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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.
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