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Global Smart Manufacturing Market Forecast to 2023: Market is Expected to be Worth USD 170.78 Bn in 2018 and USD 299.19 Bn by 2023
DUBLIN, Oct. 17, 2018 /PRNewswire/ --
The "Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
 The smart manufacturing market is expected to be worth USD 170.78 billion by 2018 and USD 299.19 billion by 2023, growing at a CAGR of 11.9% from 2018 to 2023.
Factors that drive the growth of the market include Industry 4.0, increasing use of industrial automation in manufacturing, government investments supporting industrial automation, rising emphasis on regulatory compliances, increased complexities in the supply chain, and increasing demand for software systems that reduce time and cost.
IIoT is expected to hold the largest share of the smart manufacturing market for enabling technology. Various technologies are using IIoT to improve the functioning of the process. These technologies comprise of sensors, RFID, industrial robotics, distributed control system, condition monitoring, smart meter, electronic shelf label, camera, smart beacon, interface board, yield monitor, guidance and steering, GPS/GNSS, flow and application control device, and networking technology. Use of IIoT in these technologies helps to analyze the data collected via various devices and enables effective decision making.
Industrial communication is expected to hold the largest share of the smart manufacturing market for information technology. Industrial communication is a combination of components, software, and standard protocols that allows man-to-machine and machine-to-machine communication across various industries. Efficient, reliable, and secure industrial communications help in improving operational efficiency and reducing overall operational costs of organizations. Industrial communications play a significant role in industries such as oil & gas, electronics, automotive, and energy & power.
The market for the pharmaceuticals industry is expected to grow at the highest CAGR amongst process industries from 2018 to 2023. As pharmaceuticals manufacturing is a complex process, it requires proper end-to-end monitoring to achieve operational efficiency. Manufacturers face problems such as growing cost pressures, regulatory and safety guidelines, and increasing demand for diverse product portfolios. Technologies such as MES, EMI and HMI help manufacturers standardize their workflow and minimize lead times by eliminating the time required for the approval from various bodies such as FDA.
The market for the automotive industry is expected to grow at the highest CAGR amongst discrete industries from 2018 to 2023. Increasing demand for automobiles in developing countries; technological innovations, such as electric cars, fuel-efficient cars, connected cars; and growing competition in the market are expected to drive the demand for smart manufacturing in the automotive industry. Installing robots has helped several automotive companies to offset the shortage and high costs of acquiring and retaining skilled labor. This trend is expected to continue as sustainability, high productivity, and energy-saving measures are becoming important.
The smart manufacturing market in APAC is expected to grow at the highest CAGR globally from 2018 to 2023. The economy in the APAC region is one of the world's fastest-evolving due to increased spending on improving performance, security, and economic stability. The region is witnessing a surge in the deployment of smart manufacturing technologies. China, being one of the top manufacturing countries, has been adopting enabling technologies to increase operational efficiency and production in the country. Due to increasing maintenance costs in manufacturing, manufacturing and energy & utility industries have been genuinely considering the adoption of advanced technologies, such as predictive maintenance, to optimize maintenance processes and reduce operational costs.
Major factors restraining the growth of the smart manufacturing market include high investment and cost involved in implementation, lack of standardization among equipment manufacturers and in connectivity protocols, the constant need for upgrading software, and low adoption of technologies owing to technical issues. Key market players such as 3D Systems (US), ABB (Switzerland), Cisco (US), Daifuku (Japan), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siemens (Germany), and Yokogawa (Japan) have adopted strategies such as product launches and devlopments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain competitive edge in the smart manufacturing market and expand their distribution networks.
Major Application of Smart Manufacturing Technologies
Energy & Power:
Energy & power companies are increasingly adopting cybersecurity solutions and upgrading their cybersecurity capabilities to protect their industrial systems from rapidly evolving cyber threats. Cybersecurity in these companies helps in mitigating challenges pertaining to ageing grid infrastructure, monitoring power system operations, maintaining a balance between power generation and distribution, and enabling fast and efficient services restoration after interruptions. Power plants use advanced sensing technologies and condition monitoring solutions for detecting potential failure of equipment, such as boilers, turbines, or generators, to avoid unplanned breakdowns or accidents. The machine condition monitoring technique has helped power companies in realizing offline and real-time system data analysis and facilitating the collection of machine performance data.
Automotive:
The global automotive industry is growing rapidly due to the emergence of new concept vehicles that employ eco-friendly technologies. PAM solutions help maintain all necessary information of assets, such as procurement, maintenance, failure point analysis, which enables preventive actions in a manufacturing process. Most functions such as inventory management, performance analysis, design, and supply chain management are time-consuming when carried out manually. These have been automated with the help of MES, HMI, and EMI solutions as they allow saving time during assembling. Machine condition monitoring solutions help automotive organizations better manage component wear and failure by using techniques such as vibration monitoring, oil analysis, and infrared imaging.
Pharmaceuticals:
Pharmaceutical companies are using AI-based technology for quality control, material movement, and production planning. In quality control, computer vision technology analyzes images, ingredients, and separates any outlier object, if found. This quality control method is followed by material movement and production planning. In the material movement procedure, AI-based systems check if the right material is being packaged. IIoT has helped the industry in increasing productivity, enhancing worker efficiency, and reducing production and inventory costs.
