The smart manufacturing market estimated at $150.24 billion in 2015 is projected to reach $355.36 billion by 2020,at a CAGR of 18.79% over the forecast period.
Smart manufacturing has the potential to elevate the standards on the production frontier, with new technology advancements offering ground-breaking industry-wide applications. Product customizations and cost-effective production are some of the unique positives achieved by smart manufacturing, through machine-to-machine communication, which increases efficiency through the application of machine learning.
The major drivers for the growth of this market include increased focus of industries on cost-effective and efficient production techniques, IT-driven - optimized smart plants facilitating global competitiveness and thereby, improving performance and facilitating manufacturing process innovation. However, the sudden switch from the traditional manual workforce to the implementation of automated manufacturing is a very complex process, which requires a skilled workforce and an effective cyber security procedure and could hinder the growth of the market.
Smart manufacturing industry help firms to create value form data. The integration of smart technology in the manufacturing process shall lead to data collection and processing in large amounts. This manufacturing knowledge can be instrumental in industry-wide communication and exploration of new horizons on the manufacturing front.
Key market players
The leading companies with majority of the market share in the global smart manufacturing market are:
- ABB Ltd
- Honeywell International Inc
- Johnson Controls Inc
- Emerson Electric Company
- Rockwell Automation
- Schneider Electric
- General Electric Company
- Robert Bosch GmbH
- Siemens AG