The smart manufacturing market is expected to be worth USD 170.78 billion by 2018 and USD 299.19 billion by 2023, growing at a CAGR of 11.9% from 2018 to 2023
NEW YORK, Oct. 17, 2018 /PRNewswire/ -- Smart manufacturing market is expected to grow at a significant CAGR from 2018 to 2023
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The smart manufacturing market is expected to be worth USD 170.78 billion by 2018 and USD 299.19 billion by 2023, growing at a CAGR of 11.9% from 2018 to 2023. Major factors driving the growth of the smart manufacturing market include Industry 4.0, increasing use of industrial automation in manufacturing, government investments supporting industrial automation, rising emphasis on regulatory compliances, increased complexities in supply chain, and increasing demand for software systems that reduce time and cost. However, threats related to cybersecurity, complexities in implementing smart manufacturing systems, lack of awareness about benefits of adopting information and enabling technologies, and lack of skilled workforce pose challenges to the growth of the market.
Market for collaborative robots is expected to grow at the highest CAGR amongst enabling technologies from 2018 to 2023
The collaborative robots market is expected to grow at the highest CAGR from 2018 to 2023.Collaborative robots are used to perform autonomous or semiautonomous tasks for a variety of applications such as assembly, pick and place, handling, packaging and palletizing, quality testing, machine tending, gluing and welding, lab analysis, painting and polishing, screw driving, and injection molding.
Assembly plays a vital role in manufacturing and automation.Collaborative robots have a broad scope in assembly operations as they can grasp the basics of working easily.
Collaborative robots can reduce the time of an assembly through their repeatability, accuracy, speed, reach, and material handling capacity. Collaborative robots offer the benefit of greater precision over other types of robots.
Market for enterprise manufcaturing intelligence is expected to grow at the highest CAGR amongst information technologies from 2018 to 2023
In the process industry, manufacturers' aim for consistency, efficiency, and quality of process inputs to achieve highest yield.EMI software assists these manufacturers to optimize their manufacturing processes in real-time and help drive greater yields and ensure product quality consistently.
Individual or separate production units often characterize discrete industries, wherein produce is in low volume with very high complexity or in high volume with low complexity.With continuous changes in materials, technologies, and markets, these manufacturing plants need to be highly efficient, productive, and flexible.
The implementation of EMI in these sectors ensures optimal supply-chain management through the integration of production processes. It automates production processes and helps reduce manufacturing costs.
APAC to hold the largest share of the global smart manufacturing market during the forecast period
APAC is expected to hold the largest share of the smart manufacturing market from 2018 to 2023.Rapid industrialization in APAC has boosted the manufacturing sector in APAC.
APAC countries have a presence of a large number of small- and mid-sized enterprises (SMEs), which employ more than 70% of the total population in the countries.The need for huge investments for successful implementation of industrial control systems security projects restricts SMEs from adopting a strong security practice within their organizations.
However, factors such as increasing complexity of businesses, unregulated nature of the Internet, and growth in the adoption of BYOD are expected to encourage SMEs to adopt industrial control system solutions extensively.
Breakdown of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 = 53%, Tier 2 = 27%, and Tier 3 = 20%
• By Designation: C-Level Executives = 47%, Directors = 34%, and Others = 19%
• By Region: North America = 42%, Europe= 27%, APAC = 25%, and RoW = 6%
Key players operating in the smart manufacturing market are 3D Systems (US), ABB (Switzerland), Cisco (US), Daifuku (Japan), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siemens (Germany), and Yokogawa (Japan).
Research Coverage
The research report analyzes the smart manufacturing market based on information technology, enabling technology, industry, and geography.Based on information technology, the smart manufacturing market has been classified into human machine interface (HMI), enterprise manufacturing intelligence (EMI), plant asset management (PAM), industrial communications, warehouse management system (WMS), and manufacturing execution system (MES).
Based on enabling technology, the market has been segmented into industrial 3D printing, collaborative robots, IIoT, AI in manufacturing, machine condition monitoring, industrial machine vision, industrial cybersecurity, digital twin, and automated guided vehicles (AGVs).Based on industry, the market has been classified into process and discrete industries.
The report covers the market segmented into 4 regions—North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast of the market based on information technology, enabling technology, industry, and geography have been conducted to give an overall view of the smart manufacturing market.
Major drivers, restraints, opportunities, and challenges pertaining to the smart manufacturing market have been detailed in this report.
The report includes a detailed competitive landscape, along with the profiles of key market players.
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