Increased acceptance of IoT and cloud platforms, greater integration of multiple technologies to improve performance, and strong industrial growth in emerging nations will all create new opportunities for the smart manufacturing market throughout the projection period. However, increased investments and costs associated with implementing smart manufacturing solutions, rising lack of standardization among equipment manufacturers and in connectivity protocols, rising continuous need for software upgrades, and rising low adoption of technologies due to technical issues are among the major factors that will limit market growth, while rising cybersecurity threats, rising complexity in smart manufacturing implementation
The new coronavirus pandemic is affecting every sector of the global economy. Between manufacturing and supply chain divisions, the virus has created significant gaps. Organizations are redesigning their business continuity plans, investing in modern manufacturing and supply chain models, and looking for automation options to lessen the impact of COVID-19 on production lines in the next years as a way to combat the pandemic. Additionally, to address these issues, the governments of some nations, like Germany, the UK, India, and others, are concentrating on rebuilding their GDP by funding several manufacturing projects to boost market cash flow and address financial issues.
Increasing the Big Data, Internet of Things, and 5G Network Perimeter to Promote Market Development
One of their main uses, big data, is regarded as one of the newest market growth trends. Big data applications are in high demand due to the substantial, continuously growing volume of organized and unstructured data and information. Similarly, the Internet of Things is the most important market trend (IoT) trend. Smart cars, sensors, smart devices, and other connected components are part of the Internet of Things (IoT), a platform supported by A.I. These gadgets produce enormous amounts of data, which are then processed by artificial intelligence programs. Self-driving/autonomous automobiles, smart houses, intelligent thermostats, pacemakers, smart city solutions, etc., are a few examples of the applications.
Cybersecurity Threats May Impede Market Expansion
The growth in cybersecurity worries, which are brought on by a surge in viruses and hackers, is a key issue for the market for smart manufacturing. Malicious computer viruses can change important data, which might lead to a substantial loss. The entire information flow might be hampered by communication software systems that don't take proper security measures. Using pre-made I.T. solutions are widely used in enterprises, and online communication is becoming more crucial. Therefore, malware that targets industrial systems is more likely to harm these companies.
By Information technology
Based on information technology, the smart manufacturing market is segmented into human-machine interface, plant asset management, manufacturing execution system, and warehouse management system dual frequency. The machine condition monitoring category dominated the market in 2021. The segment's growth is anticipated to be fueled by SMEs' growing adoption of cutting-edge and cost-effective technologies, like cloud machine condition monitoring, in the manufacturing process.
By Enabling Technology
By enabling technology, the market is segmented into industrial 3D printing, A.I. in manufacturing, industrial cybersecurity, industrial machine vision, industrial sensors, digital twins, robots, automated guided vehicles, machine condition monitoring, artificial reality & virtual reality, and 5G industrial IoT. The industrial 3D printing category dominated the market in 2021 because of the development of industrial 3D printing, linked to the rise in IoT need for sophisticated automated processes in the manufacturing sector. The need for 3D printing in the central market will primarily come from heavy manufacturing and the electronics and automotive sectors.
By industry, the market is segmented into the process industry, oil & gas, food & beverages, pharmaceuticals, chemicals, energy & power, metals & mining, pulp & paper, others), discrete industry (automotive, aerospace & defense, semiconductor &, electronics, medical devices, machine, manufacturing, others), mining, construction, oil & gas, and others. The discrete industry category dominated the market in 2021. Heavy manufacturing, electronics, and the automobile industries are the main sources of demand for smart manufacturing technologies in discrete automation to streamline production. Besides, the process industry category is anticipated to grow significantly over the forecast period due to the increased need for cutting-edge hardware among many industries, including mining and metals, chemicals, and pharmaceuticals.
The Asia Pacific is projected to hold the largest share of the smart manufacturing market over the forecast period. The adoption of smart manufacturing solutions is anticipated to be driven by SMEs due to the active ecosystem present in nations like Japan, India, and Australia. The biggest market income is anticipated from large businesses engaged in specific industries. The region's push for cloud usage is fueled by the growing acceptance of disruptive technologies like Industry 4.0, A.I., AR, IoT, and others. Therefore, cloud-based smart manufacturing solutions are projected to increase regional demand.
On the other hand, the North American smart manufacturing market is anticipated to grow significantly over the forecast period due to Canada and the U.S. investing more money in modern manufacturing technologies. The acceptance of the "smart manufacturing" concept has been further encouraged by technological advancements, the availability of substitute printing materials, and lower equipment prices. The aerospace and defense, manufacturing, automotive, and North American health sectors are all undergoing several investment programs in the region that are expected to lead to significant future growth.
LIST OF KEY COMPANIES PROFILED:
- Amazon Web Services, Inc. (U.S.)
- Robert Bosch Manufacturing Solutions GmbH (Germany)
- Cisco Systems, Inc. (U.S.)
- 3D Systems Corporation (U.S.)
- Plex Systems, Inc. (U.S.)
- Cognex Corporation (U.S.)
- PTC Inc. (U.S.)
- FANUC CORPORATION (Japan)
- SAP SE (Germany)
- Mitsubishi Electric Automation, Inc. (U.S.)
- Emerson Electric Co. (U.S.)
- Siemens AG (Germany)
- Schneider Electric S.E. (France)
- ABB Ltd (Switzerland)
- Hitachi, Ltd. (Japan)
- Intel Corporation (U.S.)
KEY INDUSTRY DEVELOPMENTS:
- January 2021: The revised QuickStick HT intelligent conveyor system, which has been enabled with the cutting-edge QuickStick HT 5700 inverter, has been released by Rockwell Automation, Inc. Functional safety has been provided by the revised system, which can also minimize the size of the control cabinet and free up space on the plant floor.
- May 2020: A line of robots called MELFA ASSISTA was introduced by Mitsubishi Electric Corporation. MELFA ASSISTA works in tandem with people to do safety-related tasks, such as preventing collisions. Additionally, the robot operates completely with global safety standards and robotic norms ISO 10218-1 and ISO/TS15066. Industries use RT VisualBox and MELFA ASSISTA to increase efficiency.
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Information Technology, By Enabling Technology, By Industry and By Geography|
|By Information Technology||
|By Enabling Technology||