ALBANY, New York, October 15, 2018 /PRNewswire/ --
The global smart manufacturing market depicts the presence of a highly competitive and fragmented vendor landscape, says Transparency Market Research on the basis of a recently published report. Such a competitive scenario mainly exists owing increasing number of developments happening in technology coupled with mammoth infrastructural investments made by most players. Many companies are implementing prime strategies such as mergers & acquisitions, partnerships, and collaborations to improve their stature in the market. Some of the important companies operating in this market are: Johnson Controls Inc., Honeywell International Inc., ABB Ltd., Siemens AG, and Emerson Electric Company, among several others. With new players expected to dominate the vendor landscape, the competition is expected to highly intensify in the near future.
As per expert analysts, the global smart manufacturing market is estimated to register an overall valuation of US$548.14 bn by 2024, which is a decent growth from an initial revenue worth US$159.05 bn that was clocked in 2015. This growth is expected to occur at a splendid CAGR of 13.2% during the forecast period ranging from 2016 to 2024.
Region-wise, the global smart manufacturing market is segregated into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of these, Asia Pacific is anticipated to depict maximum growth at a robust CAGR of 13.6% during the mentioned forecast period. This growth is majorly projected to occur owing to a rising demand for improved production methods among most companies. Changing lifestyles, increasing investments in production activities, and efficient marketing of the products, too is responsible for making Asia Pacific hold a leading position in the global smart manufacturing market.
Rapid Industrialization Majorly Responsible for Boosting Growth in Market
A rapid growth happening in the application of Internet-of-Things technology is majorly driving the growth in the smart manufacturing market from a global perspective. Moreover, with rising adoption of analytics tools, the market is witnessing extensive expansion in recent times. With rising access to the Internet, a humungous change has occurred through which the manufacturing processes of various products, goods, and commodities have become highly efficient. Coupled with this, a rising demand for cost reduction and improved commercial processes too is driving the demand for smart manufacturing market. In addition, several electronic components have witnessed a fall in costs, thus calling for the manufacturing of smart machines that can aid product supply, consequently improving revenue generation. With technical progress happening on an almost daily basis across numerous industrial sectors, countless organizations are adopting smart manufacturing systems, thereby boosting growth in the associated market.
High Costs of Systems Stunt Smart Manufacturing Market's Expansion
However, a high risk of cyber-attacks on such highly efficient systems is a key factor hindering growth in the global smart manufacturing market. Moreover, the overall manufacturing of these machines is substantially expensive. This might discourage those having less disposable income/capital form utilizing the associated services. In addition, remote and underdeveloped regions might showcase a shortage of smart manufacturing machines, thus restraining the market from a geographical perspective. With frequent investments necessary for carrying out extensive research and development, small companies having less capital might find it difficult to sustain their presence in the global smart manufacturing market. However, several players expected to introduce cost-regulated systems, thus offsetting most restraints affecting the market.
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."
A rapid growth happening in the application of Internet-of-Things technology is majorly driving the growth in the smart manufacturing market from a global perspective.
With new players expected to dominate the vendor landscape, the competition is expected to highly intensify in the near future.
Industrial Automation Market (Automation Type - Distributed Control System (DCS), Programmable Logic Control Systems (PLC), Machine Vision Systems, Manufacturing Execution Systems (MES), Human Machine Interface (HMI), Supervisory Control and Data Acquisition (SCADA), Product Lifecycle Management (PLM), Plant Asset Management, Computer Numerical Control (CNC) Routers, and Electronic Control Units (ECU); Industry - Automotive and Transportation, Metals and Mining, Energy and Power System, Chemical, Material, and Food, Measurement and Instrumentation, Environment and Building Technologies, Heavy Industries, Oil and Gas, Pulp and Paper, and Hydro Power):https://www.transparencymarketresearch.com/industrial-automation-market.html
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