Smart Manufacturing Market worth $299.19 billion by 2023

(IT-NEWSWIRE.COM, May 04, 2019 ) According to the new research report "Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2023 ", The smart manufacturing market is expected to be worth USD 170.78 billion by 2018 and USD 299.19 billion by 2023, growing at a CAGR of 11.9% from 2018 to 2023. Factors that drive the growth of the market include the Industry 4.0, increasing use of industrial automation in manufacturing, government investments supporting industrial automation, rising emphasis on regulatory compliances, increased complexities in supply chain, and increasing demand for software systems that reduce time and cost.

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IIoT to hold the largest share of the smart manufacturing market for enabling technology throughout the forecast period

IIoT enables industries to deploy specialized solutions for addressing varied requirements, challenges, and use cases. Though IIoT is presently at a nascent stage of adoption, it is expected to be an integral part of future growth and sustainability of industries. IIoT enables analyzing collected data effectively with the help of various algorithms and analytics. For example, SCADA systems and IoT technology complement each other. IoT is considered to be the fourth generation of SCADA systems. Big data and analytics have led to the integration of instrumentation with SCADA data to analyze and scrutinize the data generated during production processes. Continuous advancements in industrial automation are expected to bring significant benefits to end users in terms of increased profitability and improved efficiency. Information from SCADA systems act as a data source for IoT. SCADA focuses on monitoring and controlling, while IoT analyzes machine data to improve productivity.

Industrial Communication to hold the largest share of the smart manufacturing market for information technology in 2017

Industrial communications is expected to hold the largest share of the smart manufacturing market for information technology. Industrial communications is a combination of components, software, and standard protocols that allows man-to-machine and machine-to-machine communication across various industries. Efficient, reliable, and secure industrial communications help in improving operational efficiency and reducing overall operational costs of organizations. Industrial communications plays a significant role in industries such as oil & gas, electronics, automotive, and energy & power.

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Energy & power industry to hold the largest share of the smart manufacturing market during the forecast period

IoT enables power plant operators to gather data in real-time and remotely monitor equipment for improving production efficiency and detecting potential breakdowns. In power distribution, grid management is the key aspect that needs real-time monitoring for load balancing and ensuring optimum power voltage. The adoption of IoT in power distribution has led to the evolution of smart grid. AI-based technologies in energy plants comprise deep physics insights, engineering design knowledge, and new inspection technologies that provide a complete solution for predictive maintenance and machinery inspections. AI technologies work in 2 layers: First, they recognize the pattern; and then, by the learning models of the process. Early stage pattern recognition warns about impending failures. In wind power farms, intelligent flying drone check wind flow directions and accordingly adjust turbine blades.

Smart manufacturing market in APAC to grow at the highest globally CAGR between 2018 and 2023

APAC countries such as China, Japan, and India are the major users of smart manufacturing systems. The adoption of industrial automation in China is increasing rapidly due to growing industrial activities and rising per capita income in the country. This is leading to increasing adoption of advanced manufacturing technologies such as HMI, MES, AI, condition monitoring, AGV, and WMS. China is a major manufacturing hub for semiconductors and electronic components and is one of the prominent aircraft manufacturers. Smart manufacturing technologies are used in these industries to enhance the overall performance of manufacturing plants and improve production output. In addition, growing economy and technological developments in various industries encourage the application of these technologies for monitoring and controlling production processes.

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Major factors restraining the growth of the smart manufacturing market include high investment and cost involved in implementation, lack of standardization among equipment manufacturers and in connectivity protocols, constant need for upgrading software, and low adoption of technologies owing to technical issues. Key market players such as 3D Systems (US), ABB (Switzerland), Cisco (US), Daifuku (Japan), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siemens (Germany), and Yokogawa (Japan) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain competitive edge in the smart manufacturing market and expand their distribution networks.

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Smart Manufacturing Market worth $299.19 billion by 2023