Global Smart Manufacturing Market: To Thrive Players Need to Explore New Markets
April 28, 2017 | Transparency Market ResearchEstimated reading time: 2 minutes
The global market for smart manufacturing is characterized by the presence of numerous companies. This makes the landscape fragmented and highly competitive. The competition is being dictated by the demand for huge investments in infrastructure and development of technologies.
Siemens AG, Johnson Controls, Inc., Honeywell International, Inc., Emerson Electric Company, and ABB Ltd., are to name a few big companies operating in the global market for smart manufacturing. To progress further, a report by Transparency Market Research advices players to look beyond their existing geographical reach and uncover opportunities in underserved developing nations.
As per the research report, the global market for smart manufacturing will likely be worth US$548.14 billion by 2024 after expanding at a healthy 13.2% CAGR between 2015 and 2024. The market was worth US$159.05 billion in 2015.
Thrust on Manufacturing Makes Asia Pacific and North America Dominant Markets
Depending upon the different technologies, the global market for smart manufacturing has been segregated into enterprise resource planning (ERP), programmable logic controller (PLC), manufacturing execution system (MES), distributed control system (DCS), human machine interface (HMI), supervisory controller and data acquisition (SCADA), and machine vision (MV), among others. Enterprise resource and planning segment, among them hold a leading share in the market. Enterprise resource and planning grosses maximum revenue as it finds application in automation, fishing, oil and gas, retail, media and entertainment, and military.
Based upon geography, the global market for smart manufacturing can be classified into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific, among them, held a dominant share of 39.0% vis-à-vis revenue in 2015. North America trailed it closely. Going forward, Asia Pacific and North America will likely continue holding a sway over the smart manufacturing market because increasing focus on manufacturing by governments in the region and the swiftly expanding automotive and consumer electronics industries in the region.
Mandates for Deploying Smart Manufacturing Technologies Bolsters Market
Majorly boosting the market for smart manufacturing worldwide are the strict rules and regulations enforcing the installation of smart manufacturing technologies in different sectors. As per the lead analyst of the report, “This trend is being predominantly seen in North America and Asia Pacific, where economies are recovering and strengthening, thereby fueling the growth of the overall manufacturing sector. The evolution of industrial sector that has persistently had an analytical attitude has also been responsible for the prolific growth of the overall market in the last few years. The market also has lucrative prospects as leading players are offering technologically advanced solution to small and medium-sized businesses. The new solutions are garnering a positive image as they are specifically designed to overcome the modern-day production challenges.”
Smart Manufacturing Technologies Witness Impressive Uptake due to Efficiency
Efficiency and efficient utilization of resources is the unique perceived benefit of smart manufacturing technologies. “Hence, an increasing number of manufacturers are using these technologies for setting standards for effective tradeoff decisions, maintenance, control, logistic, operation, risk assessment, business, and operation. The benefits such as improved productivity and cost-efficiency have resulted have also led a significant adoption of smart manufacturing technologies,” adds the analyst.
A factor posing a roadblock to the global market for smart manufacturing is the steep cost of services and systems and the upfront installation cost. Additionally, need for continued investment in research and development to design more efficient products is also acting as a deterrent for new entrants.
Suggested Items
I-Connect007 Editor’s Choice: Five Must-Reads for the Week
05/10/2024 | Marcy LaRont, PCB007 MagazineSpring is a renewal each year as dormant flora bloom, and baby ducklings and geese are ever present in local bodies of water. Even though it is beginning to get hot, I love this time of year in Arizona, with the sun waking me around 5 a.m. It fills me with an energy that I often lose in the dark winter months. Wherever you find yourself in the world, I hope you are enjoying Spring and that you are filled with energy and enthusiasm for all the great work part of our daily lives in this industry.
ViTrox Presents Next-Gen Intelligent Manufacturing Solutions at SEMICON Southeast Asia 2024
05/10/2024 | ViTroxViTrox, which aims to be the world’s most trusted technology company, is pleased to announce its participation as an exhibitor and Platinum sponsor at SEMICON Southeast Asia 2024! Join us from May 28-30 at Booth #1504 in Malaysia International Trade and Exhibition Centre (MITEC), KL, to experience our advancement in technology and manufacturing.
Podcast Review: On the Line with… Designing for Reality
05/09/2024 | Duane Benson, Positive Edge LLCAs a technologist, if I were forced to come up with just one recurring theme that I might call a professional “nemesis,” it would be the difference between theory and reality. A lot of technology we have at our disposal works well in theory but falls short when reality hits. That’s not the only reason I chose to listen to and review On the Line with… Designing for Reality, featuring a series of conversations with ASC Sunstone’s Matt Stevenson, but it certainly helped that the title caught my eye.
NEOTech Positions Itself as Microelectronics Industry Leader with High-Technology Investments
05/09/2024 | NEOTechNEOTech, a leading provider of electronic manufacturing services (EMS), design engineering, and supply chain solutions in the high-tech industrial, medical device, and aerospace/defense markets, announces a significant investment in acquiring new Palomar 8100 wire bonder machines, enhancing the company’s positioning as a leader of cutting-edge microelectronics assemblies for mission-critical applications.
MKS’ Atotech, ESI to Participate in CPCA Show
05/09/2024 | MKS’ AtotechMKS’ Atotech, and ESI will participate in the CPCA Show 2024. The show will be held from May 13 to 15, 2024, at the National Exhibition and Convention Center (Shanghai) and will bring together domestic and international manufacturers in the electronic circuit industry.