How big is the Smart Factory Market?

The Smart Factory Market size is expected to reach USD 354.60 billion in 2024 and grow at a CAGR of 9.74% to reach USD 564.38 billion by 2029. Read More

What is the current Smart Factory Market size?

In 2024, the Smart Factory Market size is expected to reach USD 354.60 billion. Read More

Who are the key players in Smart Factory Market?

ABB Ltd, Cognex Corporation, Siemens AG, Schneider Electric SE and Yokogawa Electric Corporation are the major companies operating in the Smart Factory Market. Read More

Which is the fastest growing region in Smart Factory Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Smart Factory Market?

In 2024, the Asia-Pacific accounts for the largest market share in Smart Factory Market. Read More

What years does this Smart Factory Market cover, and what was the market size in 2023?

In 2023, the Smart Factory Market size was estimated at USD 320.06 billion. The report covers the Smart Factory Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Factory Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Smart Factory Market - Size, Share, Trends & Industry Analysis

Smart Factory Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Smart Factory Automation Technology Applications and is Segmented by Product Type (machine Vision Systems, Industrial Robotics, Control Devices, Sensors, Communication Technologies, and Other Product Types), Technology (product Lifecycle Management (PLM), Human Machine Interface (HMI), Enterprise Resource and Planning (ERP), Manufacturing Execution System (MES), Distributed Control System (DCS), Supervisory Controller and Data Acquisition (SCADA), Programmable Logic Controller (PLC)), End-User Industry (automotive, Semiconductors, Oil and Gas, Chemical and Petrochemical, Pharmaceutical, Aerospace and Defense, Food and Beverage, Mining, and Other End-User Industries), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value in USD for all the Above Segments.

Smart Factory Industry Overview

The smart factory market is fragmented, with significant players like ABB Ltd, Cognex Corporation, Siemens AG, Schneider Electric SE, and Yokogawa Electric Corporation. Players in the market are adopting strategies such as innovations, partnerships, mergers, and acquisitions to improve their product offerings and achieve sustainable competitive advantage.

In March 2023, Schneider Electric, a solution provider for the digital transformation of industrial automation and energy management, broke ground on its new smart factory in Hungary. With an expected investment of EUR 40 million (USD 43 million), the new site will span 25,000 m2 with a headcount of about 500 employees.

In March 2023, Samsung Electronics, a leading consumer electronic device manufacturer, announced its plans to increase investment in setting up smart manufacturing capabilities at its mobile phone manufacturing plant in Noida. The company also announced its plans to expand its research and development facility in the country to make production more competitive and localized.