The global smart manufacturing market estimated at USD 178.47 billion in 2016 is projected to reach USD 501.46 billion by 2022, at a CAGR of 18.79% during the forecast period 2017-2022. Smart manufacturing has the potential to elevate the standards on the production frontier, with new technology advancements offering ground-breaking industry-wide applications.
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Product customizations and cost-effective production are some of the unique positives achieved by smart manufacturing, through machine-to-machine communication, which increases efficiency through the application of machine learning.
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The major drivers for the growth of this market include increased focus of industries on cost-effective and efficient production techniques, IT-driven – optimized smart plants facilitating global competitiveness and thereby, improving performance and facilitating manufacturing process innovation. However, the sudden switch from the traditional manual workforce to the implementation of automated manufacturing is a very complex process, which requires a skilled workforce and an effective cyber security procedure and could hinder the growth of the market.
The global smart manufacturing market can be segmented by the technology used, components, and by end-user industry. Regionally, North America has the highest market share in the Global market and has produced impressive statistical improvements with the number of small and medium enterprises (SME’s) doubling in the total market share, with a significant decrease in safety incidents and cycle times. These advantages are being challenged by the complexity of installing new equipment, which needs to be overcome.
Key Market Players
The leading companies with the majority of the market share in the global smart manufacturing market are:
- ABB Ltd.
- Honeywell International Inc.
- Johnson Controls Inc.
- Emerson Electric Company
- Rockwell Automation
Market definition for smart manufacturing along with identification of key drivers and restraints for the market.
Market analysis for the smart manufacturing market, with region specific assessments and competition analysis on a regional scale.
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
Get More Details In-Depth By TOC Of This Report –
Table of Contents
1.1 Study Deliverables
1.2 Market definition
1.3 Key findings of the study
- Research methodology
- Executive summary
- Market Overview
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