The automotive and aerospace & defense
industries are the leading growth avenues for smart manufacturing solution
delivers with the industries namely oil and gas and industrial equipment
manufacturing speedily mounting their digitalization efforts. With the
proliferation of the 3D printing, modeling and simulation in manufacturing and
structure, these industries are estimated to pursue to manage an efficient
growth rate over the forecast duration. Though the several solutions are
accessible in the market, digital twin and real-time analytics are predicted to
spearhead the saturation of digitalization in these industries. The increasing
emphasis on augmenting the production proficiency and attaining visibility
across the whole value chain are the two mainstream aspects fueling market
growth.
According to the report analysis, ‘Global
Smart Manufacturing Market (2018-2023)’ states that in the market of
smart manufacturing, there are several key players which presently performing
more significantly across the globe throughout the short span of time while
developing the working techniques, adopting the effective and profitable
strategies for enlarging the businesses around the globe, increasing the
applications and productivity of the product and developing the current
manufacturing processes includes KUKA, ABB Ltd, Cisco Systems, Inc., IBM
Security, The Raytheon Company, Stratasys, Ltd., The Emerson Electric Co.,
Alpine Data Labs, SAP SE, Maersk and several others.
The smart manufacturing market is anticipated
to enlarge at a compound annual growth rate (CAGR) of 15.75% during the
2018-2023 period. Requirement for the data-driven decision making, intense cost
competition, and rearrangement of manufacturing procedures for sophisticated
productivity are the significant motivating forces of this market.
Based on the application sector, the effective
development in the digital technologies such as machine learning, machine
vision, and motion control, have led to the sophisticated implementation of the
industrial automation in numerous sectors, with greater importance in the
automotive sector. The industrial automation sector engaged the largest market
share (49%) across the globe, in 2017, followed by the Industrial Internet of
Things (IIoT) (33%). A concentrated effort by the industrial segments and
technology firms have resulted in innovative solutions to provide to IIoT. The
Smart factories have also presented secure growth, brought related by 3D
printing and disseminated manufacturing control systems.
On the basis of end users, the uppermost
acceptance of the smart manufacturing is anticipated in the aerospace segment,
which will enlarge at a CAGR of 25% during the reviewed duration. This is
propelled by the augmented production of developed aircraft, such as the Boeing
787 and Airbus A350. Moreover, the wide increase in the usage of the robots in
industrial control mechanisms will fuel the automotive and industrial equipment
end users sector, at CAGRs of 15.6% and 11.2% respectively, during the
2018-2023 duration. The chemicals and materials, food and agriculture, and
healthcare segments are also some of the auspicious locations for the
acceptance of the smart manufacturing technologies.
Therefore, in the coming years, it is
anticipated that the market of smart manufacturing will increase around the
globe more significantly over the coming years.
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