Dublin, May 10, 2022 (GLOBE NEWSWIRE) -- The "Smart Manufacturing Market with COVID-19 Impact by Information Technology, Enabling Technology, Industry (Process and Discrete) and Geography (North America, Europe, Asia Pacific, Rest of World) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global smart manufacturing market was valued at USD 88.7 billion in 2021 and is projected to reach USD 228.2 billion by 2027; it is expected to grow at a CAGR of 18.5% from 2022 to 2027.
Market for digital twins expected to grow at the fastest rate during the forecast period
The smart manufacturing market by enabling technologies for digital twins is expected to grow at a CAGR of 68.9% from 2022 to 2027, reaching USD 43,614.8 million by 2027, from USD 2,124.7 million in 2021. Digital twins are being increasingly used as a means of connecting information about a physical product and its behavior in the real world with a 3D digital representation, which is commonly employed during engineering and other areas of business.
For instance, Dassault Systems (France) introduced the virtual twin concept that enables design and engineering teams to visualize and analyze products or systems virtually and provide insights similar to physical behaviors, including stress and vibration, as well as behaviors associated with software and control systems.
Automotive industry to hold largest share of Smart manufacturing market in 2027
The automotive industry dominates the smart manufacturing market with the highest market share and is expected to grow at the rate of 29.1% during the forecast period owing to changing consumer preferences and the inefficiency of traditional processes. Changing consumer preferences, technological advancements, and the introduction of regulations associated with the automotive industry are responsible for the high complexity of automobile products. Automobiles are extremely complex and technologically sophisticated products.
Manufacturing them requires advanced technological methods and processes. Technological innovations such as electric- and gas-powered vehicles lead to infrastructural changes in the automotive industry; also, the latest machines and equipment replace the need for human operators for most of the crucial processes in the automotive industry, resulting in the adoption of smart manufacturing technologies.
Smart manufacturing market in APAC to grow at the highest CAGR
The major factors driving the growth of the smart manufacturing market in APAC are the rising demand for smart tools due to increasing automation in industries; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increasing need to optimize productivity and reduce operational and maintenance costs. Government support in various APAC countries to drive industrialization is one of the important factors that will boost the demand for smart manufacturing in the coming years. Various initiatives have been taken by the governments in the region.
For instance, China's "Made in China 2025," Japan's "Industrial Value Chain Initiative (IVI)," South Korea's "The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)," and India's "Samarth Udyog Bharat 4.0," are likely to play major roles in industrial advancement and consequently create growth opportunities for the smart manufacturing market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities for Smart Manufacturing Market
4.2 Smart Manufacturing Market, by Information Technology
4.3 Smart Manufacturing Market, by Enabling Technology
4.4 Smart Manufacturing Market, by Process Industry
4.5 Smart Manufacturing Market, by Discrete Industry
4.6 Smart Manufacturing Market, by Geography
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Emphasis on Smart Manufacturing in Manufacturing Processes
