Smart Manufacturing Market Global Industry Analysis by Technology, Opportunities, Size, Share, Future Scope, Key Players Growth Analysis & Competitive Analysis 2024

Research Report on “Smart Manufacturing Market 2024” Published on Analytical Research Cognizance Provides Global Industry Analysis and Forecast (2019-2024) – By Component, Technology, End-User, and Geography

Manhattan, United States - June 3, 2019 /MarketersMedia/ —

The Smart Manufacturing Market is expected to register a CAGR of over 9.8% during the forecast period, 2019 - 2024. Industrial automation is expected to grow as battery-operated RF is more extensively adopted, which are sensors that have recently been made available in the market. An example of such a device is a wireless switch that has a ten-year battery lifespan from Digi-Key Electronics. The Internet of Things is driving change in industrial automation. In Germany, the Industrial Internet of Things initiative is taking hold as many new suppliers are entering the market. Moreover, big data and the computing platforms that aggregate and report data together form another area of growth.

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Electronics maker e-magazine estimates that 30% of all new robotic deployments are expected to be smart, collaborative robots that operate three times faster than today’s robots, and are also likely to be safe for working around humans. Collaborative robots had a positive effect on production. MIT researchers found that cobot-human teams were about 85% more productive than either alone at BMW. In December 2017, KUKA and SAP announced that they will work together around Industrial 4.0 and Industrial Internet of Things (IIoT) and collaborate in the areas of manufacturing, mechanical engineering, and the automotive sector to promote the flexibility and automation of production processes.

The impact of robotics is not just in the space of cobots, but also in other areas of IIoT. The estimate for the global robotics industry is expected to exceed USD 151 billion by 2020, driving automation, pushing the demand, and making the industry more ready for smart manufacturing adoption and implementation.

A connected and centralized control system includes some electronic components that are essential for signaling and controlling of the automation systems. Some translate the data from the industrial control systems into human-readable visual representations of the systems.

Through these systems, the operator can see schematics of the systems, turn pumps and switches of machineries on or off, raise or lower temperatures, start air flow or stop it, etc. The software assisting these technologies are usually deployed on Windows-based machines, communicating with programmable logic controllers (PLC) and other industrial controllers. Industrial control systems (ICS) are integrated hardware and software, specially designed to monitor and control the operation of industrial machinery and associated devices in working environments, including those that are designated as critical infrastructure.

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Scope of Report:

The smart manufacturing leadership coalition’s (SMLC) definition states, "Smart manufacturing is the ability to solve existing and future problems via an open infrastructure that allows solutions to be implemented at the speed of business while creating advantaged value." The term "smart" encompasses enterprises that create and use data and information throughout the product life cycle with the goal of creating flexible manufacturing processes that respond rapidly to changes in demand, at low cost to the firm, without damage to the environment. The concept necessitates a life-cycle view, where products are designed for efficient production and recyclability.

Smart manufacturing utilizes big? data?analytics to refine complicated processes and manage supply?chains. Big data analytics allows an enterprise to use smart manufacturing to shift from reactionary practices to predictive ones, a change that targets improved efficiency of the process and performance of the product.

Key Market Trends:

Aerospace and Defence Expected to Register Significant Growth

According to a survey conducted by Capgemini, as of March 2017, 62% of aerospace and defense companies had a smart manufacturing initiative. The survey indicated the dominance of the aerospace and defense sector over the automotive, energy, and utility industries.

The aerospace and defense manufacturers need to organize and manage the expensive assets and operations that involve complex processes. The manufacturers often use various systems to manage these processes, but the real-time visibility of the operations is very low. The lack of real-time visibility makes the optimizing processes and the need to reduce costs serious challenges for the aerospace and defense manufacturers.

Every phase in the assembly process provides an opportunity to add value or reduce risk. Smart factory identifies the assets and connects this information, accurately, with data from the existing plant systems and devices. Hence, this real-time data helps in recognizing any flaw in the aerospace assembly operation. Smart factory enhances the quality control procedures and provides various insights to improve aerospace production operation.

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United States to Witness Significant Growth

The United States is on the verge of the fourth industrial revolution, where data is being used on a large scale for production while integrating the data with a wide variety of manufacturing systems throughout the supply chain.

The United States is also one of the largest automotive markets in the world and is home to over 13 major auto manufacturers. Automotive manufacturing has been one of the largest revenue generators for the country in the manufacturing sector. The formation of the “Advanced Manufacturing Partnership (AMP)” is an initiative undertaken to make the industry, universities, and the federal government invests in emerging technologies.

Table of Content:

Chapter One: Introduction

Chapter Two: Research Methodology

Chapter Three: Executive Summary

Chapter Four: Market Dynamics

Chapter Five: Market Segmentation

Chapter Six: Competitive Landscape

Chapter Seven: Investment Analysis

Chapter Eight: Market Opportunities and Future Trends

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