New York, USA, Nov. 02, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global smart manufacturing market is expected to garner a revenue of $303.0 billion by 2026, growing exponentially at a CAGR of 6.4% during the forecast period 2019-2026. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Influencing the CAGR Figures Pre and Post COVID-19 Outbreak
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market is predicted to grow at a CAGR of 6.4% during the forecast period, while it was anticipated to be 14.4% in the pre-COVID-19 scenario from 2019 to 2026. Numerous manufacturing industries across the globe were partially shut down, owing to the prevalence of lockdowns in various countries. In addition, major demand of smart manufacturing systems was from the automotive industry, where production was drastically reduced during the pandemic due to the decline in vehicle sales. These factors are expected to impede the growth of the smart manufacturing market during the forecast period.
Factors Impacting the Market Size Pre and Post COVID-19 Outbreak
According to the report, the real-time smart manufacturing market size has significantly decreased compared to the pre-COVID-19 estimations. The real-time market size reached a revenue of $175.0 billion in 2020, while its estimations were $228.9 billion during the pre-COVID scenario. China was considered as the major manufacturing hub for delivering raw components to various production industries across the globe. The coronavirus outbreak started from China, and hence the export of raw components was hindered due to the stringent travel restrictions imposed by the government. In addition, extortionate initial investment and massive installation cost is further expected to impede the growth of the global smart manufacturing market during the forecast period.
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Post-Pandemic Insight
As per the report, the global smart manufacturing market is expected to recover in the 2nd/3rd quarter of 2023. Rising number of small and medium size enterprises across the globe is expected to create ample opportunities for the growth of the market. In addition, persistent technological advancements like the integration of internet of things (IOT) and cloud platforms in automation processes for enhanced performance is further expected to accelerate the growth of the global smart manufacturing market in the post-pandemic era.
The Prominent Players of the Smart Manufacturing Market Include -
- GENERAL ELECTRIC
- Rockwell Automation
- Emerson Electric Co.
- FANUC Corporation
- Honeywell International Inc.
- Schneider Electric
- Siemens
These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolio, mergers & acquisitions, collaborations, and business expansions.
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For instance, in July 2021, Cognizant, an American multinational technology company that provides business consulting, information technology and outsourcing services, acquired TQS Integration, a privately owned global industrial data and intelligence company, in order to enhance Cognizant’s smart manufacturing offerings.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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