Press release
Smart Manufacturing Market Status and Business Outlook 2022 to 2026 - ABB Ltd, Emerson Electric Company, Fanuc Corp., General Electric Co., Honeywell International Inc.
Market Insights Reports has added new statistical data to its repository titled as, Global Smart Manufacturing Market. It provides the industry overview with market growth analysis with a historical & futuristic perspective for the following parameters; cost, revenue, demands, and supply data (as applicable). Furthermore, the report also sheds light on technological platforms, in addition to distinctive tools, and methodologies that will help to propel the performance of industries. The Smart Manufacturing market report covers the post-COVID-19 impact on various regions and major countries and on the future development of the industry is pointed out.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).
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Top Key Players in the Global Smart Manufacturing Market is ABB Ltd, Emerson Electric Company, Fanuc Corp., General Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Texas Instruments Incorporated, Yokogawa Electric Corporation, and others.
Industry News and Update:
- 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.
Market Overview:
Smart manufacturing is a combination of various technologies and solutions which collectively, if implemented in a manufacturing ecosystem. These technologies and solutions are called enablers, which help in optimizing the entire manufacturing process and thus increase overall profits.
Manufacturing IT (MES, ERP, PLM, APC, EAM, etc.); Automation Control System (DCS, PLC, HMI, SCADA, FCS, etc.); Instrumentation & Field Devices (Sensors, Actuators, Drives, Valves, etc.)
The growing emphasis on increasing production efficiency and gaining visibility across the entire value chain are the two major factors driving market growth. In addition, the availability of advanced technologies such as 3D printing, Manufacturing Execution Systems (MES), and plant asset management solutions to small and medium enterprises is further accelerating the industry growth.
Key Market Trends:
Automotive Industry is Expected to Drive the Market Growth
- The prime concern of the automotive industry is the length of a project. Hence, quick return-on-investment projects combined with low-cost automation and cost innovation help manufacturers improve competitiveness through productivity improvement.
- Value streams are expected to become more agile through adaptive manufacturing and extensive utilization of 3D-printing. These value streams are expected to become more software-based.
- Also, automotive manufacturing is getting impetus from smart technologies, Industry 4.0, and IoT. For instance, discrete manufacturing is the manufacturing or production of distinct parts that can be individually touched and counted. The parts are mainly related to assembly lines. Discrete manufacturing includes products, such as cars, automotive parts, etc. that are getting increasingly connected.
- Smart manufacturing is also expected to help in balancing the supply and demand, enhancing product design, optimizing manufacturing efficiency, and significantly reducing waste. Moreover, Industrial robots play a vital role in digital manufacturing, as it creates a virtual and connected ecosystem. Furthermore, it collects data associated with equipment, which is used to enhance the efficiency and scheduling. It also helps in predicting and mitigating any unforeseen error.
Smart Manufacturing Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
Full Browse the report description and TOC:
https://www.marketinsightsreports.com/reports/02082591770/smart-manufacturing-market-growth-trends-covid-19-impact-and-forecasts-2021-2026?Mode=A28
This Global Smart Manufacturing Market report addresses:
– The Market size from 2016-2021
– Expected market growth until 2026
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead the market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place.
Frequently Asked Questions about Global Smart Manufacturing market:
– What are the recent developments and government policies?
– Why might we forecast a downturn in a particular economy next year?
– Why do we say the currency is set to appreciate?
– What countries and sectors offer the highest potential?
– Where are the greatest dangers?
We Also Offer Customization on report based on specific client Requirement:
– Free Country Level analysis for any 5 countries of your choice.
– Free Competitive analysis of any 5 key market players.
– Free 40 analyst hours to cover any other data point
Contact Us:
Irfan Tamboli (Head of Sales) – Market Insights Reports
Phone: + 1704 266 3234 | +91-750-707-8687
sales@marketinsightsreports.com | irfan@marketinsightsreports.com
About Us:
MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides Global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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