The global smart manufacturing market worth is expected to reach US$ 489.66 Billion by 2027 and register a high revenue CAGR of 11.9% from 2020 to 2027.
The growth of the market is driven by increasing demand for connected supply chains and knowledge-based manufacturing that are equipped with advanced modeling, sensing, control, and simulation capabilities.
Smart manufacturing refers to a fully integrated and collaborative manufacturing system that provides a response in real-time to cater to the changing conditions and demands in a supply network, factory, and in customer needs. In other words, it refers to the ability to solve recent and future problems through an open infrastructure that permits solutions to drive the business and create advantaged output.
- 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 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
Amid the COVID-19 crisis, the global market for smart manufacturing estimated at US$ 199.18 Billion in the year 2019, is projected to reach a revised size of US$ 489.66 Billion by 2027, growing at a CAGR of 11.9% over the analysis period 2020-2027. Read More About Smart Manufacturing Industry@ https://www.precedenceresearch.com/smart-manufacturing-market
Evolution of Internet of Things (IoT) and various digital technologies that include artificial intelligence and machine learning has upended the manufacturing sector in the recent past. Integration of these technologies at different levels of industry supply chain is likely to boost the demand for smart manufacturing solutions over the upcoming years. Integration of different smart manufacturing technologies enhance the productivity along with reduces the manufacturing time that overall increases the productivity of an industry.
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 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 upgradation and development of factories along with manufacturing sectors in the country by stimulating the adoption of IoT and various other automation technologies.
Besides this, increasing concern for data breach and security is likely to hinder the market growth. Integration of automation technologies imparts high reliance on data integration that provides significant opportunity to the hackers or fraudsters to hack confidential data of the company or enterprise. Moreover, the lucrative benefits offered by the smart manufacturing technology such as fast production capability and effective business decision making to cater to the rising need in real time anticipated to propel the market growth over the forthcoming years.
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Key Players & Strategies
The smart manufacturing industry seeks diversity in the product offering because of the presence of numerous technologies that assist smart manufacturing. Rising awareness among end-use industries along with increasing penetration of solution providers have bolster the rate of competition in the global market. These market players invest prominently towards offering diverse solutions across various levels of industry value chain to gain market competitiveness. Major strategies that are adopted by these market vendors include partnerships &agreements, merger & acquisition, and investment in Research & Development (R&D) sector.
Some of the key players operating in the market are 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, and Siemens AG among others.
The Asia Pacific emerged as a global leader in the smart manufacturing market because of the presence of numerous players operating in the market. In addition, several manufacturers from different industries are shifting their manufacturing bases in the Asia Pacific region because of low labor and raw material cost that provides alluring opportunity for the end-use industries as well as the industry vendors to strengthen their presence in the region by offering diverse solutions.
However, North America and Europe are the other most prominent revenue contributors in the global market because of technological advancement coupled with remarkable presence of the Information Technology (IT) solutions providers in the region. In addition to this, automotive industry is likely to impart notable growth in the regions owing to a shift in consumer demand from conventional vehicles to automated vehicles and electric powered vehicles in respect to control the alarming rise in pollution level.
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