The research report indicates that the global smart manufacturing market is expected to be worth US$548.14 bn by the end of 2024, rising up from US$159.05 bn in 2015. During the forecast period of 2016 to 2024.
Albany, NY -- (SBWIRE) -- 12/13/2016 -- 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. The whole technique implied is usually constituted of capturing data, simulation and modeling, analysis of big data, controlling and planning, and cloud computing.
Global Smart Manufacturing Market: Trends and Opportunities
The strong growth in the industrial internet of things technology market is driving the growth of the smart manufacturing market. Furthermore, growing adoption of analytics tools is acting as one of the major drivers of the smart manufacturing market globally. Increase in smart manufacturing is due to increasing access to the Internet and growing focus on cost reduction and commercial process efficiency. In addition, fall in the cost of important components and advancement in technology are supporting the market currently.
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Mass scale technical progress across different domains has led the organizations to adopt innovative technologies, and gather competitive edge over their competitors. Smart manufacturing systems help to reduce redundant system costs effectively, while ensuring that producers achieve cost efficient manufacturing plans. Several developed economies have experienced mass scale adoption of the machine-to-machine communication and internet of things technologies in the industrial sector. These technologies have importantly staged a key driver impacting the growth in the global smart manufacturing market.
Global Smart Manufacturing Market: Segmentation
On the basis of various technology types, the smart manufacturing market is segmented into programmable logic controller (PLC), manufacturing execution system (MES), distributed control system (DCS), enterprise resource planning (ERP), human machine interface (HMI), supervisory controller and data acquisition (SCADA), machine vision (MV), and other technologies. In the technologies segment, the enterprise resource and planning segment constituted the biggest market share, followed by the manufacturing execution system segment, in 2015. Enterprise resource and planning is largely used in automation, oil & gas, fishing, retail, media and entertainment, and military. Therefore, the segment generates the largest revenue among all the segments in the smart manufacturing market. In addition, it is ideal for producing digital services. Manufacturing execution system follows enterprise resource planning, and is one of the most widely used smart manufacturing technology to assimilate production operations across several layers comprising maintenance. MES can be particularly significant in structured industries such as food and beverage, and can document and track the evolution of raw materials into finished goods.
Based on end-user industries, the smart manufacturing market is segmented into automotive, food and beverage, aerospace and defense, consumer electronics, energy, and other industries. Rapid growth in demand for connected devices is one of the major factors that are driving the demand for smart manufacturing end-user industries, globally. Automotive and consumer electronics smart manufacturing provide their own resources such as warehouse operators among others. Smart manufacturing in the energy sector has been witnessing an astounding speed of consolidation, due to giant industrial conglomerates taking over smaller organizations rapidly.
Global Smart Manufacturing Market: Regional Outlook
In terms of regions, the smart manufacturing market has been segregated into five geographical zones: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America. Currently, Asia Pacific held the major share of the market, followed by North America, Europe, Middle East and Africa, and Latin America. The Asia Pacific region is anticipated to grow swiftly with rise in trade with North America and Europe. Regional players are focused on partnerships with players in regions such as Africa.
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Key Players Mentioned in the Report
Key players profiled in this report are Honeywell International, Inc. (United States), Siemens AG (Germany), Johnson Controls, Inc. (Ireland), ABB Ltd. (Switzerland), Emerson Electric Company (United States), General Electric Company (United States), Rockwell Automation (Germany), Schneider Electric (France), Fanuc Corp. (Japan), Atos SE (Germany).
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