DUBLIN, Feb. 15, 2022 /PRNewswire/ — The “Global Smart Manufacturing Market Outlook 2020: Global Opportunity and Demand Analysis, Market Forecast, 2019-2028” report has been added to ResearchAndMarkets.com’s offering.
Smart manufacturing may be a method of producing which aims at optimizing the concept, product manufacturing and transaction process. Smart manufacturing involves the use of automation machinery and the goal to be achieved through this process is the use of information technology to use it for the advantage of reaching a global market. This manufacturing decreases the workload and makes for more flexibility within the entire process.
The global smart manufacturing market size was valued at USD 215.9 billion in 2019 and is expected to witness a CAGR of 12.8% from 2019 to 2028. With the advent of industry 5.0 revolution, there has been a significant transformation in the manufacturing sector in the form of digitization and automation. The growing demand for knowledge-based manufacturing and connected supply chains, which are equipped with advanced control, sensing, modeling, and simulation capabilities, are driving the growth of smart manufacturing. Moreover, industrial internet of things (IIoT), cloud technology, and industrial analytics will play an important role in fostering market growth over the forecast period.
Aerospace and Defense Expected to Register Significant Growth
The prime concern of the automotive industry is the length of a project. Hence, quick return-on-investment projects combined with low-cost automation and price innovation helps manufacturers in improving competitiveness through productivity improvement. Value streams are expected to become more agile through adaptive manufacturing and extensive utilization of 3D-printing. These value streams are expected to become more software-based.
Also, the automotive manufacturing is getting impetus from smart technologies, Industry 4.0, and IoT. For instance, discrete manufacturing is the manufacturing or production of distinct parts that can be individually touched and counted. The parts are mainly related to assembly lines. Discrete manufacturing includes products, such as cars, automotive parts, etc. that are getting increasingly connected. Smart manufacturing is additionally expected to assist in balancing the availability and demand, enhancing product design, optimizing manufacturing efficiency, and significantly reducing waste.
Software are expected to be the driving factors for the segment’s growth in Global Smart Manufacturing Market
Based on component, the smart manufacturing infrastructure is segmented into hardware, software, and services. The hardware segment includes robots, 3D printers, IIoT enabling equipment and devices, and augmented and virtual reality devices. While these devices are utilized at the edge of networks, their demand has been increasing in the recent years. Different types of conventional and smart sensors are an important aspect of the hardware segment, which has been exhibiting not only rapid demand growth but also increased research and development activities. For instance, HMS Networks, a supplier of industrial communication and IIoT solutions has become one of the leading players in industrial IoT connectivity after acquisition of eWon, a manufacturer of PLCs in 2016.
The software segment is quite mature as numerous solutions have already been in use for many years. The solutions include manufacturing execution systems, product lifecycle management, and enterprise resource planning. However, the modernization of these systems and growth of analytics and Artificial Intelligence (AI)-enabled systems are expected to be the driving factors for the segment’s growth. The need for technology implementation expertise is anticipated to assist the expansion of the services segment over the forecast period.
Based on technology, the smart manufacturing market is segregated into various technologies including manufacturing execution system (MES), programmable logic controller (PLC), enterprise resource planning (ERP), supervisory control and data acquisition (SCADA), discrete control system (DCS), human machine interface (HMI), machine vision, 3D printing, product lifecycle management (PLM), and plant asset management. While some of these technologies have been in use for quite some time, segments such as 3D printing have been ahead traction in the recent years. With the use of AI and machine learning as a design aid, additive manufacturing technology, or 3D printing is shifting toward automation. In addition, 3D printing segment is expected to witness the highest growth over the forecast period owing to its large-scale adoption in design process and agile product iterations.
Asia Pacific region holds a dominant position in the market owing to the presence of a large number of Companies
The regions have started investing in smart manufacturing; they vary considerably in terms of market maturity. With numerous ongoing projects, developed countries such as U.S., Germany, and Japan are witnessing high penetration of smart manufacturing or Industrie 4.0, whereas emerging countries such as China are catching up with the technological advancements. For instance, in 2018, Siemens and Alibaba cloud forged a partnership to foster industrial IoT in China. The partnership will provide novel solutions for manufacturers in China to realize innovation and aide Industry 4.0 initiatives.
However, Asia Pacific region holds a dominant position in the market owing to the presence of a large number of smart manufacturing companies stimulated by the need to compete at international levels. An important distinction among regional markets is that the developing countries are investing in smart technologies to keep abreast with international manufacturing standards and trends. Whereas, developed economies are supporting digital transformation to bring back the offshore manufacturing to their own countries. Moreover, development of smart manufacturing is probably going to spice up trends like onshoring and have impact on geopolitical and technological landscape during the forecast period.
Players to Focus on Expanding Global Smart Manufacturing Market
The smart manufacturing market is very competitive and consists of several major players. In terms of market share, few of the main players currently dominate the market. These major players with the prominent shares within the market are that specialize in expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to extend their market share and profitability. The companies operating within the market also are acquiring start-ups performing on autonomous delivery robots technologies to strengthen their product capabilities.
