Pune, India, Dec. 14, 2021 (GLOBE NEWSWIRE) -- The global smart manufacturing market is valued USD 237.11 Billion in 2021 and it is projected to reach USD 713.6 Billion in 2030 at a CAGR of 13.0% over the forecast period. The industry is mainly focusing on the innovation as well as efficiency because manufacturing processes are becoming more advanced in a short period of time. The industry is also ready to adopt the smart manufacturing across several domains. The major driving factors of the smart manufacturing market are increasing productivity and improvement of the entire system.
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The industrial IoT is the main trend going in the global smart manufacturing market. IIoT in Industry 4.0 helps to reduce expenses and increase production by interlinking customers with warehouses, providers, and systems to distribute products. The increasing number of IIoT connections will be facilitating digital technologies like manufacturing execution systems, 3D printing and robotic process automation, which will boost the market growth.
On the other hand, the huge capital investment during the initial stage is one of the biggest restraining factors. Furthermore, the factory automation will also be affected by low investment, insufficient safety knowledge, and inadequate professional accessibility. The manufacturing sectors are shifting towards digitization with the advancement of technology across the world. Tariffs are also affecting various products in different nations in the automation industry.
Some Significant Market Developments Considered In This Report:
- In February 2020, Schneider Electric SA and Nexans SA, a company engaged in cable and optical fiber industry collaborated on digital transformation program. This collaboration will drive the smart manufacturing and digital transformation in the Nexans.
- In December 2020, Omron Corporation launched a 1S Series AC Servo System by integrating an additional safety functionality, which will increase productivity and provide smart manufacturing atmospheres to the cosmetics, digital, food and pharmaceutical industries.
- In July 2020, ABB introduced a new robotics facility for supporting digital transformation of manufacturing in India. This facility is expected to provide customers the benefits of Industry 4.0 comprising digitization and robotics technologies.
COVID-19 Impact on the Global Smart Manufacturing Market
The global smart manufacturing industry is anticipated to grow sharply during the projected period. To control the spread of the pandemic, many countries across the globe have enforced strict lockdown norms, which are hampering all kinds of business activities. The coronavirus pandemic has disrupted the supply chain and manufacturing units. To get rid of these issues, enterprises are keen on adopting automation to deal with the impact of COVID 19 on the manufacturing.
Global Smart Manufacturing Market, By Component Analysis
The global market is divided into software, hardware, and services based on component segment. Software has a huge demand, which has resulted in the segment accounting for the largest and its dominance is likely to continue over the forecast period. The growth of the segment is on account of availability of numerous software solutions such as product lifecycle management, enterprise resources planning, and manufacturing execution systems. The introduction of Artificial Intelligence (AI) enabled systems and analytics is expected to drive the demand for software solutions.
Global Smart Manufacturing Market, By Technology Analysis
On the basis of technology, the market is segmented into programmable logic controller (PLC), military engineering services (MES), Enterprise Resource Planning (ERP), Product Lifecycle Management (PLM), Distributed Control System (DCS), Supervisory Control and Data Acquisition (SCADA), Human Machine Interface (HMI), 3D Printing, Machine Vision, and others. The Distributed Control System (DCS) is the largest market owing to its various advantage of being simple and flexible, which aids its increased prominence in the market. The DCS has high capabilities for potential networking, which is extremely useful in process management and to form a common network.
Global Smart Manufacturing Market, By End User Analysis
Based on the end user, the market is segmented into Aerospace & Defense, Automotive, Chemicals and Materials, Industrial Equipment, Healthcare, Semiconductor & Electronics, Oil & Gas, Food & Agriculture, and Others. Among these segments, automotive holds the largest revenue share owing to certain factors such as quality and sustainability, cost savings, asset efficiency provided by smart factory solutions. The investments made in the smart factory are anticipated to provide the automotive manufacturers with various competitive advantages like increased profitability, product quality and a stable labor force.
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Global Smart Manufacturing Market, By Region Analysis
The Asia Pacific has witnessed rapid growth and it has emerged as the largest market share. This growth curve is expected to prevail over the forecast period as it continues to be the largest regional market. The countries in this region are mainly focusing on automating in house manufacturing facilities and reducing dependency on other countries. The implementation of smart technologies is also expected to help the manufacturers to focus on streamlining their supply chains to enhance competitiveness.
Some Major Findings of the Smart Manufacturing Market Report Include:
- Profiles of major market players operating in the global smart manufacturing market, which include ABB, Emersion Electrion Co., Fanuc Corporation, General Electric Co., Honeywell Internation Inc., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Robert BoschGmbH, Schneider Electric, Yokogawa Electric Corporation, Siemens.
- The study informs the readers about the current scenario of COVID-19 and its influence on the industry.
For more information on this topic please visit our website report titled, “Smart Manufacturing Market, By Component (Hardware, Software, Services), By Technology (Military Engineering Services (MES), Product Lifecycle Management (PLM), Programmable Logic Controller (PLC), Enterprise Resource Planning (ERP), Distributed Control System (DCS), Supervisory Control And Data Acquisition (SCADA), Human Machine Interface (HMI), 3D Printing, Machine Vision, And Others), By End User (Automotive, Aerospace & Defense, Chemicals and Materials, Healthcare, Industrial Equipment, Semiconductor & Electronics, Food & Agriculture, Oil & Gas, and Others) By Region (North America, Europe, Asia Pacific, the Middle East and Africa, South America)” in-depth analysis along with the table of contents (ToC).
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