New York, NY, Oct. 15, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Global Smart Manufacturing Market Size & Trends 2017: Industry Type, Share, Segments Analysis and Forecast, 2023”.
According to the report, global smart manufacturing market stood at US$ 152.3 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2023, the revenue in this smart manufacturing market is expected to reach US$ 479.01 billion by the end of the forecast period.
With the presence of a large pool of participants, the Global smart manufacturing market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Siemens AG, ABB Ltd., Emerson Electric Company, Schneider Electric, General Electric Company, Honeywell International Inc., and Mitsubishi Electric are some of the key vendors of smart manufacturing across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development state the smart manufacturing market study.
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In the key event that can create undulation across the smart manufacturing sector, in September 2018, Zhejiang Aishida Electric Company Limited invested over USD 147 million on smart manufacturing facilities including industrial robots. Reportedly, the firm is projected to set up smart manufacturing unit featuring robots in Taizhou in Zhejiang Province along with “intelligent valley” in Shanghai.
The global manufacturing sector has been tormented by several factors including uncertainties in the supply of raw materials, rising operational costs, intense competition by local players and many others. As a result, various industry players are looking for options and ways through which they can reduce costs, improve product quality and make manufacturing more efficient. So the improved productivity and reduced cost structure of manufacturing are propelling the growth of smart manufacturing market globally. Smart manufacturing technologies have witnessed a significant growth in the market as it offers ample technological solutions to small and medium-sized enterprises and connected supply chains to its users. Whereas factors such as the high initial cost of set up, and the probability of cyber-attacks to breach the security are hampering the growth of this market. Frequent investments by global players in the research and development activities related to smart manufacturing in order to come up with innovative products are expected to drive the growth of this market.
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Market segmentation of smart manufacturing includes technology, component and end use. The technology segment is divided into PLC, DCS, HMI, MES, PLM, SCADA, and machine vision. The component is further divided into hardware, software, and services. The end use segment is further bifurcated into electronics, healthcare, automotive, oil & gas, aerospace & defense, food & agriculture, industrial equipment, chemicals & materials, and others.
Immense Need for Cost Reduction & Raising Production To Fuel Growth
“Mounting need for reducing costs, enhancing product quality, and large-scale production of goods & services is projected to impel the growth of the smart manufacturing market in the years ahead,” says the author of this study. Apart from this, massive investments witnessed in the manufacturing sector along with the requirement for modernizing control systems will further spur the expansion of the smart manufacturing market in the ensuing years. In addition to this, the rapid acceptance of smart manufacturing systems by various small & mid-sized firms across the manufacturing sector will further stretch the growth graph of the smart manufacturing market towards the positive direction.
High initial costs incurred during the deployment of smart manufacturing systems, however, are likely to restrict the surge of the smart manufacturing market in the forthcoming years.
Browse the full "Smart Manufacturing Market by Technology (PLC, DCS, HMI, MES, PLM, SCADA, and Machine Vision), by Component (Hardware, Software, and Services) for Electronics, Healthcare, Automotive, Oil & Gas, Aerospace & Defense, Food & Agriculture, Industrial Equipment, Chemicals & Materials, and Others by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2023." report at http://www.zionmarketresearch.com/report/smart-manufacturing-market
Massive Use of Smart Manufacturing Technologies to Aid APAC’s Dominance
Regionally, Asia Pacific has been leading the worldwide smart manufacturing market and is anticipated to continue on the dominant position in the years to come, states the smart manufacturing market study. Massive investments for expansion of manufacturing sector along with supportive government legislation are the main factor behind the dominance of the Asia Pacific smart manufacturing market. Huge presence of manufacturing firms across countries such as China, Japan, South Korea, Taiwan, and India adopting smart manufacturing technologies is another significant factor that is supporting the growth of this regional smart manufacturing market.
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The global smart manufacturing market is segmented as follows:
By Technology
- PLC
- DCS
- HMI
- MES
- PLM
- SCADA
- Machine Vision
By Application
- Gastrointestinal Surgeries
- Urology/Gynecology Surgeries
- ENT Surgeries
- Cardiovascular Surgeries
- Neuro/Spinal Surgeries
- Laparoscopy Surgeries
- Arthroscopy Surgeries
- Others
By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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