Smart manufacturing is an enhanced process of production with the objective of optimizing concept generation, product transaction, and manufacturing. It refers to a merger of operation technology and information technology which work together within an integrated process, in real time scenario.
Albany, NY -- (SBWIRE) -- 11/17/2016 -- With smart technologies considered as the path to future, the world is gearing to witness innovations enabling engineers to reach newer levels. Smart manufacturing and digital factory integrate technologies such as virtual reality, cloud computing, Big Data, and 3D display with processes to create an intelligent congregation of business, digital, and physical methods. This integration between information technology and human ingenuity helps in achieving optimum results during the production process.
Besides transforming the ways in which products are manufactured, sold, and shipped, the advent of smart technologies has led to the proliferation of flexible factories around the world. This, combined with expansion strategies adopted by the leading organizations is expected to provide significant momentum to the global smart manufacturing market.
According to Transparency Market Research (TMR), the rising awareness regarding the same among producers will accelerate the global smart manufacturing market at 13.2% CAGR between 2016 and 2024. At this pace the market is forecast to reach US$548.14 bn by the end of 2024, spiking from a valuation of US$159.05 bn in 2015.
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Q: What factors are influencing expansion of smart manufacturing market in Asia Pacific?
A: Regionally, the smart manufacturing market has exhibited impressive growth in Asia Pacific. The region held a dominant share of 39% in the global smart manufacturing market in 2015. To an extent the region owes its dominance to the aggressive expansion strategies adopted across emerging nations such as India and China. Recently, China Telecom, the leading fixed-line operator in the country, has provided 40 firms across Shanghai with a local service node platform. This is expected to expand to over 100 firms by the end of 2016 as a part of the city's aim to boost innovation with smart manufacturing.
Various companies in China have benefited from Digital Enterprise service, launched by the German-based Siemens, in optimizing their production processes. A collaboration between "Made in China 2025" strategy and Germany's Industry 4.0 witnessed Siemens partner with China Shipbuilding Corp, China Aerospace & Technology Corp, and Baosteel to gear for intelligent manufacturing across electronics, metal, aerospace, and shipbuilding industries. Enabled by these collaborations, factories spawning across China are hoping to capitalize on smart manufacturing technologies. These developments subsequently have positive influence on the overall market in Asia Pacific.
Q: What concerns are inhibiting the entry of new players in smart manufacturing market?
Despite the smart manufacturing market making headway across the manufacturing industry, its vulnerability to security breaches and expensive nature have been dissuading its growth. The high initial cost incurred on installation and continuous investment required in the innovation and development are creating bottlenecks for the entry of new players. This in a way holds risk of stagnating the market's growth in future. Nonetheless, leading organizations are keen on leveraging the technology due to the benefits it offers. With the advent of superior technologies, the market is likely to mitigate much of the aforementioned concerns over the forthcoming years.