Pune, India, March 23, 2022 (GLOBE NEWSWIRE) — The world smart manufacturing market the size was USD 249.56 billion in 2021. The market is expected to grow from $277.81 billion in 2022 to $658.41 billion in 2029 at a CAGR of 13.1% during the period 2022-2029.
This information is provided by Fortune Business Insights™In his report, titled, “Smart manufacturing market share, 2022-2029.”
The development of technologies such as artificial intelligence (AI), cloud, big data, and machine learning (ML) are expected to hone smart manufacturing skills.
Impact of COVID-19
Increased investment by the government to accelerate the implementation of smart manufacturing amid a pandemic
The COVID-19 pandemic is influencing the global economy in every industry. The virus has created serious gaps between manufacturing units and the supply chain. To weather the pandemic, establishments are rebuilding their business continuity models, spending on progressive manufacturing and supply chain models, and uncovering automation prospects to lessen the influence of the COVID-19 virus on manufacturing units for years to come.
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We have offered a comprehensive review of the smart manufacturing market along with current trends and upcoming anticipations to inaugurate upcoming investment gains in this report. Additionally, a comprehensive review of any future opportunities, fears, competitors, or navigational issues is also indicated in the report. A detailed methodical regional review is presented. The effects of COVID-19 have been added to the report to help stakeholders and business professionals better understand the dangers. Major players in the market are recognized and their tactics to increase the growth of the market are mentioned in the report.
Solutions sub-segment to dominate components category supported by 3D industrial growth
Based on the component, the market is classified into solutions and services. The solution is expected to gain significant market share during the forecast period. Due to the growth of industrial 3D printing which is attributed to the growing demand for IoT for advanced automation processes in the manufacturing industry.
Based on implementation, the market is classified into cloud and on-premises.
Depending on the size of the company, the market is segmented into large companies and small and medium-sized companies.
Based on industry, the market is segmented into discrete industry and process industry. Discrete Industry is subdivided into Automotive, Transportation, Industrial Machinery, Medical Devices, Semiconductors and Electronics/High Tech, and Others (Aerospace and Defense, etc.).
The smart manufacturing market has been analyzed across five major regions, North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
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Development in 5G technologies and investment in new network infrastructure to support growth
The advent of the 5G era is anticipated to disrupt current Internet of Things (IoT)-based uses harnessed in smart manufacturing. 5G has the potential to make a groundbreaking impact on future IoT ecosystem designs, particularly in the areas of scalability, expectation, reliability, security, and the level of individual management in connectivity factors. As IoT usage zones expand, more progressive use cases are also developing that require increased network competencies. Examples of such abilities include support for embedded sensors, more precise device installation, and high-speed device movement.
North America will rank second due to increased spending on advanced manufacturing technologies
North America held the second largest smart manufacturing market share. The growth of this region is accredited by increased spending on progressive manufacturing technologies in countries such as Canada and the US. Technical progressions, affordability of print media replacement, and declining equipment costs have further boosted the implementation of the smart manufacturing concept.
Europe is forecast to grow at a steady rate during the forecast period, due to the expansion of the Internet of Things (IoT) in countries such as Germany, Italy, Spain and others balancing the growth of the smart manufacturing market across the region. .
Asia Pacific is estimated to grow at a fast rate during the forecast period due to the encouraging ecosystem in nations like Japan, India, Australia; SMEs are expected to drive the use of smart manufacturing solutions.
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Key Players Introduce Novel Technologies to Drive Market Growth
The fundamental players operating in the market adopt numerous tactics to boost their position in the market as leading companies. One of those main strategies is hiring companies to stimulate brand value among users. Another vital approach is to frequently introduce users to technologically advanced products presented with a broad review of the market and its users.
September 2021: Honeywell International, Inc. introduced robotic technology, ‘Intelligent Flexible Depalletizer’, to reduce labor-centric work. This technology is increasing warehouse efficiency and decreasing workplace injuries.
Companies Covered in the Smart Manufacturing Market Report
- HP Development Company, LP (California, USA)
- ABB (Zurich, Switzerland)
- Emerson Electric Co. (Missouri, USA)
- General Electric (Massachusetts, USA)
- Honeywell International, Inc. (North Carolina, USA)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Robert Bosch GmbH (Stuttgart, Germany)
- Rockwell Automation, Inc. (Wisconsin, USA)
- Schneider Electric (France, Europe)
- Siemens AG (Munich, Germany)
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Main table of contents:
- Definition, By Segment
- Research methodology/approach
- data sources
- Executive Summary
- market dynamics
- Macro and Micro Economic Indicators
- Drivers, Constraints, Opportunities and Trends
- Impact of COVID-19
- Short term impact
- Long term impact
- Competition landscape
- Trading Strategies Adopted by Key Players
- Consolidated SWOT analysis of key players
- Global Smart Manufacturing Key Players Market Share Analysis & Outlook, 2021
- Porter’s five forces analysis
- Global Smart Manufacturing Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key results
- By component (USD)
- industrial 3D printing
- Programmable Logic Controller (PLC)
- Product Lifecycle Management (PLM)
- Manufacturing Execution System (MES)
- Robotic Process Automation (RPA)
- remote monitoring software
- Supervisory Controller and Data Acquisition (SCADA)
- Professional services
- Managed services
- Per Implementation (USD)
- By company size (USD)
- Small and Medium Business
- Big enterprises
- By industry (USD)
- discrete industry
- Industrial machinery
- Medical devices
- Semiconductors and Electronics/High Technology
- Industrial process
- pharmaceutical products
- Mining and Metals
- octopus and paper
- discrete industry
- By Region (USD)
- North America
- Latin America
- Middle East and Africa
- Pacific Asia
- North America Smart Manufacturing Market Size Estimates and Forecasts, By Segments, 2018-2029
- Latin America Smart Manufacturing Market Size Estimates and Forecasts, by Segments, 2018-2029
- Europe Smart Manufacturing Market Size Estimates and Forecasts, By Segments, 2018-2029
- Asia Pacific Smart Manufacturing Market Size Estimates and Forecasts, By Segments, 2018-2029
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Internet of Things (IoT) in the manufacturing market Size, share and industry analysis, by platform (device management, application management, network management), by software and services (software solutions and services), by application (predictive maintenance, asset tracking and management, logistics and supply chain management, actual- Workforce Tracking and Time Management, Emergency and Incident Management and Others) and Regional Forecast, 2019-2026
Big Data in the manufacturing industry Size, share, and industry analysis, by offering (solution and services), by implementation (on-premises, cloud-based, and hybrid), by application (customer analysis, operational analysis, quality assessment, supply chain management, production management and others) and Regional Forecast, 2019 – 2026
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