BANGALORE, India, Sept. 14, 2020 /PRNewswire/ -- Major factors driving the Smart Manufacturing Market size include the increasing adoption of Industry 4.0, increased focus on industrial automation in manufacturing processes, increased government participation in promoting industrial automation, increased emphasis on regulatory enforcement, growing supply chain complexities, and increased demand for time and cost-effective software systems.
The Global Smart Manufacturing Market is expected to grow from USD 157,289.47 Million in 2019 to USD 314,839.98 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 12.26%.
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TRENDS INFLUENCING THE SMART MANUFACTURING MARKET SIZE
Government policies and investments to encourage smart manufacturing adoption are expected to increase the smart manufacturing market size during the forecast period.
The implementation of international standards on environmental management systems has developed considerably. This also forces manufacturers to invest in energy-saving strategies, thereby fuelling the smart manufacturing market size.
Although cost reduction and industrial intelligence are the primary goals of industry players, the emphasis on product quality, sustainability, and compliance is gaining prominence. The return on investments in smart manufacturing is one of the major drivers, with multiple producers reporting quantifiable benefits. It includes energy conservation, reduced incidences of injury, reduced cycle times, and lower maintenance costs.
Data & security-related problems, which occur due to a high reliance on technology & data integration, could hamper the smart manufacturing market size. Intelligent production and supply chain networks are linked with data resources that can be targeted for different cyber-attacks.
SMART MANUFACTURING SHARE ANALYSIS
North America is expected to hold the largest Smart Manufacturing Market share during the forecast period. The US is at the forefront of the fourth industrial revolution, where data are used to manufacture on a large scale, and data are combined into a wide variety of distribution processes around the supply chain.
Asia-Pacific is expected to witness the highest growth during the forecast period due to rapid industrial development, increased foreign direct investment, and the establishment of large multinationals in the sector.
Based on Geography, the Smart Manufacturing Market studied across
- Middle East
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SMART MANUFACTURING MARKET SEGMENTATION
Based on Technology, the Smart Manufacturing Market studied across
- Distributed Control System,
- Enterprise Resource Planning,
- Human–Machine Interface,
- Manufacturing Execution System,
- Plant Asset Management,
- Product Life Cycle Management,
- Programmable Logic Controller,
- Supervisory Control and Data Acquisition.
Based on Component, the Smart Manufacturing Market studied across
Based on End User, the Smart Manufacturing Market studied across
- Aerospace & Defence,
- Chemical & Materials,
- Food & Beverage,
- Oil & Gas,
- ABB Ltd,
- Emerson Electric Co.,
- FANUC CORPORATION,
- Honeywell International Inc.,
- Mitsubishi Electric Corporation,
- Rockwell Automation, Inc.,
- Schneider Electric SE,
- Siemens AG,
- Texas Instruments Incorporated,
- Yokogawa Electric Corporation.
THE REPORT ANSWERS QUESTIONS SUCH AS
- What is the market size and forecast of the Global Smart Manufacturing Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global Smart Manufacturing Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global Smart Manufacturing Market?
- What is the competitive strategic window for opportunities in the Global Smart Manufacturing Market?
- What are the technology trends and regulatory frameworks in the Global Smart Manufacturing Market?
- What are the modes and strategic moves considered suitable for entering the Global Smart Manufacturing Market?
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- Smart Factory Market
The Global Smart Factory Market is expected to grow from USD 152,243.88 Million in 2019 to USD 267,421.67 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 9.84%.
The report delivers insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecast, considering the COVID-19 impact on the market.
- Manufacturing Execution System Market
The Global Manufacturing Execution System Market is expected to grow from USD 10,802.78 Million in 2019 to USD 24,344.35 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 14.50%.
The automotive Industry expected to account for the largest Manufacturing Execution System Market share in 2016.
- Smart Manufacturing Platform Market
- Industry 4.0 Market
Industry 4.0 Market to grow from USD 68,125.13 Million in 2018 to USD 205,236.13 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 17.06%.
Some of the major market players include ABB, Basler AG, DENSO CORPORATION, IBM, and SAP.
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- Industrial Controls and Factory Automation Market
The global Industrial Controls and Factory Automation market size is projected to reach USD 194170 Million by 2026, from USD 128090 Million in 2020.
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