Billion Smart Factory Market 2017
DUBLIN, April 27, 2017 /PRNewswire/ —
Research and Markets has announced the addition of the “Smart Factory Market by Technology (DCS, PLC, MES, ERP, SDADA, PAM, HMI, PLM), Component (Sensors, Industrial Robots, Machine Vision Systems, Industrial 3D Printing), End-User Industry, and Region – Global Forecast to 2022” report to their offering.
The smart factory market is projected to be valued at USD 205.42 billion by 2022, growing at a CAGR of 9.3%, between 2017 and 2022. The growth of this market is propelled by the increase in adoption of industrial robots, and the evolution of Internet of Things (IoT).
Distributed control system (DCS) technology is expected to hold the largest share of the overall smart factory market in 2017. DCS is used to offer regulatory controls to the manufacturing process industry. It provides the finest control for the regulatory applications and is used for the integration of power measuring devices, drives, and soft starters. Integration of motor managing data in the DCS helps in real-time monitoring of the motors and is used to detect the failures in the motors before their occurrences. The market for manufacturing execution system (MES) technology is projected to grow at the highest rate between 2017 and 2022. MES is typically implemented to improve productivity, follow government regulations, reduce shipping time, and cut down the manual dependence for processing data. MES applications enable cost savings, improved operations, and high performance of production assets across the supply chain for local manufacturers.
The market for industrial robots is projected to account for the highest share of the global smart factory market during the forecast period. Implementing industrial robotics in the smart manufacturing processes can improve productivity, reduce the chances of human errors, and increase the production volume. However, the market for industrial 3D printing is expected to witness the highest CAGR between 2017 and 2022, owing to increasing adoption of 3D printing technology in the various process as well as discrete industries such as automotive, aerospace and defense, food and beverages, and semiconductor and electronics.