Smart factory market to reach USD 152.94 billion

By OEM Update Editorial September 2, 2021 4:55 pm IST

Rising demand for IoT and artificial intelligence, cost reduction in manufacturing operations with the aid of industrial robots, factors are driving the market growth.

Rising demand for IoT and artificial intelligence, a growing emphasis on energy efficiency, resource optimisation, and cost reduction in manufacturing operations with the aid of industrial robots, are among the factors driving the growth of the market. According to Verified Market Research, the Global Smart Factory Market was valued at USD 70.65 Billion in 2020 and is projected to reach USD 152.94 billion by 2028, growing at a CAGR of 10 percent from 2021 to 2028.

Global Smart Factory Market: Increased demand for industrial robots is driving market growth. Industrial robots undertake activities such as electronic and mechanical assembly, product testing, and material handling. Force sensors assist industrial robots in confirming part insertion, maintaining constant force during buffing, polishing, and deburring, gathering force data for loT testing and statistical process control (SPC), and performing a variety of other duties.

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