Smart Manufacturing Market to Surge at 6% CAGR, Increasing Demand for Smart Manufacturing is due to the demand for COVID-19-propelled smart manufacturing products & solution, the importance of digital twin in sustaining activities within the manufacturing environment, and the evolving and expanding role of collaborative robots in the health and industrial sectors is anticipated to Propel Growth, says Industry and Research
Smart manufacturing market size is expected to rise from USD 183 billion in 2020 to USD 350 billion by 2030, a CAGR of 6%.
As regards implementing smart manufacturing technologies, the international aviation industry is well ahead of any other market. Some of the essential smart manufacturing solutions embraced for the development of aerospace applications in this industry involve software simulators, remote surveillance solutions, VR solutions, and supply chain management systems based on AI. Nevertheless, owing to the quick spread of COVID-19, corporations such as Boeing, Airbus, Bombardier, and Embraer either halted or decreased the manufacturing of aircraft. This has adversely affected the demand for smart fabrication solutions needed in the aviation industry. Due to supply chain disturbances and travel restrictions triggered by lockdowns in many countries around the world, the sector is anticipated to see negative growth the time being.
Smart manufacturing procedures make data more accessible across a whole supply chain network. Real-time data shows when and what the producer wants, making it more effective for manufacturers who can quickly respond to orders. They have what’s needed to minimize waste and any disruption dealing with missing pieces.
Initially, there has been significant growth in the global smart manufacturing market due to rapid growth in the adoption of automated systems in almost all production methods. During this unanticipated coronavirus pandemic, however, caused by sudden lock of about all manufacturing industries, the market is anticipated to experience an unforeseeable severe collapse in 2020. Likewise, due to initial shutdown of manufacturing plants globally, the global market is seeing a decrease in product quality. But due to wide use of automated systems in the manufacturing facilities, the market is expected to significantly regain the growth. Coronavirus originated in china, a manufacturing hub that supplies raw materials and significant intermediate products to many other manufacturing industries around the globe. This trend is having a significant effect on the growth of the smart manufacturing industry and definitely manufacturing units are experiencing a decline in business growth. Global lockout, for example, has a major effect on the automobile industry, and vehicle sales are decreasing.
From 2020 to 2030 APAC is projected to continue accounting for the largest share of the global smart manufacturing market. In APAC, rapid industrialization has strengthened the manufacturing industry. Countries in APAC have the existence of a strong number of small and medium-sized enterprises (SMEs), which employ a huge number of the country’s total population.
Key Players in the Market
Some of the key players operating in the Smart Manufacturing Market are Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), IBM (US), General Electric (US), and Siemens (Germany)
Get Valuable Insights into Smart Manufacturing Market
In the new report, Industry and Research thrives to present an unbiased analysis of the global Smart Manufacturing Market that covers the historical demand data as well as the forecast figures for the period, i.e. 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by information technology into WMS, MES, PAM, EMS, HMI and IC. By industry, the market is divided into process and discrete. Geographically, the market is segmented into North America, Latin America, Europe, APAC and MENA.
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