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Transparency Market Research observes that the competitive landscape in the global smart manufacturing market is highly fragmented. The competition is being dictated by demand for huge investments in infrastructure and development of technologies. Some of the key players in the global market are Honeywell International, Inc., Siemens AG, ABB Ltd., Johnson Controls, Inc., and Emerson Electric Company. “Smart manufacturing businesses must look beyond the existing geographical reach and focus on developing nations as they have lucrative opportunities to offer,” suggests the lead author of this research report.
According to the research report, the global smart manufacturing market is expected to be worth $548.14 billion by 2024 as compared to $159.05 billion in 2015. The global market is anticipated to expand at a CAGR of 13.2% from 2015 to 2024.
Awareness Regarding Improved Manufacturing Technologies amongst Producers Accelerates Growth
The report suggests that the machine vision segment is likely to progress at a CAGR of 14.3% during the forecast period. On the other hand, in terms of regions, Asia Pacific will show a significant CAGR of 13.6% during the same period. The growth of Asia Pacific smart manufacturing market will be due to the growing awareness of better manufacturing technologies amongst producers, growing investments in manufacturing activities, changing lifestyles, and efficient retailing.
Evolution of Industrial Sector Spikes Demand for Smart Manufacturing Technologies
The stringent rules and regulations enforcing the installation of smart manufacturing technologies in various sectors is anticipated to boost the market. 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.
The promise of ensuring maximum efficiency and efficient utilization of resources is the unique selling point of smart manufacturing technologies. Thus, 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.
Possibilities of Security Breaches Impede Market Growth
Despite the progress in the global smart manufacturing market, it suffers from few setbacks and certain impediments. The expensive nature of services and systems and the initial cost of installation has been dissuading the global market. Furthermore, continuous investment in research and development to innovate and produce improved products is also dissuading new entrants to be a part of the market dynamics. The possibilities of cyber security breaches has also hampered to deployment of these production technologies amongst smart manufacturers.