Smart Manufacturing Market is set to reach US$548.14 Bn by 2024; Government Encourage SMEs to Adopt Smart Manufacturing System Favors Market Growth: Transparency Market Research
ALBANY, New York: The global smart manufacturing market is highly segmented in nature, notices Transparency Market Research in a recent study. The players in the market are spending hefty amount behind the research and development activities in order to produce enhanced and efficient products. Players are relying on latest technology to increase their production rate which will help them to formulate brand name and attract more consumer. Most of the key players in the market are opting for tactics and strategies such as partnerships, mergers, and take overs which are likely to widen their customer reach. Some of the major players in the market are Siemens AG, Emerson Electric Company, ABB Ltd., Johnson Controls Inc., and Honeywell International Inc.
According to Transparency Market Research, the global smart manufacturing market is predicted to expand at stellar CAGR rate of 13.2% during the forecast period 2016 – 2024. The market which was valued at US$159.05 bn by the end of the 2015 and is likely to be valued at US$548.14 bn by the end of the 2024. On the basis of end user type, the market can be segregated into food and beverage, energy, consumer electronics, pharmaceuticals, automotive, aerospace and defense, and other industries. Of these aerospace and defense sector to contribute the most owing to high demand for quality controlled and customizable equipment. On the basis of geography, Asia Pacific is anticipated to dominate the market owing to emerging economic and surge in investments.
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Availability of Advanced Technologies Bodes Well with Market Growth
Gaining visibility over the value chain and increasing production efficiency are two major reasons that are driving the global market. Apart from these availability of advanced technologies like Manufacturing Execution Systems (MES), plant asset management solutions, and 3D printing are boding well with the market growth. Surge in number of initiatives undertaken by government to foster smart manufacturing adoption is considered to favor the market growth. Flow of fund from government to help SMEs to uptake smart manufacturing is bolstering the market growth. Evolution of industrial sector has contributed significantly to the market. Players who have provided logical solutions to SMEs are likely to enjoy various opportunities in near future. Unique selling points such as maximum efficiency is boosting the sales rate of the market product. Low cost with enhanced productivity is helping the market to gain acceleration.
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High Initial Costs and Frequent Investment for Research and Development Deters Market Growth
The market is surrounded by several drivers, however, it has been noticed that it is confronted with restrains which are expected to deter the market growth. The high initial costs required for setting up is considered to be one of the major restraint hampering the market growth. Apart from this, continuous investment behind the research and development to produce innovative products are predicted to dissuade new players to enter the competition. Surge in cyber-attack cases throughout the world is anticipated to pull down the market growth.
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This review is based on the findings of the research report published by Transparency Market Research titled “Smart Manufacturing Market (Technology – Manufacturing Execution System (MES), Programmable Logic Controller (PLC), Supervisory Controller and Data Acquisition (SCADA), Distributed Control System (DCS), Enterprise Resource Planning (ERP), Human Machine Interface (HMI), and Machine Vision; End User – Automotive, Food and Beverage, Pharmaceuticals, Aerospace and Defense, Consumer Electronics, and Energy) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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