New York, USA, May 10, 2021 (GLOBE NEWSWIRE) -- A latest report on the global smart manufacturing market has been added by Research Dive to its repository. The report offers comprehensive insights on the impact of COVID-19 pandemic on the present and future scope of the global industry, by examining important factors such as key drivers & restraints, latest trends & developments, regional market circumstances, and size & scope of the market during the pandemic. The report divulges that the COVID-19 pandemic has made a negative impact on the market growth.
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Factors Impacting the Market Growth during COVID-19 Pandemic
The global smart manufacturing market is projected to observe significant growth and gather $303.0 billion by 2026, growing with a CAGR of 6.4% from 2019 to 2026. This growth is mainly due to the rapid growth in the adoption of automated systems in nearly all types of industrial processes. However, the implementation of lockdown during COVID-19 pandemic in various regions across the world has resulted in slowdown or cessation in the functioning of several industries, which is impacting the growth of the market. However, by second or third quarter of 2023 a considerable rise in the growth of the smart manufacturing market has been estimated.
Highlights of the Report
- The CAGR of the smart manufacturing market, as estimated before the outbreak of the COVID-19 pandemic, was 14.4% in the estimated period, 2019—2026.
- The CAGR of the global industry, as expected post the rise of the COVID-19 pandemic, is anticipated to be 6.4% during the projected period, 2019—2026.
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- The size of the global smart manufacturing sector in 2020, as estimated before the beginning of the COVID-19 pandemic, was $228.9 billion.
- The present market size (2020), bearing the after-effects of the COVID-19 pandemic, is $175.0 billion.
Present Scenario of the Market due to COVID-19 Crisis:
Numerous industry players are undertaking various strategies to uphold their market position during the pandemic period. For instance, in April 2021, Solukon Maschinenbau GmbH, a leading automated powder removal solutions company, developed an advanced solution - the Solukon Digital Factory Tool for quality management.
Moreover, despite the COVID-19 crisis, the Asia-Pacific region market is expected to hit $114.8 billion by 2026. This growth is mainly owing to the rising investments in the automation of the prevailing industrial processes owing to growing labor overheads in this region.
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Future Scope of the Industry:
According to the report, the global smart manufacturing market is projected to observe significant growth after the end of COVID-19 disaster. New entrants and some of the leading companies such as
- Schneider Electric
- GENERAL ELECTRIC
- Siemens
- Honeywell International Inc.
- Rockwell Automation, Inc.
- FANUC CORPORATION
- Emerson Electric Co.
and others are projected to shape the future of the global smart manufacturing industry in the coming years.
The report provides several approaches and tactics of the leading players functioning in the market such as the latest strategic plans & developments, financial performance, product portfolio, and SWOT analysis. For instance, in March 2021, INSPHERE, a software development company, launched IONA, a new flagship product that will boost the efficiency of industrial automation and generate process data to unravel the potential of a broad range of digital manufacturing technologies.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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