 8.20.5 SWOT Analysis