The global smart manufacturing market was valued at USD 169.39 billion in 2018, and is expected to register a CAGR of 8.4% to reach USD 271.14 billion over the forecast period (2019
NEW YORK, June 21, 2019 /PRNewswire/ -- Market Overview
The global smart manufacturing market was valued at USD 169.39 billion in 2018, and is expected to register a CAGR of 8.4% to reach USD 271.14 billion over the forecast period (2019-2024).
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- According to the National Institute of Standards and Technology (NIST), Smart Manufacturing are systems that are "fully-integrated, collaborative manufacturing systems that respond in real time to meet changing demands and conditions in the factory, in the supply network, and customer needs."
- The term "smart" encompasses organizations that develop and use data and information throughout the product life cycle, intending to create flexible manufacturing processes that respond rapidly to changes in demand at low cost to the firm, without affecting the efficiency and environment.
- The data is also analyzed and integrated with contextual information, and is then shared with authorized stakeholders and IoT technology, leveraging both wireless and wired connectivity, which enables this flow of data, providing the ability to monitor and manage processes remotely and change production plans quickly in real time, when needed. It highly enhances outcomes of reducing manufacturing waste, speeding up production, and improving the yield and the quality of goods produced.
Scope of the Report
Smart manufacturing utilizes big?data?analytics to refine complicated processes and manage supply?chains. Big data analytics allows an enterprise to use smart manufacturing to shift from reactionary practices to predictive ones, a change that targets improved efficiency of the process and performance of the product.
Key Market Trends
Aerospace and Defence 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 cost innovation is helping 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, 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 also expected to help in balancing the supply and demand, enhancing product design, optimizing manufacturing efficiency, and significantly reducing waste.
United States to Witness Significant Growth
- The United States is on the verge of the fourth industrial revolution, where data is being used on a large scale for production while integrating the data with a wide variety of manufacturing systems throughout the supply chain.
- The United States is also one of the largest automotive markets in the world and is home to over 13 major auto manufacturers. Automotive manufacturing has been one of the largest revenue generators for the country in the manufacturing sector. The formation of the "Advanced Manufacturing Partnership (AMP)" is an initiative undertaken to make the industry, universities, and the federal government invest in emerging technologies.
- This has aided the country to substantially gain a competitive edge in the global economy. The National Network for Manufacturing Innovation (NNMI) consists of developing regional hubs, which will be involved in developing and adopting cutting-edge manufacturing technologies for making innovative products, to be implemented in the manufacturing sector. The development of the next-generation, energy-efficient, high-power electronic chips and devices (by making wide-bandgap semiconductor technologies, which are expected to be cost-competitive with current silicon-based power electronics during the forecast period) is expected to aid in fostering the growth of the market.
Competitive Landscape
The smart manufacturing market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with the prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability.
The companies operating in the market are also acquiring start-ups working on autonomous delivery robots technologies to strengthen their product capabilities.
- 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.
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