Overview of major market participants operating in the global smart manufacturing market, including ABB, Emersion Electrion Co., Fanuc Corporation, General Electric, Honeywell International, Mitsubishi Electric, Rockwell Automation, Robert BoschGmbH, Schneider Electric, Yokogawa Electric Corporation, Siemens
Pune, India, December 14, 2021 (GLOBE NEWSWIRE) - The global smart manufacturing market is valued at US$237.11 billion in 2021 and is expected to reach US$713.6 billion by 2030, with a compound annual growth rate of 13.0% during the forecast period. The industry’s main focus is on innovation and efficiency, as manufacturing processes have become more advanced in a short period of time. The industry is also preparing to adopt smart manufacturing in multiple areas. The main driving factors of the smart manufacturing market are productivity improvement and overall system improvement.
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Industrial Internet of Things is a major trend in the global smart manufacturing market. IIoT in Industry 4.0 helps reduce expenses and increase production by interconnecting customers with warehouses, suppliers, and systems to distribute products. More and more IIoT connections will promote digital technologies such as manufacturing execution systems, 3D printing, and robotic process automation, which will drive market growth.
On the other hand, the initial huge capital investment is one of the biggest constraints. In addition, factory automation will also be affected by low investment, insufficient safety knowledge, and insufficient professional access. With the advancement of global technology, the manufacturing industry is shifting to digitalization. Tariffs also affect various products in different countries in the automation industry.
Some important market developments are considered in this report:
In February 2020, Schneider Electric and Nexans SA, a company engaged in the cable and optical fiber industry, collaborated on a digital transformation plan. This cooperation will promote Nexans' smart manufacturing and digital transformation.
In December 2020, Omron launched the 1S series AC servo system by integrating additional safety functions, which will increase productivity and provide a smart manufacturing atmosphere for the cosmetics, digital, food and pharmaceutical industries.
In July 2020, ABB launched a new robotic facility to support the digital transformation of the Indian manufacturing industry. The facility is expected to provide customers with the benefits of Industry 4.0, including digitalization and robotics.
The impact of COVID-19 on the global smart manufacturing market is expected to witness substantial growth in the global smart manufacturing industry during the forecast period. In order to control the spread of the pandemic, many countries around the world have implemented strict blockade regulations, which hinder various commercial activities. The coronavirus pandemic has disrupted supply chains and manufacturing units. In order to get rid of these problems, companies are keen to adopt automation to deal with the impact of COVID 19 on manufacturing.
Global smart manufacturing market, analyzed by composition
The global market is subdivided into software, hardware, and services based on components. The huge demand for software has resulted in this segment accounting for the largest share, and its dominance may continue during the forecast period. The growth of this segment is due to the availability of many software solutions, such as product lifecycle management, enterprise resource planning, and manufacturing execution systems. The introduction of artificial intelligence (AI) support systems and analytics is expected to drive the demand for software solutions.
Global smart manufacturing market, analyzed by technology
According to technology, the market is segmented into programmable logic controller (PLC), military engineering services (MES), enterprise resource planning (ERP), product life cycle management (PLM), distributed control system (DCS), monitoring and data acquisition (SCADA), Human Machine Interface (HMI), 3D printing, machine vision, etc. Distributed control system (DCS) has become the largest market due to its simple and flexible advantages, which contributes to its prominent position in the market. DCS has strong potential networking capabilities, which is very useful in process management and the formation of public networks.
Global smart manufacturing market, analyzed by end user
According to end users, the market is segmented into aerospace and defense, automotive, chemicals and materials, industrial equipment, healthcare, semiconductors and electronics, oil and gas, food and agriculture, etc. In these market segments, automobiles have the largest revenue share due to certain factors such as quality and sustainability, cost savings, and asset efficiency provided by smart factory solutions. The investment in smart factories is expected to provide automakers with various competitive advantages, such as improved profitability, product quality, and a stable labor force.
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Global smart manufacturing market, analyzed by region
The Asia-Pacific region has grown rapidly and has become the largest market share. Since it is still the largest regional market, this growth curve is expected to prevail during the forecast period. Countries in this region are mainly focusing on the automation of internal manufacturing facilities and reducing their dependence on other countries. The implementation of smart technology is also expected to help manufacturers focus on streamlining the supply chain to improve competitiveness.
Some of the key findings from the Smart Manufacturing Market report include:
Overview of major market participants operating in the global smart manufacturing market, including ABB, Emersion Electrion Co., Fanuc Corporation, General Electric, Honeywell International, Mitsubishi Electric, Rockwell Automation, Robert BoschGmbH, Schneider Electric, Yokogawa Electric Corporation, Siemens.
The study introduces readers to the current situation of COVID-19 and its impact on the industry.
For more information on this topic, please visit our website report titled "Smart Manufacturing Market, By Components (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, etc.), by End users (automotive, aerospace and defense, chemicals and materials, healthcare, industrial equipment, semiconductors and electronics, food and agriculture, oil and gas, etc.) by region (North America, Europe, Asia Pacific, Middle East and Africa, South America) "In-depth analysis and table of contents (ToC).
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