Smart Manufacturing - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Smart Manufacturing Market is accounted for $214.70 billion in 2020 and is expected to reach $634.27 billion by 2028 growing at a CAGR of 14.5% during the forecast period. Some of the key factors propelling the market growth include growing adoption of industry 4.0, increasing government involvement in supporting industrial automation, increasing complexities in supply chains, growing demand for knowledge-based manufacturing and connected supply chains, Proliferation of Internet of Things, and rising emphasis on regulatory compliances. However, high investments and costs involved in implementing smart manufacturing solutions are restraining the market growth.
Smart manufacturing is a type of method of manufacturing which aims at optimizing the concept, product manufacturing and transaction process. Smart Manufacturing refers to a fully integrated manufacturing system which responds in real-time to meet the changing conditions and demands of the supply network and customer needs. It is the ability to resolve existing and future problems through an open infrastructure that allows solutions to be applied at speed of business while generating advanced value. Smart manufacturing can accurately predict requirements, and can quickly identify bottlenecks and errors, thus innovating products and services through enhanced manufacturing process. Smart manufacturing is adopted across multiple industries to optimize manufacturing process and to create higher quality products, increase energy efficiency, sustain safer plant floor, and enhance productivity.
By technology, the industrial internet of things (IIOT) segment is likely to witness significant growth during the forecast period. Various technologies are using IIoT to improve the functioning of the processes. The use of IIoT in these devices & technologies helps in analyzing the data collected via various devices and enables effective decision making. IIoT is revolutionizing manufacturing plants by connecting a wide network of intelligent devices that would increase automation in plants. IIoT is expected to revolutionize the manufacturing industry by enabling a greater amount of data, which can be shared throughout the enterprise from the plant floor to the supply chain. IIoT provides better connectivity, efficiency, scalability, and time- and cost-saving for industries. For example, SCADA systems and IoT technology complement each other. IoT is considered to be the fourth generation of SCADA systems.
On the basis of geography, Asia Pacific region is projected to have considerable market growth during the forecast period, owing to the presence of a large number of smart manufacturing companies stimulated by the need to compete at international levels. The economy in the APAC region is the world’s one of the fastest evolving due to increased spending on improving performance, security, and economic stability. The region is witnessing a surge in the deployment of smart manufacturing technologies. China, being one of the top manufacturing countries, has been adopting enabling technologies to increase operational efficiency and production in the country. Due to increasing maintenance costs in manufacturing, manufacturing, and energy & utilities industries have been genuinely considering the adoption of advanced technologies, such as predictive maintenance, to optimize maintenance processes and reduce operational costs.
Some of the key players in Smart Manufacturing Market include Fanuc Corporation, General Electric Company, Robert Bosch GMBH, Schneider Electric SE, Texas Instruments Incorporated, Rockwell Automation Inc., ABB Ltd, Emerson Electric Co., Intel Corp., SAP SE, Yokogawa Electric Corporation, Siemens AG, Honeywell International Inc., Mitsubishi Electric Corporation, IBM Corp., Microsoft, Cisco Systems, Inc., Fujitsu Ltd., Larsen & Toubro Infotech Ltd., and Oracle Corp.
Product Types Covered:
• Application Enablement
• Device and Connectivity Management
• Automation Control System (Field Control Systems (FCS))
• Manufacturing Information Technology (IT)
• Instrumentation & Field Devices
• Enabling Technology
• Information Technology
Enterprise Sizes Covered:
• Large Enterprise
• Small & Medium Enterprises (SMEs)
End Users Covered:
• Discrete Industry
• Process Industry
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Supply chain trends mapping the latest technological advancements
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