Smart Factory Market Higher Mortality Rates by 2025

Global Smart Factory Market: Overview

The global smart factory sector has been propelled by the need for efficient and precise ways of operating a manufacturing unit. The increasing adoption of industrial robots in the global manufacturing sector was the first step for the smart factory market. Modern factories incorporate sophisticated industrial robotic systems, Internet of Things technology, and machine communication technology to enable smooth automated manufacturing. The rising government support to the smart factory sector, due to their increased output and the benefit of the same on the nation’s economy, is likely to enable sustained growth of the smart factory market in the coming years.

Global Smart Factory Market: Key Trends

The rising demand for industrial robots and the steady technological progression of the industrial robotics sector is one of the key drivers for the global smart factory market. Industrial robots offer significantly higher precision and a lower error rate than human workers. Large-scale use of industrial robots also raises the productivity of the manufacturing unit, providing a significant cost advantage. As a result, human factory workers across the world could find themselves without a livelihood following steady growth of the global smart factory market.

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The booming automotive industry is one of the prime consumers in the global smart factory market and is likely to remain influential in the smart factory sector in the coming years. Due to the rising need for extremely precise engineering in automotive design, smart factory solutions such as industrial robotics are becoming popular in the automotive industry. The steady growth of the automotive industry due to the rising disposable income of consumers across the world is thus one of the key drivers for the global smart factory market in the coming years. The rising automotive industry in Southeastern and Eastern Asia could play a particularly important role in the global smart factory market in the coming years.

Global Smart Factory Market: Market Potential

South Korea is likely to be a leading regional market for smart factory technology in Asia Pacific due to rising government as well as corporate interest. The South Korean government had earlier set the target of having 10,000 smart factories operational in the country by 2020. In April 2017, the government extended its support to the smart factory market in the country by upping the target to 30,000 smart factories by 2025. South Korea’s determination to remain a leading light in the industrial sector has made it a pioneer in terms of the adoption of digital and automation technologies, which is likely to benefit the smart factory market immensely in the coming years.

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Global Smart Factory Market: Geographical Dynamics

Developing countries in Asia Pacific are likely to be the dominant leaders in the global smart factory market in the coming years. Apart from South Korea, the smart factory market has also received steady government support in China, Japan, Taiwan, and India. The rapid pace of urbanization in these dynamic economies is a prime factor aiding the smart factory market’s growth in the region.

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Global Smart Factory Market: Competitive Dynamics

The global smart factory market is dominated by companies that have established mutually beneficial partnerships with technology companies. Fanuc-Cisco and Kuka-Huawei are among the leading lights in the global smart factory market. ABB-IBM, a relatively recent collaboration, could also play a key role in the development of the global smart factory market in the coming years. Other key players in the global smart factory market include Emerson Electric Co., General Electric Co., Atos SE, Schneider Electric SE, Mitsubishi Electric Corporation, Robert Bosch GmbH, Siemens AG, and Yaskawa Electric.

Smart Factory Grows in Demand with Rising Industrial Robotics

San Francisco, California, February 28, 2018 – The global smart factory market is prognosticated in a report by TMR Research to come under the spotlight with the propelling need for precise and efficient ways to operate manufacturing units. Bearing the title “Smart Factory Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” the report foresees the market to gain prominence with a rising adoption of industrial robots in the manufacturing industry. Modern-day manufacturing plants are observed to allow uninterrupted automated manufacturing with the incorporation of advanced machine communication technology, IoT, and industrial robotic systems.

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In the near future, the world smart factory market is projected to attain demand because of the advantage of improved output and its impact on the nation’s economy. Moreover, governments are surveyed to provide the required support to the market. The market could gain strength in its growth with the steady progress of industrial robotics on the technological front and swelling demand for industrial robots. Some of the significant qualities of industrial robots that differs them from human workers are their lower error rate and higher precision. Organizations could achieve a telling cost benefit with the large-scale implementation of industrial robots as they are capable of improving the productivity of manufacturing units.

The rapidly growing automotive industry is prophesied to lay great influence on the growth of the world smart factory market as it could continue to be a prime consumer in the future years. It could witness the popularity of industrial robotics and other smart factory solutions owing to the swelling requirement of extremely precise engineering in automotive design. In the coming years, Eastern and Southeastern Asia testifying of the rise of the automotive industry could play a vital part in the growth of the market. Increasing disposable income of consumers helping the automotive industry to improve its growth could be another factor of great influence on the market.

Asia Pacific is foretold to hold a lion’s share of the international smart factory market. This could be because of the dominance of emerging economies such as South Korea and other countries, viz. India, Taiwan, Japan, and China receiving a steady government support. The regional market could also gain growth while riding on the aggressive pace of urbanization witnessed in these dynamic nations. South Korea had previously set the target of operating 10,000 smart factories by the end of 2020. However, in April 2017, it increased the target to 30,000 to be completed by 2025. The country has exhibited its determination to be at the forefront of the industrial sector, which has helped it to stay ahead in the adoption of automation and digital technologies.

Mutually beneficial associations with technology firms has helped companies to lead the international smart factory market. Kuka-Huawei and Fanuc-Cisco are anticipated to be in the driver’s seat of the market. The recent collaboration of ABB and IBM could also impact the development of the market in the foreseeable future. Yet, there could be other companies taking a prominent position in the market, viz. Mitsubishi Electric Corporation, Schneider Electric SE, Atos SE, General Electric Co., and Emerson Electric Co.

The report offers a detailed overview of the competitive landscape and provides an important profiling of key companies functioning in the international smart factory market. On the whole, it could act as a guiding light for players to plan powerful strategies and claim a strong position in the market.