Semiconductor & Electronics:
In the semiconductor & electronics industry, AI is used for production planning, quality control, and material movement. The implementation of AI-based solutions is expected to benefit manufacturers in terms of optimizing production cost, technology implementation, and integration of components. AI solutions help companies analyze collected data to aid improved decision-making. AI-based industrial robotic applications range from manufacturing computer chips and cell phone casings to other manufacturing and handling processes. This industry is very sensitive to technological changes and cannot afford any manufacturing faults. AI-based industrial robots are mainly used to check the quality of finished, as well as unfinished, electronic products.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities In Smart Manufacturing Market
4.2 Smart Manufacturing Market, By Enabling Technology
4.3 Smart Manufacturing Market, By Process Industry
4.4 Smart Manufacturing Market, By Discrete Industry
4.5 Smart Manufacturing Market In Apac, By Information Technology And Country
4.6 Smart Manufacturing Market, By Geography
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Industry 4.0
5.2.1.2 Increasing Use Of Industrial Automation In Manufacturing
5.2.1.3 Increased Government Involvement In Supporting Industrial Automation
5.2.1.4 Rising Emphasis On Regulatory Compliances
5.2.1.5 Increased Complexities In Supply Chains
5.2.1.6 Increasing Demand For Software Systems That Reduces Time And Cost
5.2.2 Restraints
5.2.2.1 High Investment And Cost Involved In Implementation
5.2.2.2 Lack Of Standardization Among Equipment Manufacturers And In Connectivity Protocols
5.2.2.3 Constant Need For Upgradation Of Software
5.2.2.4 Low Adoption Of Technologies Owing To Technical Issues
5.2.3 Opportunities
5.2.3.1 Rising Adoption Of IoT And Cloud Platforms
5.2.3.2 Integration Of Different Solutions To Provide Improved Performance
5.2.3.3 Industrial Growth In Emerging Economies
5.2.4 Challenges
5.2.4.1 Threats Related To Cybersecurity
5.2.4.2 Complexity In Implementation Of Smart Manufacturing Technology Systems
5.2.4.3 Lack Of Awareness About Benefits Of Adopting Information And Enabling Technologies
5.2.4.4 Lack Of Skilled Workforce
6 Smart Manufacturing Market, By Information Technology
6.1 Introduction
6.2 Human Machine Interface
6.2.1 By Offering
6.2.1.1 Software
6.2.1.2 Hardware
6.2.2 By Configuration Type
6.3 Enterprise Manufacturing Intelligence
6.3.1 By Offering
6.3.2 By Deployment Type
6.4 Plant Asset Management
6.4.1 By Offering
6.4.2 By Deployment
6.4.3 By Asset Type
6.5 Manufacturing Execution System
6.5.1 By Deployment Type
6.5.2 By Offering
6.6 Industrial Communications
6.6.1 By Offering
6.6.1.1 Component
6.6.1.2 Software
6.6.1.3 Services
6.6.2 Communications Protocol
6.7 Warehouse Management System
6.7.1 By Offering
6.7.2 By Implementation Type
6.7.3 By Tier Type
7 Smart Manufacturing Market, By Enabling Technology
7.1 Introduction
7.2 Industrial 3d Printing
7.2.1 By Offering
7.2.1.1 Printers
7.2.1.2 Materials
7.2.1.3 Software
7.2.1.4 Services
7.2.2 By Application
7.2.3 By Process
7.2.4 By Technology
7.3 Collaborative Robots
7.3.1 By Payload Capacity
7.3.2 By Application
7.4 Iiot
7.4.1 By Technology
7.4.2 By Software
7.5 AI In Manufacturing
7.5.1 By Offering
7.5.1.1 Hardware
7.5.1.2 Software
7.5.2 By Technology
7.5.3 By Application
7.6 Machine Condition Monitoring
7.6.1 By Monitoring Technique
7.6.2 By Offering
7.6.2.1 Hardware
7.6.2.2 Software
7.6.3 By Deployment Type
7.7 Industrial Machine Vision
7.7.1 By Component
7.7.1.1 Hardware
7.7.1.2 Software
7.7.2 By Product
7.7.3 By Application
7.8 Industrial Cybersecurity
7.8.1 By Type
7.8.2 By Product
7.8.3 By Solution And Service
7.9 Digital Twin
7.10 Automated Guided Vehicle
7.10.1 By Type
7.10.2 By Navigation Technology
7.10.3 By Application
7.10.4 By Battery Type
7.11 Blockchain In Manufacturing
7.11.1 By Application
7.12 Ar And Vr In Manufacturing
7.12.1 By Technology
7.12.1.1 Augmented Reality Technology
7.12.1.2 Virtual Reality Technology
7.12.2 By Offering
7.12.2.1 Hardware
7.12.2.2 Software
7.12.3 By Device Type
8 Smart Manufacturing Market, By Industry
8.1 Introduction
8.2 Process Industry
8.2.1 Oil & Gas
8.2.2 Food & Beverages
8.2.3 Pharmaceuticals
8.2.4 Chemicals
8.2.5 Energy & Power
8.2.6 Metals & Mining
8.2.7 Pulp & Paper
8.2.8 Others
8.3 Discrete Industry
8.3.1 Automotive
8.3.2 Aerospace & Defense
8.3.3 Semiconductor & Electronics
8.3.4 Medical Devices
8.3.5 Machine Manufacturing
8.3.6 Others
9 Geographic Analysis
10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis: Smart Manufacturing Market
10.3 Competitive Situation & Trends
10.3.1 Agreements, Mergers, Joint Ventures, And Partnerships
10.3.2 Product Launches & Developments
10.3.3 Expansions
10.3.4 Acquisitions
11 Company Profiles
- 3D Systems
- ABB
- Cisco
- Cognex
- Daifuku
- Emerson
- GE
- Google
- Honeywell
- IBM
- Intel
- JBT
- Keyence
- Nvidia
- Oracle
- PTC
- Rockwell
- Samsung
- SAP
- Schneider
- Siemens
- Sony
- Stratatys
- Universal Robots
- Yokogawa
For more information about this report visit https://www.researchandmarkets.com/research/kxs9r3/global_smart?w=5
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