The global manufacturing sector has been plagued by numerous factors including uncertainties in the supply of raw materials, increasing operational cost, the intense competition offered by local and regional players and many others. Due to these factors, various industry players are looking for ways which can reduce costs, improve product quality and make manufacturing more efficient. The continuously rising investments in production and manufacturing activities and the need for modernization of control systems has become necessary to compete at international standards, all these factors are fueling the growth of smart manufacturing technology in the global market.
According to the report, the global smart manufacturing market was valued at around USD 152.3 billion in 2017 and is expected to reach approximately USD 479.01 billion in 2023, growing at a CAGR of slightly above 15.4% between 2018 and 2023.
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The adoption of smart manufacturing technologies by global players will provide opportunities for automating operations and use data analytics to improve manufacturing performance. The sound technical knowledge and solutions offered by this technology to the small and medium enterprises is also an important driving factor for this market. Also, the enhanced productivity and reduced cost of manufacturing are fueling the smart manufacturing technology in the global market. However, the high initial cost required for the installation of systems and services are acting as the main restraining factor for the smart manufacturing market.
The segmentation of smart manufacturing market includes technology, component and end use. The technology segment is divided into PLC, DCS, HMI, MES, PLM, SCADA, and machine vision. The component segment is further bifurcated into hardware, software, and services. The end use segment is further divided into electronics, healthcare, automotive, oil & gas, aerospace & defense, food & agriculture, industrial equipment, chemicals & materials, and others. Regional segmentation of the smart manufacturing market includes North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with further country wise bifurcation into major countries such as U.S., UK, France, Germany, China, Japan, India, and Brazil.
The major players operating in the global smart manufacturing market are Siemens AG, ABB Ltd., Emerson Electric Company, Schneider Electric, General Electric Company, Honeywell International Inc., Mitsubishi Electric, Yokogawa Electric Corporation, FANUC Corporation and Rockwell Automation Inc. among others.