From 2021 to 2026, the smart factory market is expected to grow at a CAGR of 11.0 percent, from an estimated USD 80.1 billion in 2021 to USD 134.9 billion in 2026. Rising demand for IoT and AI in industrial environments, a growing emphasis on energy efficiency, resource optimization, and cost reduction in production operations, rising demand for industrial robots, and fiscal policies to keep manufacturing facilities afloat during the COVID-19 crisis are among the factors driving the smart factory market's growth.
COVID-19 had a detrimental impact on the smart factory market in 2020, leading in lower shipments of smart factory components and solutions, as well as lower revenues. As a result, the market's growth trajectory in the first half of 2020 is expected to slow. This trend is likely to end in the second half of the year, as demand is expected to rise as people become more concerned about smart automation, energy efficiency, and resource efficiency.
The COVID-19 epidemic has had a significant impact on the smart industrial market's value chain. The United States, China, South Korea, and Japan, which have been hit hard by the pandemic, account for a large portion of worldwide smart factory production. Due to the global slowdown, discrete and process sectors are experiencing poor demand, which is projected to continue for the foreseeable future.
Electronic and mechanical assembly, product testing, and materials handling are among jobs that industrial robots accomplish. Industrial robots use force sensors to verify item insertion, hold constant force during buffing, polishing, and deburring, collect force data for loT testing and statistical process control (SPC), and execute a variety of other tasks.
The industrial robots market is being driven by factors such as increasing sensor miniaturisation, increased automation investments (in the automotive, electrical & electronics, and metals & machinery industries), and rising demand for industrial robotics systems in developing nations. During the study period, this is likely to boost demand for industrial sensors and assist the expansion of the smart factory market.
The conversion of a traditional manufacturing facility into a highly advanced smart manufacturing unit necessitates significant capital investments in advanced machinery, software systems, and IT infrastructure, all of which are necessary for the smooth operation of industrial automation equipment such as smart field devices and industrial robots, as well as advanced communication technologies. This transition could put a financial strain on sectors in price-sensitive regions like APAC and South America.
One of the stumbling blocks in the shift to a smart factory, according to industry experts, is cost, which includes costs associated with upgrading traditional technologies. Several businesses are unable to modify their present systems due to prohibitive expenses. Furthermore, industry-specific automation software solutions necessitate regular maintenance and upgrades. Such charges are unsustainable for small firms.
A wireless sensor network is a wireless network that includes distributed autonomous devices with sensors to monitor physical or environmental variables (WSN). WSNs are utilised in the oil and gas, pharmaceutical, and water and wastewater treatment industries. The majority of oil and gas operations are located in distant places with harsh environmental conditions. A SCADA system uses sensors placed in a WSN to monitor, manage, and operate tanks, compressors, generators, and separators in an oil and gas plant.
Real-time data monitoring and process control are possible when a WSN is used with SCADA and other smart factory components and systems. As a result, the rising R&D on WSN, as well as its active implementation in smart factories, will broaden the scope of smart factory applications. Wireless sensor networks are also well-suited to the current automated systems in industries embracing smart factory components and solutions due to their rapid software updates.
The absence of compatibility between IT and OT is the most difficult aspect of deploying smart industrial solutions. Different protocols and architecture are used by IT and OT, which adds to the complexity and costs of implementing smart factories. The majority of today's OT systems operate in silos. A smart factory, on the other hand, necessitates a fully working digital environment that allows for smooth data sharing between machines and other physical systems from various manufacturers.
Furthermore, most businesses have made significant investments in long-lasting industrial equipment. The equipment was built to run independently, which is the primary source of frustration for end users because such equipment does not integrate into the IIoT ecosystem. As a result, significant retrofitting or replacement is required to ensure compatibility with the IIoT ecosystem's latest technology.
Comments
Post a Comment