The smart factory market is projected to be valued at USD 205.42 billion by 2022, growing at a CAGR of 9.3%, between 2017 and 2022.

Northbrook, IL -- (SBWire) -- 01/24/2018 --The increase in adoption of industrial robots and the evolution of Internet of Things (IoT) are the key factors driving the growth of the smart factory market. The smart factory market was valued at USD 120.98 billion in 2016 and is expected to grow at a CAGR of 9.3%, between 2017 and 2022.

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The objective of the report is to provide a detailed analysis of the smart factory market on the basis of technology, component, end-user industry, and region. The report provides detailed information regarding the major factors influencing the growth of the smart factory market. The report also provides a detailed overview of the value chain in the smart factory market.

The market for industrial robots is projected to account for the highest share of the global smart factory market during the forecast period. Implementing industrial robotics in the smart manufacturing processes can improve productivity, reduce the chances of human errors, and increase the production volume.

However, the market for industrial 3D printing is expected to witness the highest CAGR between 2017 and 2022, owing to increasing adoption of 3D printing technology in the various process as well as discrete industries such as automotive, aerospace and defense, food and beverages, and semiconductor and electronics.

Smart manufacturing plays a key role in the development and production of quality automobiles. Innovations in the assembly line methods are welcomed by the vehicle manufacturers to enhance quality and increase factory productivity.

APAC held the largest share of the overall smart factory market, and this market is expected to grow at the highest rate during the forecast period. Continuous advancements and technological innovations in various industries; economic development in China, Japan, and India; growth in infrastructural developments in other countries in Southeast Asia; and an increase in foreign investments in this region are the major driving factors for the growth of the smart factory market in the region.

The key market players, including ABB Ltd.(Switzerland), Atos SE (France), Emerson Electric Co. (U.S.), FANUC Corporation (Japan), General Electric Co. (U.S.), Honeywell International Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan).

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