Industrial Automation Magazine India

Increasing focus of vendors on setting up new smart factories to boost the market growth – Technavio

New York, July 2024 – The global smart factory market size is estimated to grow by USD 97.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.87% during the forecast period. Increasing focus of vendors on setting up new smart factories is driving market growth, with a trend towards emergence of industrial internet of things (IIoT). However, data privacy and security concerns pose a challenge. Key market players include ABB Ltd., Azbil Corp., Cisco Systems Inc., Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., FUJI Corp., General Electric Co., Honeywell International Inc., Johnson Controls International Plc., Microsoft Corp., Mitsubishi Electric Corp., Oracle Corp., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.

The Industrial Internet of Things (IIoT) and technological advancements are driving the adoption of smart machines in industries and services sectors. The increasing use of smart devices, wireless technology, and cloud services will expand the utility and flexibility of smart machines. Vendors offer remote services and control modules through Wi-Fi technology, enabling human operators to manage multiple machines at once. IIoT integrates various smart machines to help companies meet strategic goals and key performance indicators (KPIs). The forecast period will see an increase in IIoT adoption for creating connected and synchronised factories. To meet the evolving needs of smart factories, equipment must be adjustable, and robots must be highly flexible. Vendors are improving user interfaces to make smart machine operation accessible to non-technical staff. IIoT's growth will benefit vendors in the smart machines market, with demand for expert systems, autonomous robots, and other smart machines. These factors are expected to fuel the growth of the smart machines market during the forecast period.

In today's business world, Smart Factories are trending due to their ability to increase speed and quality in manufacturing processes. These factories prioritise workplace safety, optimise floor space utilisation, and integrate navigation systems with mobile robots. The plastic and wood industries are embracing this technological trend, using real-time scenario data from compatible devices like smartphones and HMIs. Engineers utilise physics-based modeling for improved employee productivity, capturing data in real-time through sensors like level, temperature, flow, pressure, force, image, and gas sensors. Decision-making is enhanced through real-time analysis, while organisational design and distribution, strategic, and commercial activities are streamlined. Energy efficiency and product quality are key benefits, along with risk mitigation, cost savings, and asset utilisation. The process industry segment, including oil & gas, is a significant adopter, focusing on energy efficiency and offshore regions. IoT devices play a crucial role in Smart Factory operations, enabling uninterrupted production and reducing unplanned downtime. 

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