The global smart manufacturing Industry size worth around US$ 489.66 bn by 2027 and growing at a noteworthy CAGR (compound annual growth rate) of 11.9 % from 2020 to 2027.
The evolution of the Internet of Things (IoT) and various digital technologies that include artificial intelligence and machine learning have upended the manufacturing sector in the recent past. The integration of these technologies at different levels of the industry supply chain is likely to boost the demand for smart manufacturing solutions over the upcoming years. The integration of different smart manufacturing technologies enhances productivity along with reduces the manufacturing time that overall increases the productivity of an industry.
The government is significantly supporting the adoption of smart manufacturing technologies and factory automation by offering various incentives and policies as this is expected to improve the economic growth of a country. Growth in the manufacturing and industrial sector have a remarkable contribution to the economic growth of a country as it propels the trade activity as well as draws job opportunity within the country. For example, the government of India introduced the ‘Make in India' initiative that favors the up gradation and development of factories along with manufacturing sectors in the country by stimulating the adoption of IoT and various other automation technologies.
Highlights of this industry
- The Asia Pacific holds a leading market position in 2019 and likely continue the same trend over the upcoming years owing to significant growth in the industrial sector
- North America and Europe foresee to be the major revenue contributor to the market growth due to technological advancement and the notable presence of technology service providers in the regions
- Machine Execution System (MES) holds the leading market position in terms of revenue on account of rising demand for streamlined workflow along with reduced lead time
- 3D printing segment projected to witness the fastest growth rate over the analysis period because of its escalating adoption in agile product iterations and design process
- The aerospace & defense and automotive segments are estimated to be the prominent contributors towards the industry growth
- The automotive segment led the market in 2019 and further anticipated to grow impressively over the forecast period due to the introduction of autonomous vehicles
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In the final section of the report, Precedence Research provided the global Smart manufacturing market structure and a detailed competition landscape to provide a dashboard view of key players operating in the global market along with their business strategies to report audiences. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the market.
Some of the active key players in the smart manufacturing market include:
- Emerson Electric Co.
- ABB Ltd.
- Fanuc Corporation
- Honeywell International, Inc.
- General Electric Co.
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Robert Bosch GmbH
- Schneider Electric SE
- Yokogawa Electric Corporation
- Siemens AG
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