How Smart Manufacturing Market Booming Worldwide? Fortune Business Insights

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Jan 07, 2021 (The Expresswire) —
The global smart manufacturing market size is expected to reach USD 506.33 billion by 2027, exhibiting a CAGR of 12.2{9e6a73ef7eb6fa22b1de79554ca535a2a0aaa70d898e937e26eb250763832f63} during the forecast period. The increasing adoption of advanced robotic solutions including swarm robotics, autonomous mobile robots and cobots in industries will provide impetus to the market during the forecast period, states Fortune Business Insights in a report, titled “Smart Manufacturing Market Share, Size and COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud and On-premise), By Enterprise Size (Small and Medium Enterprise (SMEs) and Large Enterprise), By Industry (Discrete and Process), and Regional Forecast, 2020-2027.” The market size stood at USD 204.95 billion in 2019.

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  • Comprehensive analysis of the Medical Lighting Technologies smart manufacturing market growth drivers, obstacles, opportunities, and other related challenges.

  • Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.

  • Identifies market restraints and boosters.

  • Identifies all the possible segments present in the market to aid organizations in strategic business planning.

The coronavirus pandemic has caused enormous financial crisis across various sectors around the globe. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.

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List of Key Players for Smart Manufacturing Market

  • ABB Ltd. (Zürich, Switzerland)

  • Siemens AG (Munich, Germany)

  • General Electric (Massachusetts, U.S.)

  • Mitsubishi Electric Corporation (Tokyo, Japan)

  • Robert Bosch GmBH (Gerlingen, Germany)

  • Rockwell Automation Inc. (Wisconsin, U.S.)

  • Schneider Electric (Rueil-Malmaison, France)

  • Honeywell International Inc. (North Carolina, U.S.)

  • Emerson Electric Co. (Missouri, U.S.)

  • Fanuc Corporation (Yamanashi, Japan)

  • Yokogawa Electric Corporation (Tokyo, Japan)

  • Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)

Highlights of the Report:

  • Market Penetration: Comprehensive information on the product portfolios of the top players in the Smart Manufacturing Market.

  • Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the Smart Manufacturing Market

  • Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the Smart Manufacturing Market

  • Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies

  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Smart Manufacturing Market

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Market Driver:

Rising Trend towardsIndustrial Automation to Encourage Market

Major manufacturing companies have implemented industrial automation solutions to elevate their production capacities and productivity. The growing shift towards automation solutions to eradicate human errors in the production process will significantly benefit the market in the forthcoming years. For instance, giant automotive companies such as BMW, Audi, Tesla, Volkswagen, jaguar, and others have embraced industry 4.0 in their manufacturing units. The smart factory solutions leverage organization’s proficiencies to reduce manufacturing costs and improve productivity. Furthermore, the hefty investments in industry 4.0 projects from various countries such as the U.S., China, U.K., and others will have an excellent influence on smart manufacturing market growth. According to PricewaterhouseCoopers (PwC), global spending on Industry 4.0 technology is expected to be USD 907 billion per year through to 2020.

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Major Segments for Smart Manufacturing Market

By Component

Solution

  • Industrial 3D Printing

  • Programmable Logic Controller (PLC)

  • Product Lifecycle Management (PLM)

  • Manufacturing Execution System (MES)

  • Robotic Process Automation (RPA)

  • Remote Monitoring software

  • Supervisory Controller and Data Acquisition (SCADA)

  • Others (Energy Management Systems, Fleet Management Solutions, etc.)

Services

  • Professional Services

  • Managed Services

By Deployment

By Enterprise Size

  • Small and Medium Enterprise (SMEs)

  • Large Enterprise

By Industry

Discrete Industry

  • Automotive

  • Transportation

  • Industrial machinery

  • Medical devices

  • Semiconductor and Electronics/High-Tech

  • Others (Aerospace and Defense, etc.)

Process Industry

  • Pharmaceuticals

  • Mining and Metals

  • Chemicals

  • Pulp and Paper

  • Others (Cable, etc.)

By Geography

  • North America (The U.S., Canada)

  • Europe (The U.K., Germany, France, Italy, Spain, Rest of Europe)

  • Asia Pacific (China, Japan, India, South East Asia, Rest of Asia Pacific)

  • Middle East and Africa (GCC, South Africa, Rest of Middle East and Africa)

  • Latin America (Mexico, Brazil, Rest of Latin America)

Implementation of AI-enabled Platforms to Ease Workforce Amid COVID-19

The financial jeopardy caused by coronavirus has disrupted the manufacturing sector. The stop on production processes and supply chains will negatively influence smart manufacturing market growth. The dependency on skilled laborers and workers across manufacturing hubs will simultaneously pose a risk to the business of the sector. However, the constant efforts of industries to adopt newer technologies such as Industry 4.0, artificial intelligence in their processes can consequently dismiss the losses that occurred during the pandemic. Additionally, the introduction of smart solutions by players can further aid the market amid coronavirus. For instance, in July 2020, SK Telecom Co., Ltd announced it has introduced a subscription-based smart manufacturing solution for SMEs to optimize equipment maintenance and eliminate the financial damage caused by the COVID crisis.

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Table of ContentsIndustrial Automation to Encourage Market:

1 Introduction

  • Definition, By Segment

  • Research Methodology/Approach

  • Data Sources

2 Executive Summary

3 Market Dynamics

  • Macro and Micro Economic Indicators

  • Drivers, Restraints, Opportunities and Trends

  • Impact of COVID-19

  • Short-term Impact

  • Long-term Impact

4 Competition Landscape

  • Business Strategies Adopted by Key Players

  • Consolidated SWOT Analysis of Key Players

  • Porter’s Five Force Analysis

  • Global Smart Manufacturing Market Share Analysis and Matrix, 2019

5 Key Market Insights and Analysis, By Segments

5.1 Global Smart Manufacturing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

5.2 By Component (Value)

Solution

  • Industrial 3D Printing

  • Programmable Logic Controller (PLC)

  • Product Lifecycle Management (PLM)

  • Manufacturing Execution System (MES)

  • Robotic Process Automation (RPA)

  • Remote Monitoring software

  • Supervisory Controller and Data Acquisition (SCADA)

  • Others (Energy Management Systems, Fleet Management Solutions, etc.)

Services

  • Professional Services

  • Managed Services

5.3 By Deployment (Value)

5.4 By Enterprise Size (Value)

  • Small and Medium Enterprise (SMEs)

  • Large Enterprise

5.5 By Industry (Value)

Discrete Industry

  • Automotive

  • Transportation

  • Industrial machinery

  • Medical devices

  • Semiconductor and Electronics/High-Tech

  • Others (Aerospace and Defense, etc.)

Process Industry

  • Pharmaceuticals

  • Mining and Metals

  • Chemicals

  • Pulp and Paper

  • Others (Cable, etc.)

5.6 By Region (Value)

  • North America

  • Europe

  • Asia Pacific

  • Middle East and Africa

  • Latin America

TOC Continued…!

Important Development

November 2019 Schneider Electric inaugurated its second smart factory facility in Bengaluru. The factory encompasses the company’s EcoStruxure open platform that enables preventive maintenance to optimize costs and enhance agility and real-time monitoring of machine performance.

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

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