Global Smart Manufacturing Market Will Reach USD 479.01 Billion by 2023: Zion Market Research
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New York, NY, May 16, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “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’’. According to the report, the global smart manufacturing market was valued at around USD 152.3 billion in 2017 and is expected to reach approximately USD 479.01 billion in 2023, growing at a CAGR of slightly above 15.4% between 2018 and 2023.
The global manufacturing sector has been plagued by numerous factors including uncertainties in the supply of raw materials, increasing operational cost, the intense competition offered by local and regional players and many others. Due to these factors, various industry players are looking for ways which can reduce costs, improve product quality and make manufacturing more efficient. The continuously rising investments in production and manufacturing activities and the need for modernization of control systems has become necessary to compete at international standards, all these factors are fueling the growth of smart manufacturing technology in the global market.
Browse through 42 Tables & 36 Figures spread over 110 Pages and in-depth TOC on "Global Smart Manufacturing Market Size & Trends 2017: Industry Type, Share, Segments Analysis and Forecast, 2023”.
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The adoption of smart manufacturing technologies by global players will provide opportunities for automating operations and use data analytics to improve manufacturing performance. The sound technological knowledge and solutions offered by this technology to the small and medium enterprises is also an important driving factor for this market. Also, the enhanced productivity and reduced cost of manufacturing are fueling the smart manufacturing technology in the global market. However, the high initial cost required for the installation of systems and services are acting as the main restraining factor for the smart manufacturing market.
The segmentation of smart manufacturing market includes technology, component and end use. The technology segment is divided into PLC, DCS, HMI, MES, PLM, SCADA, and machine vision. The component segment is further bifurcated into hardware, software, and services. The end use segment is further divided into electronics, healthcare, automotive, oil & gas, aerospace & defense, food & agriculture, industrial equipment, chemicals & materials, and others.
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The north American region holds a significant share in the overall market share in terms of revenue due to increasing adoption of new technologies and innovations in the smart manufacturing market. Also, it is home to some of the largest multinational companies operating in the market. The rise in research and development activities in the field of IoT for new and improved technologies is the key factor driving the growth of the market in North America. Various companies and business firms in U.S. and Canada are practicing an efficient, affordable, advanced and secure process when it comes to manufacturing in the region. Various European countries including Germany, France, UK, are among the leading adopters of smart manufacturing technologies.
The Asia Pacific is projected to be the largest and dominant smart manufacturing market during the forecast period, owing to growing investments in the development of manufacturing sectors and favorable government regulations. Due to the presence of a large number of manufacturing companies in countries such as China, Japan, South Korea, Taiwan, and India are the leading adopters of smart manufacturing technologies in this region. APAC region is expected to register highest CAGR growth for the next five years for the smart manufacturing market.
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 https://www.zionmarketresearch.com/report/smart-manufacturing-market
Latin America, Middle East, and Africa are likely to have moderate growth for smart manufacturing market during the estimated forecast period. Shifting technological preferences in SME’s coupled with increasing demand for automation in systems is expected to fuel the smart manufacturing market within the forecast period. The smart manufacturing market is segmented into technology, component and end use. The technology segment is divided into PLC, DCS, HMI, MES, PLM, SCADA, and machine vision. The component segment is further bifurcated into hardware, software, and services. The end use segment is further divided into electronics, healthcare, automotive, oil & gas, aerospace & defense, food & agriculture, industrial equipment, chemicals & materials, and others.
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The major players operating in the global smart manufacturing market are Siemens AG, ABB Ltd., Emerson Electric Company, Schneider Electric, General Electric Company, Honeywell International Inc., Mitsubishi Electric, Yokogawa Electric Corporation, FANUC Corporation and Rockwell Automation Inc. among others.
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The report segments global smart manufacturing market as follows:
Smart Manufacturing Market: Technology Segment Analysis
- PLC
- DCS
- HMI
- MES
- PLM
- SCADA
- Machine Vision
Smart Manufacturing Market: Component Segment Analysis
- Hardware
- Software
- Services
Smart Manufacturing Market: End-Use Segment Analysis
- Electronics
- Healthcare
- Automotive
- Oil & Gas
- Aerospace & Defense
- Food & Agriculture
- Industrial Equipment
- Chemicals & Materials
- Others
Smart Manufacturing Market: Regional Segment Analysis
- 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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