Smart Factory to Reach $244.8 Billion by 2024
April 8, 2019 | PRNewswireEstimated reading time: 1 minute
The smart factory market is expected to be valued at $153.7 billion in 2019 and is expected to reach $244.8 billion by 2024, at a CAGR of 9.76% between 2019 and 2024. The market growth can be attributed to increasing adoption of industrial robots, evolution of the Internet of Things (IoT), growing demand for smart automation solutions, and increasing emphasis on regulatory compliances. However, huge capital investment and security threat of cyber physical systems act as restraints for the market.
The growth of the PLM market can be attributed to the increasing demand for efficiency and productivity; rising need for collaboration across the global manufacturing lifecycle; wide adoption of end-to-end PLM solutions across new verticals such as power and energy, infrastructure & construction, and consumer goods among others; and rise in manufacturing activities in emerging economies such as China, India, and South Korea
The smart factory market for MES solution is likely to grow at the highest rate from 2019 to 2024. Manufacturers are adopting the MES technology to reduce cost and provide opportunities in the operation and deliverance of high-performance production assets across the supply chain.
This is leading toward high growth rate for the MES segment. There is a growing need to centralize business data in enterprises and track multi-plant operations with the help of real-time data analysis; this is one of the features of MES empowering the growth of this market.
Among all regions, the market in APAC is expected to grow at the highest rate from 2019 to 2024. The growth of the market in this region is attributed to the technological innovation and increasing adoption of automation technologies in various industries.
Major application industries for the smart factory market in APAC are chemicals, oil & gas, water, semiconductor, electronics, food, and automotive. APAC is an auto-manufacturing hub, and hence motor vehicle suppliers such as Volkswagen (Germany), Toyota Motor Corporation (Japan), Renault-Nissan Alliance (Netherlands), Daimler (Germany), and the local manufacturers such as Tata Motors (India), and Mahindra and Mahindra (India) have made investments in automating their production sites in the coming years.
Suggested Items
GlobalFoundries Commits to Achieving Net Zero Emissions and Carbon-Neutral Power by 2050
04/23/2024 | GlobalFoundriesGlobalFoundries (GF) is furthering its commitment to sustainable operations and fighting climate change with the announcement of two new long-term goals to achieve net-zero greenhouse gas (GHG) emissions and 100% carbon-neutral power by 2050.
ROHM Group Company SiCrystal and STMicroelectronics Expand Silicon Carbide Wafer Supply Agreement
04/23/2024 | ROHMROHM and STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications, announced today the expansion of the existing multi-year, long-term 150mm silicon carbide (SiC) substrate wafers supply agreement with SiCrystal, a ROHM group company.
IDTechEx Report Unveils 3D Electronics Status and Opportunities
04/22/2024 | PRNewswire3D electronics is an emerging manufacturing approach that enables electronics to be integrated within or onto the surface of objects. 3D electronic manufacturing techniques empower new features, including mass customizability, greater integration, and improved sustainability in the electronics industry.
Altus Group Helps BitBox Unlock Productivity and Efficiency Gains with New Reflow Oven
04/22/2024 | Altus GroupAltus Group, a leading provider of capital equipment, has recently assisted BitBox, a UK-based electronics design, engineering and manufacturing company in upgrading its operations with the implementation of a new reflow oven from Heller Industries.
Growth Potential: Electronics Manufacturing Driving Massive Surge in Manufacturing Investment
04/22/2024 | Shawn DuBravac, IPCIn the early months of the pandemic, investment in manufacturing infrastructure, such as plants and production facilities, declined sharply. Real investment dropped over 11%, before finally recovering to pre-pandemic levels in the first half of 2022. Over the past two years, however, several factors have combined to drive manufacturing investment to record levels.