Manufacturing industry already seeing significant changes due to the introduction of digital technology solutions. Advancement in the technology plays a vital role in the development of industries, including manufacturing industry. The demand for smart manufacturing set to grow owing to its powerful benefits, such as increased productivity, improved operations, competitiveness, better and faster decision making, greater access to data, among others. Aforementioned advantages and benefits of the smart manufacturing, the adoption of the system is growing exponentially.
A simple, holistic, system-based framework can help manufacturers to create their own roadmaps to invest it in right technology and solutions, such as smart manufacturing. Smart manufacturing is also referred as operational technology (OT), integration according to AI sanders and Information Technology (IT). Smart manufacturing is still in a development phase, hence lots of development are foreseen in the near future.
Smart Manufacturing Market: Dynamics
One of the vital factors facilitating the growth of smart manufacturing market is the introduction of Industry 4.0, a new phase in the industrial revolution that strongly focuses on automation, interconnectivity, real time data and machine learning. Consequently, the use of automation in manufacturing is increasing, mirroring the strong growth of the smart manufacturing market. Additionally, the growth of smart manufacturing market are increasing government investment in industrial automation and increasing emphasis on regulatory compliances. Also, due to the various advantages of smart manufacturing, such as, improved productivity, software-driven technology reduces time required as compared to conventional system, improved quality and others, the demand for smart manufacturing system is growing rapidly.
However, there are some restraints hampering the growth of smart manufacturing market, such as requirement of high investment for the initial installation of this system, changing existing process, and comparatively low adoption of software-driven system due to occurrence of technical glitches.
The prominent manufacturers involved in a smart manufacturing market are involved in the development of additive manufacturing technology, also known as 3D printing. Additive manufacturing is allowing manufacturer to create 3D printed parts, which are vital for industries like automotive, healthcare, consumer products and others.
Smart Manufacturing Market: Segmentation
|Based on the industry||
|Based on the information technology||
|Based on the enabling technology||
Smart Manufacturing Market: Regional Outlook
As smart manufacturing system needs highly developed IT infrastructure and skills, it is evident that the prominent market for smart manufacturing system is in North America. North America is likely to capture the significant market in terms of revenue, adoption and demand. Europe is anticipated to witness the significant growth in the smart manufacturing market, owing to growing adoption of technology, increasing industrial automation, and rising demand for the system. Further, Asia Pacific is the prominent emerging market for smart manufacturing, as regional governments are taking initiatives in order to implement automation in the manufacturing industry. In addition, the increasing number of system providers, boosting the smart manufacturing market in this region. Due to rising penetration of smart manufacturing system and advanced digital technology, the smart manufacturing market in Latin America is foreseen to grow at a hefty growth rate over the coming years. Africa is expected to witness a stagnant growth in the smart manufacturing market, owing to advancement in manufacturing industry.
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Smart Manufacturing Market: Market Participants
Some of the key players involved in the smart manufacturing market include Cognex Corporation, Emerson Electric Co., Honeywell International Inc., IBM Corporation, Keyence Corporation, Oracle Corporation, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Universal Robots and others.
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