Smart Manufacturing Market to Flourish with an Impressive CAGR during 2020-2027 | Emergen Research
According to a recent estimate by Emergen Research, the global smart manufacturing market would be valued USD 484.97 billion by 2027. The rising adoption of digital technology across all significant industries, including the food and beverage, petrochemicals, automotive, aerospace and defence, and energy and power sectors, is responsible for the growth of this industry. The adoption of digital supply chain management solutions has increased due to the growing requirement to remove human and machine errors, improve asset efficiency, and increase production quality.
The industrial sector is most likely to adopt Industrial IoT at a faster rate due to the growing demand for operational efficiency, connected logistics, greater connection, and scalability.
DRIVERS: Increasing government backing for smart manufacturing
Governments all over the world are supporting and funding R&D for technologies like the IIoT and industrial 3D printing as they become more aware of the enormous potential of smart manufacturing technologies. The governments of various nations are encouraging the development of the IIoT because they see themselves as future users of the technology. To create and manage smart cities in the future, they are financially sponsoring fresh IoT research initiatives.
To further investigate the potential of 3D printing technology, governments all over the world are taking efforts and sponsoring educational institutions, research centres, and research and technology organisations. A number of nations, including the US, the UK, and Canada, have put national programmes in place to support 3D printing research at the university level, progress technology, and launch countless enterprises. Industrialists and governments all around the world are becoming more interested in 3D printing as new applications for the technology emerge. The APAC region’s governments are aggressively pursuing projects and initiatives to digitally transform manufacturing facilities.
RESTRAINT: Adopting smart manufacturing systems requires significant financial outlays
Global market expansion is constrained by the need for significant investments to implement smart manufacturing technologies. Smart manufacturing technologies including Automated Guided Vehicles (AGVs), Enterprise Manufacturing Intelligence (EMI), HMI, Warehouse Management System (WMS), and PAM demand a significant amount of cash to set up and deploy. This may deter businesses from implementing smart manufacturing. For instance, EMI is utilised in a company to enable real-time planning, control, and execution of activities to boost productivity and operational efficiency, but this comes at an additional expense. The need for consulting, purchase, and implementation of these systems and services accounts for the high installation costs of information and enabling technology systems.
Advanced smart manufacturing tools, like smart field devices and industrial robots, are adopted as a result of the advent of smart manufacturing. The latest functional technologies, like voice recognition, gesture detection, and multitouch screens, must be used in order to interface with this equipment. This pushes up the system’s price even further. These technologies nevertheless carry a high price tag, which could put further financial strain on businesses operating in nations with competitive prices.
Some Key Highlights from the Report:
- A Letter of Intent (LOI) was exchanged between ABB and the Vietnamese Ministry of Science and Technology (MoST) in Stockholm, Sweden, in May 2019. To hasten Vietnam’s transition to smart manufacturing, the LOI was exchanged.
- With a market share of 28.7% in 2019, the Manufacturing Execution System category led all other categories. The segment is anticipated to grow as small and medium-sized businesses (SMEs) use more sophisticated and cost-effective technology, like cloud-based Production Execution Systems, in the manufacturing process.
- Over the projection period, Industrial Robotics is expected to develop at the quickest CAGR of 13.6%. The segment is expanding as a result of the application of artificial intelligence and rising investments in automation across all major industries in developing nations.
- In 2019, the biggest market share for smart manufacturing was held by the automobile sector. The market is anticipated to expand due to the rising adoption of cutting-edge technologies like industrial 3D printing to cut down on manufacturing costs.
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Key participants include IBM, 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, and region:
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
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
Industry Outlook (Revenue, USD Billion; 2017-2027)
- Energy & Power
- Aerospace & Defense
- Food & Beverage
- Semiconductor & electronics
- Oil & Gas
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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