The global Smart Manufacturing Market will be worth USD 484.97 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing adoption of digital technologies across all major industries, including food beverage, petrochemicals, automotive, aerospace defense, and energy power. The rising need to eliminate human machine errors, enhanced asset efficiency and production quality has increased the adoption of digitized supply chain management solutions.
The increasing need for operational efficiency, connected logistics, better connectivity, and scalability is most likely to increase the adoption of Industrial IoT in the manufacturing industry.
Our experienced market research team has provided updated information on the ongoing COVID-19 pandemic and its adverse economic impact in the latter segment of the report. The coronavirus outbreak has led to drastic changes in the current smart manufacturing business landscape, limiting the growth opportunities for various manufacturers and buyers for the next few years. Besides making speculations about the market’s post-COVID-19 scenario, the report discusses its existing situation. The report eventually offers conclusive data related to the smart manufacturing market growth assessed on both regional and global levels.
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Some Key Highlights from the Report:
- In May 2019, ABB and the Vietnamese Ministry of Science and Technology (MoST) exchanged a Letter of Intent (LOI) in Stockholm, Sweden. The LOI was exchanged to accelerate the realization of smart manufacturing in Vietnam.
- The Manufacturing Execution System segment held the largest market share of 28.7% in 2019. Increasing utilization of the advanced and cost-effective technologies, such as the cloud-based Manufacturing Execution System, in the manufacturing process by the small and medium-sized enterprises (SMEs) is expected to drive the segment's growth.
- Industrial Robotics is forecasted to grow with the fastest CAGR of 13.6% over the forecast period. Implementation of artificial intelligence and the increasing investments for automation across all major industries in the developing countries is driving the growth of the segment.
- The automotive industry segment held the largest market share of Smart Manufacturing in 2019. Increasing implementation of advanced technologies such as Industrial 3D printing in order to reduce the overall manufacturing cost is expected to drive the growth of the market.
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The key companies studied in the report are:
BM, ABB, General Electric, Siemens, Rockwell Automation, Honeywell International, Schneider Electric, Mitsubishi Electric, Emerson Electric, and Cisco, among others.
Emergen Research has segmented the global Smart Manufacturing Market on the basis of Information Technology, Enabling Technology, Industry:
Information Technology Outlook (Revenue, USD Billion; 2017-2027)
- Manufacturing Execution System
- Human-Machine Interface
- Warehouse Management System
- Plant Asset Management
- Industrial Communication
- Enterprise Manufacturing Intelligence
- Product lifecycle Management
- Others
Enabling Technology Outlook (Revenue, USD Billion; 2017-2027)
- Industrial Robotics
- Machine Vision
- Industrial 3D printing
- Industrial Internet of Things (IIoT)
- Artificial Intelligence (AI) in manufacturing
- Blockchain in manufacturing
- Augmented Reality and Virtual Reality in manufacturing
- Others
Industry Outlook (Revenue, USD Billion; 2017-2027)
- Energy Power
- Aerospace Defense
- Pharmaceuticals
- Automotive
- Food Beverage
- Semiconductor electronics
- Oil Gas
- Chemicals
- Others
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Regional Analysis:
Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.
Key Objectives of the Report:
- Analysis and estimation of the smart manufacturing market size and share for the projected period of 2020-2027
- Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
- Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global smart manufacturing market
- Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
- Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
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