Pune, India, May 26, 2021 (GLOBE NEWSWIRE) -- The global smart manufacturing market is set to gain traction from the increasing adoption of industrial IoT and industry 4.0. These are capable of lowering expenses and enhancing production by swiftly connecting customers with systems, warehouses, and providers for product distribution. For instance, GSMA Intelligence mentioned in a survey that by 2025, industrial IoT connections are estimated to reach up to 13.8 billion units across the globe. This information is published by Fortune Business Insights™ in a report, titled, “Smart Manufacturing Market, 2021-2028.” As per the report, the market size was USD 225.73 billion in 2020. It is projected to grow from USD 249.46 billion in 2021 to USD 576.21 billion in 2028 at a CAGR of 12.7% in the forecast period.
COVID-19 Pandemic: Rising Need to Reconstruct Business Models will Favor Growth
The COVID-19 pandemic has created vital gaps between supply chain and manufacturing units worldwide. Several companies are striving to reconstruct their business continuity models to overcome such a crisis. At the same time, they are also discovering automation opportunities and investing huge sums in novel supply chain models. As per Invest India.gov, for instance, the Government of India invested USD 265 million in May 2020 as part of an ‘Economic Package.’ Such initiatives by regulatory bodies would propel the demand for smart manufacturing amid the pandemic. Our expertise and experience can provide enormous benefits to help regain your business during this critical time.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
Industrial 3D Printing Sub-Segment Generated 10.2% Share in 2020
Based on the component, the market is bifurcated into solutions and services. The services segment is further sub-segment into managed services and professional services. The solution segment is classified into 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), and others. Out of these, the industrial 3D printing sub-segment earned 10.2% in terms of the smart manufacturing market share in 2020. This growth is attributable to the high demand for IoT for advanced automation processes, especially from the manufacturing industry.
The report involves four notable activities in projecting the current size of this market. Exhaustive secondary research was conducted to gather data about the parent market. Our next step included primary research to analyze these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down methods to calculate the market size.
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Drivers & Restraints:
Urgent Need to Develop Robust Positions to Drive Growth
The increasing demand for IoT and industry 4.0-enabled technologies is set to accelerate the smart manufacturing market growth in the upcoming years. The surging effectiveness of production processes is also another growth driver. Various emerging economies have started establishing a robust position in terms of smart type of manufacturing. However, the requirement of high capital investments may act as a hindrance for the market.
Investments in Intelligent Manufacturing Industry to Boost Growth in Asia Pacific
Geographically, Asia Pacific held USD 79.09 billion in terms of revenue in 2020. This growth is attributable to the increasing investments by companies in the intelligent manufacturing industry. At the same time, in India, Japan, and Australia, several small and medium enterprises are gradually trying to spend more on smart manufacturing solutions. North America, on the other hand, is anticipated to grow steadily because of the rising adoption of 3D printing. This is due to the low cost of equipment and availability of substitute printing materials in the region.
Key Players Aim to Co-develop Advanced Solutions to Gain a Competitive Edge
The global market for smart manufacturing contains various companies that are currently focusing on launching innovative products to compete with their rivals. A few others are engaging in collaborative efforts to co-develop new projects and solutions. Below are the two latest industry developments:
- October 2020: Yokogawa Electric Corporation launched the OpreX™ Environmental Monitoring System for the medical device and pharmaceutical industries. It is a data recording and collection system that manages and records environmental data, such as room differential pressure, humidity, and temperature.
- February 2020: Nexans joined hands with Schneider Electric to integrate its digital solutions into various industrial processes. The latter is planning to develop a unique digital transformation experience with the help of its EcoStruxure platform.
A List of Prominent Smart Manufacturing Software Solutions Providers:
- ABB Ltd. (Zürich, Switzerland)
- Siemens AG (Munich, Germany)
- General Electric (Massachusetts, U.S.)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Robert Bosch GmBH (Gerlingen, Germany)
- Rockwell Automation Inc. (Wisconsin, U.S.)
- Schneider Electric (Rueil-Malmaison, France)
- Honeywell International Inc. (North Carolina, U.S.)
- Emerson Electric Co. (Missouri, U.S.)
- Fanuc Corporation (Yamanashi, Japan)
- Yokogawa Electric Corporation (Tokyo, Japan)
- Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
Quick Buy - Smart Manufacturing Market:
Table Of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Smart Manufacturing Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
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