Smart Factory Market Size, Share and Forecast 2026
The Global Smart Factory Market is valued at USD XX million in 2018 and is expected to grow at a CAGR of XX% in the forecast period 2019-2026 to reach a value of USD XX million by 2026.
(EMAILWIRE.COM, September 12, 2019 ) Market Overview
• Smart factories employ the principles of cyber–physical technology, Internet of Things, and cloud computing technologies. The smart factory provides advanced and automated facilities to make manufacturing process faster, more efficient, and safer. This is helping to minimize the gap between digital world and traditional industrial manufacturing methods.
Market Dynamics
• Increasing industrial automation, demand for productivity, managing challenges in the manufacturing process, complying to quality control policies and growing application of cloud services are some of the salient factors responsible for the growth of the global smart factory market.
• Change in monetary and social conditions set apart by a significant increase in manufacturing indicate the growing rate of industrialization among the countries of the world. According to the International Yearbook of Industrial Statistics 2018 released by United Nations Industrial Development Organizations (UNIDO), the world manufacturing value added (MVA) rose by 3.5% in 2017, the highest rate in the last seven years. According to the International Federation of Robotics (IFR), over 1.8 million industrial robots were in operation globally at the end of 2016 pacing up the industrial automation growth rate. The automation adoption rate in the manufacturing industry increased by an annual global average of 12% between 2011 and 2016 which is likely to propel the growth of the global smart factory market in the future.
Market Segmentation
• Based on the end user industry, the market is segmented as Chemical Industry, Oil and Gas Industry, Aerospace industry, Automotive industry, Mining industry, others (defence, consumer electronics).
• The Oil and gas industry are expected to drive the global smart factory market at a higher rate owing to the increasing demand for automation in oil and gas industry and high global production of oil and gas. According to the International Energy Agency (IEA), the global oil demand in 2018 is 6.9mb/d and is expected to reach 104.7mb/d by 2023 rising at an average annual rate of 1.2mb/d. The global oil production as per the Global energy statistical yearbook in 2005 was about 88721 thousand barrels per day and reached 92649 thousand barrels in 2017 with a 0.7% annual growth rate. Automation and Instrumentation services in Digital oilfields include SCADA (Supervisory control and data acquisition), smart well sensors, wireless sensors, distributed control systems and other components which are widely used to monitor industrial operations and real-time process data.
Geographical Analysis
The Global Smart Factory Market is segmented into
• North America,
• Europe,
• Asia Pacific,
• South America
• Middle East
• Africa.
Competitive Trends
• For instance, in January 2019, Dassault systems completed the acquisition of IQMS, a manufacturing ERP software company. With this acquisition, Dassault systems aims to expand its business platform to small and midsized manufacturing companies seeking to transform their business digitally.
• Similarly, in April 2018, Schneider Electric has announced the completion of the combination of AVEVA and the Schneider Electric Industrial Software business. This combination will enhance the Schneider's reach in engineering and industrial software with scale and reference in manufacturing operations and optimization areas.
• Furthermore, in October 2018, Honeywell International launched the new wireless pressure sensor best suited for specific process automated solutions. This wireless sensor makes it easier and less costly to get data from plant processes. Similarly, in March 2018, Eyelit Inc launched the new IP Shield module the latest release of its new MES suite. This new IP Shield module helps companies control access to confidential information across manufacturing processes.
View full sample: https://www.datamintelligence.com/research-report/smart-factory-market
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About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
• Smart factories employ the principles of cyber–physical technology, Internet of Things, and cloud computing technologies. The smart factory provides advanced and automated facilities to make manufacturing process faster, more efficient, and safer. This is helping to minimize the gap between digital world and traditional industrial manufacturing methods.
Market Dynamics
• Increasing industrial automation, demand for productivity, managing challenges in the manufacturing process, complying to quality control policies and growing application of cloud services are some of the salient factors responsible for the growth of the global smart factory market.
• Change in monetary and social conditions set apart by a significant increase in manufacturing indicate the growing rate of industrialization among the countries of the world. According to the International Yearbook of Industrial Statistics 2018 released by United Nations Industrial Development Organizations (UNIDO), the world manufacturing value added (MVA) rose by 3.5% in 2017, the highest rate in the last seven years. According to the International Federation of Robotics (IFR), over 1.8 million industrial robots were in operation globally at the end of 2016 pacing up the industrial automation growth rate. The automation adoption rate in the manufacturing industry increased by an annual global average of 12% between 2011 and 2016 which is likely to propel the growth of the global smart factory market in the future.
Market Segmentation
• Based on the end user industry, the market is segmented as Chemical Industry, Oil and Gas Industry, Aerospace industry, Automotive industry, Mining industry, others (defence, consumer electronics).
• The Oil and gas industry are expected to drive the global smart factory market at a higher rate owing to the increasing demand for automation in oil and gas industry and high global production of oil and gas. According to the International Energy Agency (IEA), the global oil demand in 2018 is 6.9mb/d and is expected to reach 104.7mb/d by 2023 rising at an average annual rate of 1.2mb/d. The global oil production as per the Global energy statistical yearbook in 2005 was about 88721 thousand barrels per day and reached 92649 thousand barrels in 2017 with a 0.7% annual growth rate. Automation and Instrumentation services in Digital oilfields include SCADA (Supervisory control and data acquisition), smart well sensors, wireless sensors, distributed control systems and other components which are widely used to monitor industrial operations and real-time process data.
Geographical Analysis
The Global Smart Factory Market is segmented into
• North America,
• Europe,
• Asia Pacific,
• South America
• Middle East
• Africa.
Competitive Trends
• For instance, in January 2019, Dassault systems completed the acquisition of IQMS, a manufacturing ERP software company. With this acquisition, Dassault systems aims to expand its business platform to small and midsized manufacturing companies seeking to transform their business digitally.
• Similarly, in April 2018, Schneider Electric has announced the completion of the combination of AVEVA and the Schneider Electric Industrial Software business. This combination will enhance the Schneider's reach in engineering and industrial software with scale and reference in manufacturing operations and optimization areas.
• Furthermore, in October 2018, Honeywell International launched the new wireless pressure sensor best suited for specific process automated solutions. This wireless sensor makes it easier and less costly to get data from plant processes. Similarly, in March 2018, Eyelit Inc launched the new IP Shield module the latest release of its new MES suite. This new IP Shield module helps companies control access to confidential information across manufacturing processes.
View full sample: https://www.datamintelligence.com/research-report/smart-factory-market
Download free sample : https://www.datamintelligence.com/download-sample/smart-factory-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
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DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results