The smart factory retrofit solutions market was valued at USD 152.2 billion globally in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 10.5% over the course of the forecast period. The market is expanding due to rising need for automation and digital transformation.

The market is expanding as a result of the increased focus on sustainability and energy efficiency. More intelligent decision-making is being made possible by growing technology developments in AI, machine learning, and IoT. The growing need for industrial automation and the cost-effectiveness of smart factory retrofit solutions in comparison to new infrastructure are driving their adoption.

 

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Growth Drivers

By optimizing energy use, sustainability standards are assisting businesses in meeting carbon emissions targets. Energy-efficient systems, predictive maintenance, and smart HVAC are becoming more and more popular. Real-time data analytics are made possible by cloud-based and edge computing technologies without requiring an infrastructure redesign.

Instead of implementing complete automation initiatives, scalable solutions enable incremental enhancements. The need for automation and AI-driven efficiency is being driven by the manufacturing sector's labor scarcity. By retrofitting, businesses can increase output without using a lot of manual effort. Numerous governments provide tax breaks, grants, and subsidies for the improvement of smart factories.

Segmentation

Smart Factory Technology

·         Distributed Control Systems (DCS)

·         Enterprise Resource Planning (ERP)

·         Human Machine Interface (HMI)

·         Manufacturing Execution System (MES)

·         Product Life Cycle Management (PLM)

·         Program Logic Controller (PLC)

·         Supervisory Controller and Data Acquisition (SCADA)

·         Others

Smart Factory Field Devices

·         Sensors

·         Industrial Robotics

·         Machine Vision Systems

·         Others

Smart Factory Application

·         Aerospace & Defense

·         Automotive

·         Energy & Power

·         Food and Beverages

·         Healthcare

·         Semiconductor & Electronics

·         Oil & Gas

·         Others

By Regions

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Key Players

·         Siemens AG

·         Rockwell Automation Inc.

·         Honeywell, International, Inc.

·         ABB Ltd.

·         Mitsubishi Electric Corporation

·         Danfoss

·         Fanuc Corporation

·         Schiender Electric

·         GE Vernova

·         Other Players

 

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