Seattle, WA -- (SBWIRE) -- 12/05/2019 -- Smart manufacturing is a technology-driven approach that utilizes internet-connected machinery to monitor the production process in real time. Smart manufacturing is expected to bring next industrial revolution in the global manufacturing sector. The continuously increasing investments in production activities, expanding mindfulness about advance and better production technologies, and the need for upgradation & modernization of control systems has become necessary to compete at international standards. All these factors are fuelling the adoption of smart manufacturing technology.

Market Drivers:

The growing demand for knowledge-based manufacturing and connected supply chains, which are equipped with advanced control, sensing, modeling, and simulation capabilities, are driving the growth of smart manufacturing. The global manufacturing sector has been plagued by numerous concerns including intense competition, uncertainties in the supply of raw materials and energy, and exponential operational costs. As a result, industry players are actively looking for ways to reduce costs and make manufacturing agile, accelerated, efficient, and compliant with consumer product quality. Smart manufacturing not only fulfills these demands but also offers additional benefits such as real-time optimization and dynamic production, in turn boosting the demand for smart manufacturing at a rapid rate.

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Market Dynamics:

- Increasing use of industrial automation in manufacturing
- Government investments supporting industrial automation
- Rising emphasis on regulatory compliances
- Increased complexities in supply chain
- Increasing demand for software systems that reduce time and cost

Market Opportunities:

- Rising adoption of IoT and cloud platforms
- Integration of different solutions to provide improved performance
- Industrial growth in emerging economies

Market Segmentation:

Market segmentation of smart manufacturing includes technology, component and end use. The technology segment is divided into PLC, DCS, HMI, MES, PLM, SCADA, and machine vision. The component is further divided into hardware, software and services. The end use segment is further bifurcated into electronics, healthcare, automotive, oil & gas, aerospace & defense, food & agriculture, industrial equipment, chemicals & materials and others.

Regional Analysis:

Regionally, Asia Pacific has been leading the worldwide smart manufacturing market and is anticipated to continue on the dominant position in the years to come, states the smart manufacturing market study. Massive investments for expansion of manufacturing sector along with supportive government legislations are the main factor behind the dominance of the Asia Pacific smart manufacturing market. Huge presence of manufacturing firms across countries such as China, Japan, South Korea, Taiwan, and India adopting smart manufacturing technologies is another significant factor that is supporting the growth of this regional smart manufacturing market.

Key Players:

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.

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