A recent report published by Infinium Global Research on the smart manufacturing market provides in-depth analysis of segments and sub-segments in the global as well as regional smart manufacturing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart manufacturing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global smart manufacturing market. According to the report, the global smart manufacturing market is projected to grow at a CAGR of 14% over the forecast period of 2018-2024.
Smart Manufacturing is being projected as the next Industrial Revolution. Smart Manufacturing enables all information about the manufacturing process to be available when and where it is needed across entire manufacturing supply chains and product lifecycles. Smart Manufacturing are systems that are fully-integrated, combined manufacturing systems that respond in real time to meet changing demands and conditions in the factory and in customer needs. Smart Manufacturing mainly focuses on advanced manufacturing technologies and tools that are driven or enhanced by integrated information technology. The biggest benefit of smart manufacturing is to increase operational efficiency. Therefore, the manufacturers are turning to centralized data centers that gather and report on the operations of everything from procurement to field service.
The increasing industry 4.0 is the major factor driving the growth of the smart manufacturing market. In addition, mounting demands of industrial automation and the rapid adoption of the internet of things in the global manufacturing sector is strengthening the market growth. Government investments supporting industrial automation, rising prominence on regulatory compliances, increased complexities in the supply chain and increasing demand for software systems that reduce time and cost is anticipated to have a positive impact for the growth of the smart manufacturing market. The demand for smart manufacturing has been the highest in the Defense and aerospace sector due to the need for customizable and quality-controlled equipment. However, factors such as the high initial cost of setting up and the probability of cyber-attacks to breach the security are likely to restrain the growth of the smarty manufacturing market.
Furthermore, digital plants and advanced manufacturing technologies are set to transform factories, production centers, companies, and entire value chains. This, in turn, is anticipated to create several growth opportunities for the growth of the fourth industrial revolution. In addition, the popularity of cloud-based solutions is increasing rapidly as they help manufacturers operate modern and advanced software without any need for separate on-premise infrastructure. They offer the manufacturers centralized process execution and coordination advantages in a cost-efficient package. This, in turn, is gaining impetus for the growth of smart manufacturing over the years to come.
Among the geographies, Asia Pacific dominated the global smart manufacturing market followed by North America. The growth in the Asia Pacific region is due to due to increased spending on improving performance, security, and economic stability. Moreover, the demand for smart manufacturing in the US and Canada has been scaling new heights due to the sophisticated nature of the industrial sector in these countries. Developed countries such as the U.S., Germany, and Japan are witnessing high penetration of Industries 4.0, although developing countries such as China are catching up with the technological advancements. China is one of the top manufacturing countries is anticipated to adopt empowering technologies to increase operational efficiency and production.
The report on global smart manufacturing market covers segments such as technology, component, and end-user. On the basis of technology, the sub-markets include a programmable logic controller, machine execution systems, discrete control systems, SCADA, product lifecycle management, enterprise resource planning, human-machine interface, plant asset management, machine vision, 3D printing, and others. On the basis of the component, the sub-markets include hardware, services, and software. On the basis of end-user, the sub-markets include semiconductor, oil and gas, automotive, food and beverage, chemical and materials, mining, aerospace and defense, pharmaceutical, agriculture, and others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in this region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the market such as ABB Ltd, FANUC CORPORATION, Honeywell International Inc., Texas Instruments Incorporated, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Yokogawa Electric Corporation, Siemens AG, Emerson Electric Co., and Schneider Electric SE.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart manufacturing market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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