New York, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Factory Global Market Report 2022" - https://www.reportlinker.com/p06318584/?utm_source=GNW
The global smart factory market is expected to grow from $61.61 billion in 2021 to $71.05 billion in 2022 at a compound annual growth rate (CAGR) of 15.3%. The smart factory market is expected to grow to $112.32 billion in 2026 at a CAGR of 12.1%.
The smart factory market consists of sales of the smart factory by entities (organizations, sole traders, and partnerships) that are used to improve processes and address issues in manufacturing processes. A smart factory refers to a factory where physical production processes and operations are combined with digital technology, smart computing, and big data to create a more opportunistic system for companies that are focusing on manufacturing and supply chain management.
The main types of products in the smart factory market are machine vision systems, industrial robotics, control devices, sensors, communication technologies, and others.An industrial robot refers to a mechanical machine that is programmed to automatically perform production-related tasks in industrial environments.
The different components include smart factory hardware, smart factory software and smart factory services and are employed in automotive, aerospace and defence, electrical and electronics, food and beverages, healthcare and pharmaceuticals, and other industry verticals.
Asia Pacific was the largest region in the smart factory market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the smart factory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The smart factory market research report is one of a series of new reports that provides smart factory market statistics, including global market size, regional shares, competitors with a smart factory market share, detailed smart factory market segments, market trends and opportunities, and any further data you may need to thrive in the smart factory industry. This smart factory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The growing demand for industrial robots is expected to propel the growth of the smart factory market going forward.Industrial robots refer to mechanical machines that are programmed to automatically perform production-related tasks in industrial environments.
A smart factory focuses on the optimization and industrial automation of its resources, using tools such as information and smart sensor technologies, robotics, the internet of things, or artificial intelligence. For instance, in 2021, according to the International Federation of Robotics, a Germany-based non-profit organization, sales of new robots grew slightly by 0.5%, and robot installations are expected to rebound strongly and grow by 13%. Therefore, the growing demand for industrial robots is driving the smart factory market.
Technology advancements are a key trend gaining popularity in the smart factory market.Major companies in the smart factory sector are using advanced technologies to improve the production process and achieve better efficiency.
For instance, in 2021, Panasonic, a Japan-based company operating in smart factory solutions, launched the Miraie Pro factory platform, an Industrial IoT/smart factory solution developed indigenously at the company’s India Innovation Centre.Miraie pro factory uses new-age technologies such as Cloud, IoT, analytics, and mobile apps, to name a few, to manage end-to-end operations, resulting in enhanced production efficiency.
By using this technology, manufacturing productivity can increase by 8–15%.
In December 2021, Inpixon, a US-based indoor intelligence platform company, acquired IntraNav for an undisclosed amount.Through this acquisition, Inpixon is expected to expand its location intelligence and would also help in market expansion.
Also, it would enable Inpixon with the fourth industrial revolution, commonly called Industry 4.0, which would help in the digitalization of the horizontal and vertical value chains through automation and data exchange, leveraging IoT and cloud computing. IntraNav is a Germany-based industrial automation startup that provides components for the smart factory.
The countries covered in the smart factory market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06318584/?utm_source=GNW
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