Smart manufacturing market to reach USD 576.21 billion till
Pune, India, May 26, 2021 (GLOBE NEWSWIRE) – The world smart manufacturing market is set to gain ground thanks to the growing adoption of industrial IoT and Industry 4.0. These are able to reduce expenses and improve production by quickly connecting customers to systems, warehouses and suppliers for product distribution. For example, GSMA Intelligence mentioned in a survey that by 2025, industrial IoT connections are expected to reach up to 13.8 billion units across the world. This information is published by Fortune Business Insights â¢ in a report entitled “Smart manufacturing market, 2021-2028. ” According to the report, the market size was $ 225.73 billion in 2020. It is expected to grow from $ 249.46 billion in 2021 to $ 576.21 billion in 2028 with a CAGR of 12.7% during the period forecast.
COVID-19 pandemic: Growing need to rebuild business models will drive growth
The COVID-19 pandemic has created vital gaps between the supply chain and manufacturing units around the world. Several companies are struggling to rebuild their business continuity models to overcome such a crisis. At the same time, they are also discovering automation opportunities and investing huge sums in new supply chain models. According to Invest India.gov, for example, the Indian government invested 265 million USD in May 2020 as part of an “economic package”. Such initiatives by regulators would propel the demand for smart manufacturing amid the pandemic. Our expertise and experience can provide tremendous benefits in helping you get your business back during this critical time.
To learn more about the short and long term impact of COVID-19 on this market,
Industrial 3D printing sub-segment generated 10.2% share in 2020
On the basis of component, the market is divided into solutions and services. The services segment is also a sub-segment of managed services and professional services. Solutions segment is categorized into Industrial 3D Printing, Programmable Logic Controller (PLC), Product Lifecycle Management (PLM), Manufacturing Execution System (MES), Robotic Process Automation (RPA), Monitoring Software remote, data acquisition and supervision controller (SCADA)), and others. Among these, the industrial 3D printing sub-segment gained 10.2% in terms of smart manufacturing market share in 2020. This growth is driven by strong demand for IoT for advanced automation processes, especially from the manufacturing industry.
Cover of the report
The report involves four notable activities in projecting the current size of this market. Extensive secondary research was conducted to collect data on the parent market. Our next step included primary research to analyze these sizing, assumptions and results with many industry experts. We also used bottom-up and top-down methods to calculate the market size.
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Conductors and restraints:
Urgent need to develop strong positions to stimulate growth
The increasing demand for technologies based on IoT and Industry 4.0 is expected to accelerate the growth of the smart manufacturing market in the coming years. Another driver of growth is the increasing efficiency of production processes. Various emerging economies have started to establish a strong position in terms of the type of smart manufacturing. However, the requirement for high capital investments can be an obstacle for the market.
Investments in smart manufacturing industry to drive growth in Asia-Pacific
Geographically, Asia-Pacific held $ 79.09 billion in revenue in 2020. This growth is attributable to increasing corporate investment in the smart manufacturing industry. At the same time, in India, Japan and Australia, several small and medium enterprises are gradually trying to spend more on smart manufacturing solutions. North America, on the other hand, is expected to experience steady growth due to the increasing adoption of 3D printing. This is due to the low cost of the equipment and the availability of alternative printing materials in the region.
The main players aim to co-develop advanced solutions to gain a competitive advantage
The global smart manufacturing market includes various companies that are currently focused on launching innovative products to compete with their rivals. A few others engage in collaborative efforts to co-develop new projects and solutions. Here are the two latest developments in the industry:
- October 2020: Yokogawa Electric Corporation launched the OpreX â¢ environmental monitoring system for the medical device and pharmaceutical industries. It is a recording and data collection system that manages and records environmental data, such as room differential pressure, humidity, and temperature.
- February 2020: Nexans has partnered with Schneider Electric to integrate its digital solutions into various industrial processes. The latter plans to develop a unique digital transformation experience using its EcoStruxure platform.
A list of eminent Smart Manufacturing Software Solution Providers:
- ABB Ltd. (Zurich, Switzerland)
- Siemens AG (Munich, Germany)
- General Electric (Massachusetts, United States)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Robert Bosch GmBH (Gerlingen, Germany)
- Rockwell Automation Inc. (Wisconsin, USA)
- Schneider Electric (Rueil-Malmaison, France)
- Honeywell International Inc. (North Carolina, USA)
- Emerson Electric Co. (Missouri, United States)
- Fanuc Corporation (Yamanashi, Japan)
- Yokogawa Electric Corporation (Tokyo, Japan)
- Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
Quick Buy – Smart Manufacturing Market:
- Definition, by segment
- Research methodology / approach
- Information source
- Key points to remember
- Market dynamics
- Macro and micro economic indicators
- Drivers, constraints, opportunities and trends
- Impact of COVID-19
- Short term impact
- Long term impact
- Competition landscape
- Business strategies adopted by the main players
- Consolidated SWOT analysis of the main players
- Porter’s Five Forces Analysis
- Global Smart Manufacturing Market Share Analysis and Matrix, 2020
- Key market information and strategic recommendations
- Profiles of the main actors
- Key management
- Headquarters etc.
- Offers / business segments
- Key details (Key details are subject to data availability in the public domain and / or on chargeable databases)
- Employee size
- Key financial data
- Past and current income
- Gross margin
- Geographic share
- Share of business segment
- Recent developments
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