UK markets closed
  • NIKKEI 225

    28,508.55
    -591.83 (-2.03%)
     
  • HANG SENG

    28,621.92
    -513.81 (-1.76%)
     
  • CRUDE OIL

    61.09
    -1.58 (-2.52%)
     
  • GOLD FUTURES

    1,794.30
    +15.90 (+0.89%)
     
  • DOW

    34,137.31
    +316.01 (+0.93%)
     
  • BTC-GBP

    39,433.76
    -1,611.44 (-3.93%)
     
  • CMC Crypto 200

    1,266.59
    +3.63 (+0.29%)
     
  • ^IXIC

    13,950.22
    +163.95 (+1.19%)
     
  • ^FTAS

    3,935.64
    +15.59 (+0.40%)
     

The global smart manufacturing market was valued at USD 194.63 billion in 2020 and is expected to reach USD 314.39 billion by 2026 and grow at a CAGR of 8.4% over the forecast period (2021-2026)

ReportLinker
·5-min read

Industry 4. 0 has been aiding the transition of industries from having legacy systems to smart components and smart machines, facilitating digital factories, and later, to an ecosystem of connected plants and enterprises.

New York, March 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Manufacturing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06036739/?utm_source=GNW
Anticipating the increased adoption of IoT and digital transformation across industries, the European Commission estimated that IoT’s value in Europe itself is expected to exceed EUR 1 trillion in 2020.

- Smart manufacturing initiatives are also on the rise. Smart Manufacturing Leadership Coalition (SMLC), a combination of US?based industrial organizations, technology suppliers, laboratories, and universities, is currently working on next-generation Smart Manufacturing Platform and Smart Factory connectivity.
- Similarly, the Industrial Internet Consortium (IIC), another industry?led initiative, was established to bring together advanced technologies and organizations necessary to accelerate industrial automation growth.
- The use of software and services, such as PLC, SCADA, ERP, DCS, HMI, PLM, and MES, has enabled the industries to gather real-time data and make decisions based on them. This software has been beneficial for the industry in reducing the product’s faults, reducing downtime, scheduled maintenance, and switching, from being in the reactive state to predictive and prescriptive stages and decision making.
- The adoption of international standards on environmental management systems, notably the ISO 50001 standard, has grown significantly over the last few years. This is also forcing manufacturers to invest in energy-saving strategies, hence, developing space for the market studied to grow.
- Smart manufacturing also utilizes Big Data analytics to refine complicated processes and manage supply chains. Big Data analytics allows an enterprise to use smart manufacturing to shift from reactionary practices to predictive ones. This change targets improved the efficiency of the process and performance of the product.
- The outbreak of COVID-19 has triggered the manufacturing sector to re-evaluate its traditional production processes, primarily driving the digital transformation and smart manufacturing practices across the production lines. The manufacturers are also collectively forced to devise and implement multiple new and agile approaches to monitor product and quality control.

Key Market Trends
Automotive Industry is Expected to Drive the Market Growth

- The prime concern of the automotive industry is the length of a project. Hence, quick return-on-investment projects combined with low-cost automation and cost innovation help manufacturers improve competitiveness through productivity improvement.
- Value streams are expected to become more agile through adaptive manufacturing and extensive utilization of 3D-printing. These value streams are expected to become more software-based.
- Also, automotive manufacturing is getting impetus from smart technologies, Industry 4.0, and IoT. For instance, discrete manufacturing is the manufacturing or production of distinct parts that can be individually touched and counted. The parts are mainly related to assembly lines. Discrete manufacturing includes products, such as cars, automotive parts, etc. that are getting increasingly connected.
- Smart manufacturing is also expected to help in balancing the supply and demand, enhancing product design, optimizing manufacturing efficiency, and significantly reducing waste. Moreover, Industrial robots play a vital role in digital manufacturing, as it creates a virtual and connected ecosystem. Furthermore, it collects data associated with equipment, which is used to enhance the efficiency and scheduling. It also helps in predicting and mitigating any unforeseen error.

China Occupies Maximum Market Share

- China’s manufacturing industry has retained higher growth over the past decade and has become the largest manufacturing country globally. In several industries, including steel, most of the global production comes from China. Manufacturing is one of China’s prominent features, and it is undergoing a rapid transformation. This large-scale transformation has aided the country in being a leading nation in the manufacturing market, globally.
- According to the National Development and Reform Commission (NDRC), China’s investment in the high-tech manufacturing industry expanded in the first eight months of 2019. From January 2019 to August 2019, the investment grew 12% year on year, quickening 0.9% points from that in the January-July period.
- After the implementation of Industry 4.0 in Germany and the Industrial Internet in the United States, the Chinese government launched the Made in China 2025 policy. This has emerged as a significant focus across the country’s entire manufacturing community to remain the largest manufacturing sector.
- Several initiatives by the government by private organizations have significantly increased interest in smart manufacturing technology. Moreover, China accounts for 25% of the world’s manufacturing activities (OECD Estimates). However, manufacturing productivity is a mere one-fifth of that of the developed economies. Companies are, thus, embracing Industry 4.0 to improve productivity.
- Considering these factors, Chinese manufacturers adopt various smart manufacturing approaches, like Industry 4.0 and Industrial IoT, for the future global competitiveness and survival. Such instance over the forecast period is anticipated to drive the market for smart manufacturing significantly.

Competitive Landscape
The smart manufacturing market is moderately competitive and consists of several major players. The major players with the prominent shares in the market are focusing on expanding their customer base across foreign countries. The companies are leveraging 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 robot technologies to strengthen their product capabilities. Some of the recent developments in the market are:
- July 2020 - ABB opened a new robotics facility to support the digital transformation of manufacturing in India. The facility is expected to offer Indian customers the benefits of Industry 4.0, including robotics and digitalization technologies, to help India become a resilient high-tech manufacturing economy in the world.
- July 2020 - Vivo inaugurated its new smart manufacturing plant in China. The plant is located in Changan Town, China, and will produce 70 million units every year. Vivo’s new smart manufacturing plant plays a big part in its efforts to be a wholly self-developed and self-produced smartphone vendor.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06036739/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________

CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001