Smart Manufacturing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 08/24/2017 -- The global smart manufacturing market is highly segmented. The competition in the market is dictated by increasing developments in technology and huge infrastructural investments. Some of the prominent players in the global smart manufacturing market include names such as ABB Ltd., Siemens AG, Honeywell International Inc., Emerson Electric Company, and Johnson Controls Inc. The leading companies in the market are adopting new strategies and tactics such as take overs, mergers, and partnerships to bolster their market presence. For instance, Microsoft has teamed up with Johnson Controls to manufacture a thermostat. The software giants revealed their brand new GLAS thermostat through a video put up on YouTube. The thermostat is built by Johnson Controls who were the first makers of electric room thermostat. It is expected that GLAS thermostat will have a display with translucent touchscreen and will allow the owners to change the temperature in the room, monitor air quality and energy consumption, and check calendar information.
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The global smart manufacturing market stood at a valuation of US$159.05 bn in 2025. The market valuation is estimated to grow to US$548.14 bn by 2024. This growth is expected to be achieved at a healthy CAGR of 13.2% during the given forecast period of 2016 to 2024. Geographically, Asia Pacific is expected to show a CAGR of 13.6% during the mentioned forecast period. This growth is mainly down to the increasing awareness about better production technologies among the manufacturers, changing lifestyles, increasing investments in production activities, and efficient marketing of the products.
Cost Efficiency and Improved Productivity Drive Global Market for Smart Manufacturing Technologies
The strict rules and norms that enforce the setting up of smart manufacturing technologies in different sectors is expected to bolster the market growth. This trend is normally observed in the regions where the economies are strengthening and recovering, thus propelling overall market growth of the production sector. The evolution in industrial sector that has constantly had an analytical edge has also contributed significantly in the overall growth of the global smart manufacturing market over the past few years. The market has also presented lucrative opportunities for the players who offered sound technological solutions to medium and small sized businesses. The innovative solutions are gaining a positive response as they are specially designed to defeat the modern-day manufacturing challenges.
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Smart manufacturing technologies have seen a significant growth in the market because of its unique selling points of ensuring efficient resource utilization and maximum efficiency. Thus, rising number of manufacturers are making use of these technologies for setting norms for maintenance, logistic, control, effective tradeoff decisions, operation, business, and risk assessment. The advantages such as cost-efficiency and enhanced productivity have led to considerable adoption of the smart manufacturing technologies across the world.
Potential Cyber Attacks Hamper Market Development
Despite the promises shown by the global smart manufacturing market, there are some restraining factors which may impede the market growth. The expensive nature of systems and services and the high initial cost of set up have been the chief restraining factors in the growth of the global smart manufacturing market. Moreover, frequent investments in the research and development activities to produce and innovate enhanced products is also restricting the entry of emerging players in the market. The probability of cyber-attacks to breach the security of these technologies is also hampering the overall development of the global smart manufacturing market.