New York, USA, Oct. 20, 2020 (GLOBE NEWSWIRE) -- As per a new research report published by Research Dive, the global smart manufacturing market is anticipated to generate $303.0 billion by 2026 and rise at a CAGR of 6.4% during the forecast period from 2019 to 2026. The global market is segmented on the basis of component, end-use, and region. The report presents thorough analysis of key drivers, opportunities, restraints, segmental analysis, and major players of the global industry. Our analysts stated that Increasing preference for automated systems from different industries all across the globe is a major factor driving the growth of global smart manufacturing market. Conversely, high installation costs associated with these systems in initial stages is expected to hinder the market growth during the forecast period.

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COVID-19 to Adversely Impact the Industry

Government bodies all across the globe have imposed partial or complete lockdown across various regions, by which a large number of manufacturing industries such as automotive, electronics, and many others are considerably impacting the production processes. In addition, interruption in continuation of process and activities owing to lockdown is expected to cause loss and threats to the normal functioning of many industries. All these factors are significantly restricting the growth of global smart manufacturing market during the COVID-19 chaos. Though the smart manufacturing market will be hit negatively by the Coronavirus pandemic, it will recover by the end of Q3 2023 and is estimated to regain its growth in the market once the situation is under control.

Automotive Segment to Dominate the Industry

On the basis of end use, the global market for smart manufacturing is segmented into aerospace & defense, chemicals, automotive, healthcare, electrical & electronics, petroleum, and others. The automotive segment dominated the overall market in 2018 and is estimated to continue its dominance during the forecast period. The dominance of this segment is attributed to wide usage of advanced techniques in the automotive sector coupled with enhanced efficacy and cutting down in production expenses.

Software Segment to Grow at Significant CAGR

On the basis of component, the global market for smart manufacturing is segmented into hardware, software, and services. The software segment is estimated to surpass to $139.9 billion by the end of 2026. This segment is anticipated to grow at a significant CAGR during the forecast period mainly because of effective maintenance and control of the automation process.

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Europe Region to Create Lucrative Opportunities in the Industry

Based on the region, the global industry is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Europe market for smart manufacturing is projected to rise at a highest CAGR of 7.3% and create lucrative growth opportunities in the global market during the estimated period. The rapid growth of this segment is primarily owing to the increasing demand for technically advanced manufacturing processes across various industrial verticals such as manufacturing, automotive, consumer electronics, and others.

Key Players of the Market

The leading companies in the global smart manufacturing market include -

  1. Honeywell International Inc.
  2. Schneider Electric
  4. Siemens
  6. Emerson Electric Co.
  7. Rockwell Automation, Inc.

The report summarizes various aspects of all these prominent players including financial performance, recent strategic moves & developments, product portfolio, and SWOT analysis. Quick Download Top Companies Development Strategies Summary Report

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Mr. Abhishek Paliwal
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