5.2.1.2 Increasing Government Involvement in Supporting Smart Manufacturing
5.2.1.3 Growing Emphasis on Regulatory Compliances
5.2.1.4 Surging Demand for Software Systems That Reduce Time and Cost
5.2.2 Restraints
5.2.2.1 High Investments and Costs Involved in Implementing Smart Manufacturing Solutions
5.2.2.2 Lack of Standardization Among Equipment Manufacturers and in Connectivity Protocols
5.2.2.3 Requirement of Maintenance Attributed to Frequent Software Upgrade
5.2.3 Opportunities
5.2.3.1 Increase in Adoption of IIoT and Cloud Technologies
5.2.3.2 Increased Integration of Different Solutions to Provide Improved Performance
5.2.3.3 Rapid Industrial Growth in Emerging Economies
5.2.4 Challenges
5.2.4.1 Threats Related to Cybersecurity
5.2.4.2 Complexity in Implementing Smart Manufacturing Technology Systems
5.2.4.3 Lack of Skilled Workforce
5.3 Value Chain Analysis
5.4 Ecosystem
5.5 Trends/Disruptions Impacting Customer's Business
5.6 Porter's Five Forces Analysis
5.6.1 Threat of New Entrants
5.6.2 Threat of Substitutes
5.6.3 Bargaining Power of Suppliers
5.6.4 Bargaining Power of Buyers
5.6.5 Degree of Competition
5.7 Case Study
5.7.1 Use Case 1: Microsoft Corporation
5.7.2 Use Case 2: Ptc Inc.
5.7.3 Use Case 3: Renishaw
5.8 Pricing Analysis
5.8.1 Industrial Safety Components
5.8.2 Industrial Robots
5.8.3 Industrial 3D Printing
5.8.4 Industrial Sensors
5.8.5 Industrial Machine Vision Systems
5.9 Trade Analysis
5.9.1 Industrial Robots
5.9.2 Regulating or Controlling Instruments and Apparatus
5.10 Patent Analysis
5.10.1 List of Major Patents
5.11 Technology Trends
5.12 Standards & Regulatory Landscape
6 Smart Manufacturing Market, by Information Technology
6.1 Introduction
6.2 Human-Machine Interface
6.2.1 By Offering
6.2.1.1 Software
6.2.1.1.1 Hmi Software Enhances Efficiency of Production Processes
6.2.1.2 Hardware
6.2.1.2.1 Evolution of IIoT Leading to Adoption of Hmi
6.2.2 By Configuration Type
6.2.2.1 Increasing Requirement for High Efficiency and Monitoring in Manufacturing Plants Expected to Drive Hmi Market
6.3 Plant Asset Management
6.3.1 Surge in Adoption of Pam Systems to Reduce Downtime and Wastage in Manufacturing Plants to Fuel Market Growth
6.3.2 By Offering
6.3.2.1 Pam Solutions Help Improve Operational Efficiency of Business Processes
6.3.3 By Deployment
6.3.3.1 Cloud (Online) Deployment Mode is Gaining Popularity due to Growing Demand for Advanced Technologies
6.3.4 By Asset Type
6.3.4.1 Pam Solutions are in Demand for Production Assets Such as Monitoring, Rotating, and Reciprocating Equipment
6.4 Manufacturing Execution System
6.4.1 Cost-Saving and Operation Optimization Benefits of Mes to Drive Its Demand
6.4.2 By Deployment Type
6.4.2.1 Market for Hybrid Deployment to Grow at Highest Rate During Forecast Period
6.4.3 By Offering
6.4.3.1 Reduction in Manufacturing Cycle Time and Electronic Maintenance of Data are Major Drivers for High Demand of Manufacturing Execution Systems
6.5 Warehouse Management System
6.5.1 By Offering
6.5.1.1 Digitization of Supply Chain Management Propels Growth of Warehouse Management System Market
6.5.2 Implementation Type
6.5.2.1 Increasing Adoption of On-Cloud Wms Solutions
6.5.3 By Tier Type
6.5.3.1 Rising Demand for Wms from Several Industries
7 Smart Manufacturing Market, by Enabling Technology
7.1 Introduction
7.2 Industrial 3D Printing
7.3 Robots
7.4 Industrial Sensors
7.5 Ai in Manufacturing
7.6 Machine Condition Monitoring
7.7 Industrial Machine Vision
7.8 Industrial Cybersecurity
7.9 Digital Twins
7.10 Automated Guided Vehicles
7.11 Ar and Vr in Manufacturing
7.12 5G Industrial Iot
8 Smart Manufacturing Market, by Industry
8.1 Introduction
8.2 Process Industry
8.3 Discrete Industry
8.3.1 Automotive
8.3.1.1 Technological Innovations in Automotive Industry Drive Smart Manufacturing Market Growth
8.3.2 Aerospace & Defense
8.3.2.1 High Equipment Costs Encourage Adoption of Smart Manufacturing Technologies to Avoid Equipment Failure Risks
8.3.3 Semiconductor & Electronics
8.3.3.1 Continuous Advancements in Semiconductor & Electronics Industry Drive Demand for Smart Manufacturing Solutions to Increase Productivity
8.3.4 Medical Devices
8.3.4.1 Increasing Demand for Smart Manufacturing Solutions for Higher Efficiency in Manufacturing Processes
8.3.5 Machine Manufacturing
8.3.5.1 Surging Demand for Predictive Maintenance to Propel Smart Manufacturing Market Growth
8.3.6 Others
9 Geographic Analysis
10 Competitive Landscape
10.1 Introduction
10.2 Key Player Strategies/Right to Win
10.2.1 Overview of Strategies Deployed by Key Players in Smart Manufacturing Market
10.3 Top 5 Company Revenue Analysis
10.4 Market Share Analysis of Top Players, 2020-2021
10.5 Competitive Evaluation Quadrant, 2020
10.5.1 Star
10.5.2 Emerging Leader
10.5.3 Pervasive
10.5.4 Participant
10.6 Small and Medium-Sized Enterprises (Sme) Evaluation Quadrant, 2020
10.6.1 Progressive Company
10.6.2 Responsive Company
10.6.3 Dynamic Company
10.6.4 Starting Block
10.6.5 Smart Manufacturing Market: Company Footprint
10.6.6 Smart Manufacturing Market: Startup Matrix
10.7 Competitive Situations and Trends
10.7.1 Product Launches
10.7.2 Deals
10.8 Lucrative Growth Opportunities for Smart Manufacturing Market
10.8.1 North America
10.8.2 Europe
10.8.3 APAC
10.8.4 Rest of the World (Row)
11 Company Profiles
11.1 Key Players
11.1.1 3D Systems
11.1.1.1 Business Overview
11.1.1.2 Products Offered
11.1.1.3 Recent Developments
11.1.2 Abb
11.1.3 Cisco
11.1.4 Emerson Electric Co.
11.1.5 General Electric
11.1.6 Honeywell International Inc
11.1.7 Ibm
11.1.8 Mitsubishi Electric Corporation
11.1.9 Rockwell Automation Inc
11.1.10 Schneider Electric
11.1.11 Siemens
11.1.12 Oracle
11.1.13 Sap
11.1.14 Stratasys
11.1.15 Yokogawa Electric Corporation
11.2 Other Key Players
11.2.1 Cognex Corporation
11.2.2 Google
11.2.3 Intel
11.2.4 Keyence
11.2.5 Nvidia
11.2.6 Ptc
11.2.7 Samsung
11.2.8 Sony
11.2.9 Universal Robots
11.2.10 Omron Corporation
12 Adjacent & Related Markets
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/smwlvh
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