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Smart Manufacturing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

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Smart Manufacturing Market: Overview

Smart manufacturing is a practice of orchestrating manufacturing activities across different layers comprising tradeoff decisions, operation, maintenance, automation, control, logistic, risk assessment, management and business. The entire procedure is undertaken by using real-time smart manufacturing system and data-driven manufacturing intelligence. Smart manufacturing has transformed conventional factories into high strategically versed centers, thereby stimulating the productivity in a cost efficient manner. Information and communication technology based solutions when implemented across the manufacturing processes help efficiently in augmenting the workflow and bring about maximum productivity.

The production process generally encompasses data capturing, modelling and simulation, big data analysis, planning and controlling, cloud computing and others. The above techniques can be efficiently implemented only through digital innovations and its deployment in the manufacturing domain. Smart manufacturing model optimizes procedures within the plants and supply chain networks through highly automated and IT driven production procedures.

Smart Manufacturing Market: Drivers

Large scale technical advancements across various domains have lead the companies to strive hard in adopting modern technologies and gain competitive advantage over their counterparts. Smart manufacturing technology efficiently assists in reducing unnecessary system costs, thereby enabling manufactures to attain cost effective production plans. Many developed countries have witnessed wide scale adoption of IoT and machine to machine (M2M) communication technology in the industrial sector. This has significantly staged a major driving factor influencing the market growth.

Furthermore, certain regional governing bodies have introduced regulations to enhance the deployment rate of smart manufacturing technology. Contribution of industrial revolution 4.0 too may pose an opportunistic growth characteristics for the smart manufacturing market. However, there are various restraints hampering the market growth for smart manufacturing technology. As the entire automation process is controlled by engineers, there is a frequent demand for skilled workforce. Moreover, vulnerabilities involved in cyber security platform are the major concern preventing manufacturers to deploy smart manufacturing technology.

Smart Manufacturing Market: Segmentation

The smart manufacturing technology market can be segmented based on components, technology, end-use industry and geography. Based on components, smart manufacturing market segmentation encompasses control devices, control valves, robotics, communication modules, sensors and actuators, machine vision, and others. Communication module can be subdivided into wired and wireless technology compromising Ethernet, profibus, fieldbus, RFID, Wi-Fi, Bluetooth, hart (wired & wireless), and others.

Robotics sub segment comprises of Cartesian robot, assembly robot, jointed-arm robot and others. Control devices for smart manufacturing system includes relays and switches, drivers and servo-motors and others. Machine vision components include camera, frame grabbers, LED lighting, optics and processors.

Types of technology encompassed under smart manufacturing market are manufacturing execution system, programmable logic controller, supervisory controller and data acquisition (SCADA), distributed control system, enterprise resource and planning, human machine interface (HMI) and product lifecycle management (PLM).

End-use industries deploying smart manufacturing systems are oil & gas, chemical, mining & metal, paper & pulp, petrochemicals & fertilizers, food & beverages, automotive, machine manufacturing, aerospace & defense, electrical & electronics, and others. The smart manufacturing market segmentation on the basis of geography includes North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Smart Manufacturing Market: Key Players

Some of the key players in the global smart manufacturing market include ABB Ltd., Honeywell International Inc., Johnson Controls Inc., Emerson Electric Company, General Electric Company, Rockwell Automation Inc., Schneider Electric, and Siemens AG.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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