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The global smart manufacturing market was valued at USD 169.39 billion in 2018, and is expected to register a CAGR of 8.4% to reach USD 271.14 billion over the forecast period (2019NEW YORK, June 21, 2019 /PRNewswire/ -- Market Overview - Smart manufacturing is also expected to help in balancing the supply and demand, enhancing product design, optimizing manufacturing efficiency, and significantly reducing waste. United States to Witness Significant Growth - The United States is on the verge of the fourth industrial revolution, where data is being used on a large scale for production while integrating the data with a wide variety of manufacturing systems throughout the supply chain. - The United States is also one of the largest automotive markets in the world and is home to over 13 major auto manufacturers. Automotive manufacturing has been one of the largest revenue generators for the country in the manufacturing sector. The formation of the "Advanced Manufacturing Partnership (AMP)" is an initiative undertaken to make the industry, universities, and the federal government invest in emerging technologies. - This has aided the country to substantially gain a competitive edge in the global economy. The National Network for Manufacturing Innovation (NNMI) consists of developing regional hubs, which will be involved in developing and adopting cutting-edge manufacturing technologies for making innovative products, to be implemented in the manufacturing sector. The development of the next-generation, energy-efficient, high-power electronic chips and devices (by making wide-bandgap semiconductor technologies, which are expected to be cost-competitive with current silicon-based power electronics during the forecast period) is expected to aid in fostering the growth of the market. Competitive Landscape The smart manufacturing market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with the prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on autonomous delivery robots technologies to strengthen their product capabilities. - April 2018 - GE's Power Services business signed a milestone agreement with Edison, Italy's second largest integrated energy company, to enhance performance at its Candela combined-cycle power station in Puglia. Reasons to Purchase this report: - The market estimate (ME) sheet in Excel format - Report customization as per the client's requirements - 3 months of analyst support Download the full report: https://www.reportbuyer.com/product/5778452/?utm_source=PRN About Reportbuyer Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers For more information: Sarah Smith Research Advisor at Reportbuyer.com Email: [email protected] Tel: +1 (718) 213 4904 Website: www.reportbuyer.com SOURCE ReportBuyer |