The projected market size forecasted for smart manufacturing in 2023 is 479 billion US dollars whereas in 2017 it was 152 billion US dollars.
The growth rate of global factory automation has been increasing steadily over time the period. Even though it has been in a smaller percentage. The growth is increasing steadily.
In 2017, a 2% growth rate has been recorded. In 2018 and 2019, a 3% growth rate has been recorded. In 2020 and 2021, a 3.5% growth rate has been recorded.
In 2020, the market size for Industrial robots are 40,100 million US dollars. The sensor and controllers market recorded 6,100 million US dollars. The telecommunication market recorded 5,700 million US dollars and the Logic and distributed control market recorded 4,700 million US dollars.
The reason for such growth in global factory automation is due to the promising benefits seen in smart factories. The goal of the manufacturing industries and other related industries is to make logistics faster, more efficient, and customer-centric. It has powered new digital business models and better ecosystems.
The key benefits recorded in Industry 4.0 are: –
- Productivity is enhanced through optimization and automation.
- Data are not fabricated but fetched from a real-time supply chain in a real-time economy. Providing the customers of the factories with exact needed numbers.
- Business continuity in a higher form via advanced maintenance and monitoring possibilities.
- Quality products are better due to real-time monitoring.
- Improvement of the quality due to IoT and cobots.
- Improved working conditions and sustainability.
- New customers attract personalized and customised products and services.
- The agility is improved to tackle scalability and flexibility.
- Innovative capabilities are developed with better and new revenue models.