Increasing Trends in the Global Smart Manufacturing Market Outlook: Ken Research
The automotive and aerospace & defense industries are the leading growth avenues for smart manufacturing solution delivers with the industries namely oil and gas and industrial equipment manufacturing speedily mounting their digitalization efforts. With the proliferation of the 3D printing, modeling and simulation in manufacturing and structure, these industries are estimated to pursue to manage an efficient growth rate over the forecast duration. Though the several solutions are accessible in the market, digital twin and real-time analytics are predicted to spearhead the saturation of digitalization in these industries. The increasing emphasis on augmenting the production proficiency and attaining visibility across the whole value chain are the two mainstream aspects fueling market growth.
According to the report analysis, ‘Global Smart Manufacturing Market (2018-2023)’ states that in the market of smart manufacturing, there are several key players which presently performing more significantly across the globe throughout the short span of time while developing the working techniques, adopting the effective and profitable strategies for enlarging the businesses around the globe, increasing the applications and productivity of the product and developing the current manufacturing processes includes KUKA, ABB Ltd, Cisco Systems, Inc., IBM Security, The Raytheon Company, Stratasys, Ltd., The Emerson Electric Co., Alpine Data Labs, SAP SE, Maersk and several others.
The smart manufacturing market is anticipated to enlarge at a compound annual growth rate (CAGR) of 15.75% during the 2018-2023 period. Requirement for the data-driven decision making, intense cost competition, and rearrangement of manufacturing procedures for sophisticated productivity are the significant motivating forces of this market.
Based on the application sector, the effective development in the digital technologies such as machine learning, machine vision, and motion control, have led to the sophisticated implementation of the industrial automation in numerous sectors, with greater importance in the automotive sector. The industrial automation sector engaged the largest market share (49%) across the globe, in 2017, followed by the Industrial Internet of Things (IIoT) (33%). A concentrated effort by the industrial segments and technology firms have resulted in innovative solutions to provide to IIoT. The Smart factories have also presented secure growth, brought related by 3D printing and disseminated manufacturing control systems.
On the basis of end users, the uppermost acceptance of the smart manufacturing is anticipated in the aerospace segment, which will enlarge at a CAGR of 25% during the reviewed duration. This is propelled by the augmented production of developed aircraft, such as the Boeing 787 and Airbus A350. Moreover, the wide increase in the usage of the robots in industrial control mechanisms will fuel the automotive and industrial equipment end users sector, at CAGRs of 15.6% and 11.2% respectively, during the 2018-2023 duration. The chemicals and materials, food and agriculture, and healthcare segments are also some of the auspicious locations for the acceptance of the smart manufacturing technologies.
Therefore, in the coming years, it is anticipated that the market of smart manufacturing will increase around the globe more significantly over the coming years.
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Ankur Gupta, Head Marketing & Communications