Smart Factory Market Value Projected to Expand by 2029

AI is the next logical step for the manufacturing industry to enhance productivity, tooling utilization production line and to minimize the production cost per unit. To gain this, the manufacturers are using AI enabled systems as a part of their operations. For instance, Praxis Packaging Solutions, an American packaging solution provider, is using the US-based Rethink Robotics’ industrial robots. Focused on cost-effective packaging and repackaging of new products and rapid reconfiguration of the assembly process, Praxis deployed Baxter industrial robots. Moreover, the scientists at the Novartis Institute of BioMedical Research (NIBR) are applying AI technology to collect, analyze, and achieve insights from clinical trial data from a range of internal sources. Verge Genomics uses AI to speed up drug discovery during preclinical trials. This shows the significant adoption of AI by the different industry manufacturers that are contributing to the growth of the market.  

Automotive industry likely to account significant contribution in the smart factory market 

There is an increasing role of industrial robots in the automotive industry, which in turn, is offering significant opportunities for the growth of the market. For instance, as per IFR, in terms of market share, the most important consumer of robots is the automotive sector. The US car market is the second-largest car market across the globe after China. Part suppliers account for two-thirds of installations in the US automotive sector as sales increased by 9.0% in 2017-2018. During the period 2013 and 2018, the average annual growth rate of robot sales to the US automotive industry was 7.0%. This emerging demand for industrial robots in the automotive industry is anticipated to propel the adoption of smart technologies.

With the support to AI-based robots, it becomes easier to detect and solve a fault as they are programmed to detect the faults and provide solutions to overcome the damage. Bosch and General Electric are some major companies that are investing in machine learning-powered approaches. The robot's effectiveness is driven by machine learning capabilities and thereby emerging demand for robots in automotive manufacturing is anticipated to offer significant opportunities for market growth. The innovative capabilities along with increasing customer expectations have led the automotive industry in the area of digital transformation. Therefore, automotive manufacturers are adopting new technologies, such as machine learning, AI, and deep learning for smart factories.

The APAS assistant mobile is a collaborative and movable robot for flexible applications in the smart factory. As an intelligent robot-based assistant, it is primarily aimed at end-users who benefit from rapid and cost-efficient realization applications for new product variants, high robustness, easy handling and intuitive operation. For instance, since June 2017, the two APAS assistants are working in the production of diesel injection systems for utility vehicles. The two robots complement a shielded laser welding station and enhance the productivity of the whole line. Additionally, they relieve employees of a repetitive job at an ergonomically challenging workplace. Therefore these advancement in industrial robots further propels the market growth. 

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Smart Factory Market Segmentation

By Application

·        Food & Beverages

·        Pharmaceuticals

·        Personal care 

·        Others (Electronics and Automotive)

By Type

·        Plastics

·        Paper 

·        Aluminum 

A full Report of Smart Factory Market is Available at:  https://www.omrglobal.com/industry-reports/smart-factory-market

Smart factory Market – Segment by Region 

North America           

·        United States 

·        Canada

Europe

·        Germany

·        United Kingdom

·        France

·        Spain

·        Italy

·        Rest of Europe

Asia-Pacific    

·        China

·        Japan

·        India

·        Rest of Asia-Pacific

Rest of the World

Company Profiles

·        ABB Ltd.

·        Dassault Systèmes SE

·        Emerson Electric Co.

·        FANUC

·        General Electric Co.

·        Honeywell International Inc.

·        Hewlett Packard Enterprise Development LP

·        KUKA AG

·        Mitsubishi Electric Corp.

·        Omron Corp.

·        Qualcomm Inc.

·        Rockwell Automation, Inc.

·        Robert Bosch GmbH

·        SAP SE

·        Siemens AG

·        Schneider Electric SE

·        Stratasys Ltd.

·        TE Connectivity Ltd.

·        Texas Instruments Inc.

·        Yokogawa Electric Corp.

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About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari

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