Smart Manufacturing Market and Forecasts (2021 - 2026)
The global smart manufacturing market was valued at USD 194.63 billion in 2020 and is expected to reach USD 314.39 billion by 2026 and grow at a CAGR of 8.4% over the forecast period (2021-2026).
- Smart manufacturing initiatives are also on the rise. Smart Manufacturing Leadership Coalition (SMLC), a combination of USâ€based industrial organizations, technology suppliers, laboratories, and universities, is currently working on next-generation Smart Manufacturing Platform and Smart Factory connectivity.
- Similarly, the Industrial Internet Consortium (IIC), another industryâ€led initiative, was established to bring together advanced technologies and organizations necessary to accelerate industrial automation growth.
- The use of software and services, such as PLC, SCADA, ERP, DCS, HMI, PLM, and MES, has enabled the industries to gather real-time data and make decisions based on them. This software has been beneficial for the industry in reducing the product's faults, reducing downtime, scheduled maintenance, and switching, from being in the reactive state to predictive and prescriptive stages and decision making.
The smart manufacturing market is moderately competitive and consists of several major players. The major players with the prominent shares in the market are focusing on expanding their customer base across foreign countries. The companies are leveraging strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on autonomous delivery robot technologies to strengthen their product capabilities. Some of the recent developments in the market are:
- July 2020 - ABB opened a new robotics facility to support the digital transformation of manufacturing in India. The facility is expected to offer Indian customers the benefits of Industry 4.0, including robotics and digitalization technologies, to help India become a resilient high-tech manufacturing economy in the world.
- July 2020 - Vivo inaugurated its new smart manufacturing plant in China. The plant is located in Changan Town, China, and will produce 70 million units every year. Vivo's new smart manufacturing plant plays a big part in its efforts to be a wholly self-developed and self-produced smartphone vendor.
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