Smart Factory and Industrial Automation

HILLSBOROUGH, N.J. - Oct. 27, 2018 - PRLog -- We are now in a time where the 4th industrial revolution has emerged and the way factories work will never be the same. From the development of computation and industrial robots, which was the heart of the 3rd industrial revolution, the 4th industrial revolution has evolved to combine superior processing power with massive real-time data analysis, producing smart machines capable of collaborating with each other and, thus, taking plant automation a step further

The 4th industrial revolution can be viewed as the fusion of a range of new technologies across the digital, physical and biological worlds that will potentially impact our economies and industries to the same extent.

-       Smart factories are revolutionizing manufacturing by enabling a 7X increase in overall productivity by 2022 and will be able to accelerate on-time delivery of finished products by 13 times, with quality indicators improving at more than 12 times the rate of improvement since 1990.

-       43% of all manufacturers currently have an operational smart factory initiative, and another 33% are in the process of defining one.

-       Smart factories have the potential to add $500B to $1.5T in value added to the global economy in five years. Based on the conservative estimate of 21% of all manufacturing plants in the eight surveyed geographies reworked into smart factories by 2022, the total value-added output and contribution to the global economy would be $500B.

-       56% of manufacturers have invested $100M or more towards smart factories. Greenfield initiatives are most often new business models manufacturers invest in to open new markets by relying on new products and services strategies.

Learn and discuss these topics in detail at Taiwans Leading Smart Factory and Industrial Automation Exhibition on 14-17 Aug 2019.