Northrook, IL -- (SBWIRE) -- 05/26/2020 -- The smart manufacturing market is estimated to grow from USD 214.7 billion in 2020 to USD 384.8 billion by 2025, growing at a CAGR of 12.4% from 2020 to 2025. Factors that drive the growth of the market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, the growing emphasis on regulatory compliances, increasing complexities in supply chains, and the surging demand for software systems that reduce time and cost.

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Market for IIoT to hold major share of smart manufacturing market in 2025

IIoT is expected to hold the largest share of the market, by enabling technology, in 2025. Various technologies are using IIoT to improve the functioning of the processes. These devices & technologies comprise sensors, RFID, industrial robotics, distributed control systems, condition monitoring, smart meter, electronic shelf label, cameras, smart beacon, interface board, yield monitor, guidance and steering, GPS/GNSS, flow and application control devices, and networking technology. The use of IIoT in these devices & technologies helps in analyzing the data collected via various devices and enables effective decision making.

Industrial communication to continue to hold largest share of smart manufacturing market during forecast period

Industrial communication technology is expected to continue to hold the largest share of the market, by information technology, during the forecast period. Industrial communication is a combination of components, software, and standard protocols that allows man-to-machine and machine-to-machine communication across various industries. Efficient, reliable, and secure industrial communications help in improving operational efficiency and reducing the overall operational costs of organizations. Industrial communication plays a significant role in industries such as oil & gas, electronics, automotive, and energy & power.

Pharmaceuticals industry to exhibit high growth in smart manufacturing market during forecast period

The market for the pharmaceuticals industry is expected to grow at the highest CAGR among process industries from 2020 to 2025. As pharmaceuticals manufacturing is a complex process, it requires proper end-to-end monitoring to achieve operational efficiency. Manufacturers face problems such as growing cost pressures, regulatory and safety guidelines, and increasing demand for diverse product portfolios. Technologies such as MES, EMI, and HMI help manufacturers standardize their workflow and minimize lead times by eliminating the time required for approval from various bodies such as FDA.

Aerospace & defense industry to exhibit high growth in smart manufacturing market during forecast period

The market for the aerospace and defense industry is expected to grow at the highest CAGR among discrete industries from 2020 to 2025. The aerospace & defense industry has to tackle unplanned downtime that might have a significant impact on its operations. To this end, manufacturers are increasingly spending on smart manufacturing solutions to enable real-time monitoring of assets. Manufacturers mainly emphasize on controlling component supplies, improving product quality, shortening the production cycle, and employing efficient manufacturing processes.

Smart manufacturing market in APAC to grow at highest CAGR during forecast period

The smart manufacturing market in APAC is expected to grow at the highest CAGR globally from 2020 to 2025. The economy in the APAC region is the world's one of the fastest evolving due to increased spending on improving performance, security, and economic stability. The region is witnessing a surge in the deployment of smart manufacturing technologies. China, being one of the top manufacturing countries, has been adopting enabling technologies to increase operational efficiency and production in the country. Due to increasing maintenance costs in manufacturing, manufacturing, and energy & utilities industries have been genuinely considering the adoption of advanced technologies, such as predictive maintenance, to optimize maintenance processes and reduce operational costs.

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Key Market Players
As of 2020, Emerson Electric (US), ABB (Switzerland), and Rockwell (US) are a few of the dominant players in the smart manufacturing market.

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