Smart factory market estimated to hit $164 billion by 2029

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According to the latest information from Marketsandmarkets, the global smart factory market is expected to grow from USD 100.6 billion in 2024 to USD 164.0 billion by 2029, registering a CAGR of 10.3%. The analysts found that the sector is witnessing strong global growth due to the widespread adoption of Industry 4.0 technologies. The incorporation of automation, IoT, and AI in manufacturing processes is enhancing operational efficiency, reducing expenses, and optimising production. The increasing demand for intelligent manufacturing solutions is driving the expansion of the smart factory market on a global scale.

Industrial sensors

The global industrial sensor market is witnessing substantial growth, propelled by escalating automation trends and the widespread embrace of Industry 4.0 strategies. These sensors, pivotal for process monitoring and control, foster heightened efficiency, diminished downtime, and enhanced productivity across various industries, spanning manufacturing, energy, and transportation. Technological breakthroughs, notably the integration of IoT and sophisticated data analytics, are pivotal contributors to the escalating adoption of industrial sensors, shaping a globally interconnected and data-centric industrial environment.

Plant asset management (PAM)

Plant asset management (PAM) is experiencing rapid growth in the smart factory market as industries increasingly prioritise efficient operations. PAM integrates advanced technologies like IoT sensors and predictive analytics to monitor and manage industrial assets, enhancing overall plant performance. The rising demand for real-time data, predictive maintenance, and cost optimisation is driving the adoption of PAM solutions in smart factories, ensuring optimal asset utilisation and minimizing downtime, thereby fueling the expansion of this technology in the industrial landscape.

Fostering sustainability 

The metals and mining sector has undergone significant transformation with the burgeoning adoption of smart factories. The incorporation of cutting-edge technologies like IoT, AI, and automation has streamlined production processes, bolstered operational efficiency, and elevated safety standards in mining activities. Smart factories facilitate real-time data analysis, predictive maintenance, and seamless communication among machinery, fostering a more agile and sustainable industry. This paradigm shift represents a crucial milestone in the metals and mining domain, catalyzing innovation and heralding a new era of intelligent and interconnected manufacturing.

Asia Pacific shows highest growth

The smart factory sector in the Asia Pacific region has experienced substantial growth, driven by substantial investments in digital transformation and the widespread adoption of Industry 4.0 technologies. Governments and industries are actively deploying advanced solutions such as IoT, AI, and robotics to enhance manufacturing efficiency. This strategic integration of intelligent systems, data analytics, and automation is fostering innovation, bolstering competitiveness, and propelling economic development. As a consequence, the Asia Pacific region is witnessing a notable uptick in the establishment and expansion of smart manufacturing facilities, signifying a significant stride in technological advancement and business evolution.

Major players

Some of the key players operating in the smart factory market and include in the report are: ABB, Emerson Electric Co, Siemens, Schneider Electric, Mitsubishi, General Electric, Rockwell Automation, Honeywell Innternational, Yokogawa, Omron Corporation, Endress and Hauser, FANUC, WIKA, Dwyer Instruments, Stratasys, and 3D Systems Corporation, amongst others.


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