Siemens AG:In October 2019, Siemens AG announced it’s decided to acquire Edge Technologies Inc. from the US establishment Pixeom, Inc. This acquisition will strengthen Siemens’ Industrial Edge portfolio by inclusion of software components for device management and for Edge runtime. Moreover, it’ll also help Siemens in expansion of its Digital Enterprise product portfolio. The acquisition highlights the overall industry trend focusing on the digital transformation of industry as well as the integration of cutting-edge technologies in smart manufacturing.
GE’s Power Services:GE’s Power Services:April 2018 GE’s Power Services business signed a milestone agreement with Edison, Italy’s second largest integrated energy company, to enhance performance at its Candela combined-cycle power station in Puglia.
Scope of the Report
Machine Execution Systems
Programmable Logic Controller
Enterprise Resource Planning
Aerospace & Defense
Chemicals & Materials
Key Reasons to Purchase this Report
1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.
Key Topics Covered:
Chapter 1 Overview And Scope
Chapter 2 Our Research Practice
Chapter 3 Executive Summary
Chapter 4 Covid-19 Impact Analysis
4.2 Prevalence analysis
4.3 Key Factor Impact Analysis
Chapter 5 Global Smart Manufacturing Market Forces
5.1 What’s Driving the Market
5.2 Porter’s Five Forces Analysis
5.2.1 Power of Suppliers
5.2.2 Threats From New Entrants
5.2.3 Power of Buyer
5.2.4 Threat From Substitute Product
5.2.5 Degree of Competition
Chapter 6 Global Smart Manufacturing Market -Industry Snapshots
6.1.1 Global Smart Manufacturing Market Value, 2019 – 2028, (US$ Bn)
6.2 Market Overview
6.2.1 Drivers Analysis
6.2.2 Restraint/Challenges analysis
6.2.3 Opportunity Analysis
6.3 Supply Chain/Value Chain Analysis
6.4 Market SWOT Analysis
Chapter 7 Global Smart Manufacturing Market Analysis, by Component
7.2 Key Findings for Smart Manufacturing Market- By Component
7.2.1 Smart Manufacturing Market- Hardware
7.2.2 Smart Manufacturing Market- Software
Smart Manufacturing market by Component 2, 2019 – 2028 (USD Million)
7.2.3 Smart Manufacturing Market- Services
Smart Manufacturing market by Component 3, 2019 – 2028 (USD Million)
Chapter 8 Global Smart Manufacturing Market Analysis, by Technology
8.2 Key Findings for Smart Manufacturing Market- By Technology
8.2.1 Smart Manufacturing Market- Machine Execution Systems
Smart Manufacturing market by Technology 1, 2019 – 2028 (USD Million)
8.2.2 Smart Manufacturing Market- Programmable Logic Controller
Smart Manufacturing market by Product Type 2Technology, 2019 – 2028 (USD Million)
8.2.3 Smart Manufacturing Market- Enterprise Resource Planning
Smart Manufacturing market by Product Technology Type 3, 2019 – 2028 (USD Million)
8.2.4 Smart Manufacturing Market- SCADA
Smart Manufacturing market by Product Technology Type 4, 2019 – 2028 (USD Million)
Chapter 9 Global Smart Manufacturing Market Analysis, by End User
9.2 Key Findings for Smart Manufacturing Market- By End User
9.2.1 Smart Manufacturing Market- Automotive
Smart Manufacturing market by End User 1, 2019 – 2028 (USD Million)
9.2.2 Smart Manufacturing Market- Aerospace & Defense
Smart Manufacturing market by End User 2, 2019 – 2028 (USD Million)
9.2.3 Smart Manufacturing Market- Chemicals & Materials
Smart Manufacturing market by End User 3, 2019 – 2028 (USD Million)
9.2.4 Smart Manufacturing Market- Healthcare Smart Manufacturing market by End User 4, 2019 – 2028 (USD Million)
Chapter 10 Smart Manufacturing Market Analysis by Region
Chapter 11 Market Competition Analysis
11.1 Market Share/Positioning Analysis
11.1.1 Market Positioning of Key Vendors, 2019
11.1.2 Key Strategies Adopted by the Leading Players
11.1.3 Recent Developments
Chapter 12 Company Profiles- Snapshot
12.1.1 Siemens AG
12.1.2 Business Fundamentals
12.1.3 Financial Snapshots
12.1.4 Product Portfolio
12.1.5 Recent Developments
12.2 ABB Ltd
12.3 Emerson Electric Company
12.4 Schneider Electric
12.5 General Electric Company
12.6 Honeywell International Inc
12.7 Mitsubishi Electric
12.8 Yokogawa Electric Corporation
12.9 FANUC Corporation
12.10 Rockwell Automation Inc
Chapter 13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/b9038p
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