Smart Manufacturing Market Value to Reach US$ 573 Bn 2027
Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled "Smart Manufacturing Market, Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027"
LOS ANGELES, June 10, 2020 /PRNewswire/ -- The global smart manufacturing market value is expected to reach of around US$ 573 Bn by 2027 predict by Acumen Research and Consulting.
The global smart manufacturing market is anticipated to grow at a CAGR of around 13% in terms of revenue during the forecast period 2020 – 2027.
The smart manufacturing network enables the usage of integrated equipment for automated processing of the manufacturing company. These development markets are growing due to various sectors, like automobile or process manufacturers, such as chemicals and oil and gas. Smart manufacturing reduces depletion and increases manufacturing performance significantly. This increases productivity and results in long-term cost advantages.
High adoption of automated machinery in a number of manufacturing industries is the major drivers for the growth of the smart manufacturing market. High initialization and operational, maintenance costs is a major factor expected to restraint the growth of the market.
North America hold the large market share of smart manufacturing market and is likely to maintain during forecast period. The U.S. is on the edge 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. More than 13 major auto manufacturers operate in the U.S., has become one of the growing automobile markets in the world. Automotive output became one of the country major manufacturing profit producers. The development of the advanced manufacturing partnership (AMP) is an effort to allow innovation in emerging technologies for business, institutions and the federal government. This prompted the country to achieve a major competitive advantage in the global economy. The national manufacturing innovation network (NNMI) involves the establishment of regional hubs to be applied in manufacturing to improve and introduce state-of-the-art production technologies for creative growth. The development of the next generation, high-power electronic plug-in chips and devices that is energy-efficient and is likely to lead to the growth of the market by manufacturing wide-range semiconductor technology that is projected to compete with the new silicone-based electronics over the forecast period.
The key driving factor in the growth of smart manufacturing market is the advances in technology and the development of more innovative technologies and products, including cloud computing, sensors, robots, 3D printing, IIoT, and others. Another major factor that is having a significant effect on market growth is the significant developments undertaken by technology suppliers as well as businesses to introduce innovative technologies to maximize productivity minimize manufacturing errors and automate processes. Moreover, strong government assistance is projected to boost the growth of the market, particularly in emerging economies such as China, South Korea, India and other. Another significant factor that is projected to fuel the demand growth of the target is the increasing emphasis among manufacturers on realtime data analysis to increase visibility in terms of predictive system maintenance in order to prevent repairs during operations. Increasing demand in the global smart manufacturing market is also projected to continue with the updating development of the end-user industries such as automotive industry, aerospace & security, oil & gas, sanitary, tooling, etc.
The reports include important developments as organic and inorganic growth approaches in the smart manufacturing application market. Different companies concentrate on strategic development plans, such as launch of products and drug permits, as well as on trademarks and activities. Acquisitions and cooperation & partnerships became the inorganic development approaches on the sector. Such efforts have paved the way for the growth of the industry players business and customer base. Smart platforms industry payers expect competitive growth prospects in the future as the global business appetite for intelligent systems is growing the marketplaces are expected to expand.
The global smart manufacturing market includes prominent players such as ABB Ltd., Schneider Electric, Siemens AG, General Electric Company, Emerson Electric Company, Mitsubishi Electric, Yokogawa Electric Corporation, Honeywell International Inc., FANUC Corporation Rockwell Automation Inc. and others.
In December 2020, General Electric announces plans to ramp up the IoT market
In October 2019, Mitsubishi Electric is introducing automation products of the next generation to generate smart manufacturing
In May 2018, Siemens expands its offerings to Industry 4.0; opens four MindSphere technology centers in India
In December 2018, With a U.S.$ 1.2 Bn start-up of the manufacturing group IoT, GE advances global leadership
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