The global smart factory market is expected to exceed $80 billion in 2021

According to a report released by Markets and Markets, an international market research institution, the global smart factory market is expected to reach $80.
1 billion in 2021, and this data is expected to increase to $134.
9 billion by 2026, with a compound annual growth rate of 11%.

According to the report, the key factors driving the growth of this market include fiscal policies to keep manufacturing facilities up and running during the COVID-19 crisis, resource optimization, and reduction of production operating costs, thereby increasing the market demand for industrial robots, growing demand for technologies such as IoT and artificial intelligence in industrial environments, and increasing emphasis on
energy efficiency.

During the forecast period, the industrial sensor segment is expected to account for the largest share
of the smart factory market.
The growth of the industrial sensor segment is driven
by the growing popularity of Industry 4.
0 and IIoT and the growing wireless sensor market.

Predictive maintenance is expected to provide a huge market opportunity
for players in the industrial sensors market in the coming years.
Predictive maintenance is enabled by 3 main solution enhancements on traditional maintenance schedules: capturing sensor data, facilitating data communication, and making predictions
.
Since sensors are an important part of predictive maintenance solutions, the demand for industrial sensors is expected to increase
significantly in the coming years.

The PAM segment is expected to grow
at the highest CAGR during the forecast period.
The growth of this segment can be attributed to the increasing deployment of PAM solutions in process and discrete industries to establish a comprehensive data repository related to the different equipment installed in these plants, from uptime performance to life cycle cost assessment
.

From the perspective of industry, from 2021 to 2026, the food and beverage processing industry will grow
at the fastest rate.
Providers of smart factory solutions are trying to develop solutions to improve the quality and quantity
of products produced by food and beverage manufacturers.
High quality standards are essential for the food and beverage manufacturing industry, including companies
engaged in the processing, packaging and distribution of food and beverages.

The automation technology used in the food and beverage industry offers design flexibility, innovative and integrated safety solutions, and advanced software tools
for controlling machine operations.
Food manufacturers are investing heavily in transforming their traditional production facilities into state-of-the-art production equipment
.
As a result, the adoption of smart factory technology and advanced manufacturing equipment has increased
significantly in this industry.

The automotive segment is expected to hold the largest share
of the smart factory market in discrete industries during the forecast period.
Advancements in automotive manufacturing technology and increasing investments in smart factory solutions by major automakers are the factors driving
the smart factory market in the automotive industry.

Asia Pacific will record the highest CAGR
during the forecast period.
Increasing automation activities in the process and discrete industries are one of the major factors driving the growth of
the smart factory market in Asia Pacific.
In addition, countries such as China, Japan, South Korea, and India are also contributing
to the growth of the smart factory market in the region.

From the perspective of the major players in the smart factory, Emerson Electric (US), General Electric (US), Rockwell (US), Schneider Electric (France), ABB (Switzerland), Siemens (Germany), Mitsubishi Electric (Japan), Honeywell (US), Endress + Hauser AG (Switzerland), and Yokogawa Electric Corporation (Japan) will be the leading smart factory solution providers
.