An overview of the “Industry 4.0: Smart Manufacturing Market” the current state of the industry, market trends, significant market participants, product type, application, and geography are provided at the beginning of the study. It also covers how COVID-19 has affected market participants, end-user industries, future predictions, growth potential, and worldwide market trends.
The Smart Manufacturing Market is expected to expand at a compound annual growth rate (CAGR) of 15.75% during the 2018-2023 period.
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Need for data-driven decision making, intense cost competition, and streamlining of manufacturing processes for higher productivity are the key driving forces of this market.
Key Companies Covered in the Industry 4.0: Smart Manufacturing Market Research are KUKA, ABB Ltd, Cisco Systems, Inc., IBM Security, The Raytheon Company, Stratasys, Ltd., The Emerson Electric Co., Alpine Data Labs, SAP SE, Maersk and other key market players.
Application segment insights:
Advancements in digital technologies such as machine learning, machine vision, and motion control, have led to the higher adoption of industrial automation in several sectors, with greater prominence in the automotive sector. The industrial automation segment occupied the largest market share (49%) globally, in 2017, followed by the Industrial Internet of Things (IIoT) (33%). A concerted effort by the industrial sectors and technology firms have resulted in innovative solutions to cater to IIoT. Smart factories have also shown steady growth, brought about by 3D printing and distributed manufacturing control systems.
End users segment insights:
The highest adoption of smart manufacturing is expected in the aerospace sector, which will expand at a CAGR of 25% during the forecasted period. This is fuelled by the increased production of advanced aircraft, such as the Boeing 787 and Airbus A350. Increased use of robots in industrial control mechanisms will drive the automotive and industrial equipment end users segment, at CAGRs of 15.6% and 11.2% respectively, during the 2018-2023 period. The chemicals and materials, food and agriculture, and healthcare sectors are also some of the promising areas for the implementation of smart manufacturing technologies.
Regional insights:
North America is leading the innovation in the smart manufacturing market, and occupied approximately 27% of the global market in 2017. Massive investments in smart manufacturing technologies, tax subsidies for manufacturers, and innovations in robotics have fuelled the growth of the smart manufacturing market in the region. Asia-Pacific, experiencing high industrialization, occupied a 25% share in 2017. The Latin America and the Middle East and Africa markets though, still at nascent stages, are experiencing decent growth.
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By Geography
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and the Rest of Asia Pacific)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and the Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
- North America (U.S. & Canada)
North America garnered a substantial market share in the Industry 4.0: Smart Manufacturing Market, due to growing demand for Industry 4.0: Smart Manufacturing Market products, and rising disposable income, followed by Latin America, Europe, and the Middle East & Africa respectively.
Presently, the Asia Pacific region conquers the Industry 4.0: Smart Manufacturing Market.
Highlight the Following Key Factors:
► Business Description: a particular description of agency operations and enterprise departments.
► Company Strategy: The analyst’s precis of the company’s commercial enterprise strategy.
► SWOT Analysis: Detailed evaluation of the company’s strengths, weaknesses, opportunities, and threats.
► Company History: The development of predominant occasions associated to the company.
► Main merchandise and services: A listing of the company’s fundamental products, services, and brands.
► Main Competitors: A listing of the company’s fundamental competitors.
► Important places and subsidiaries: The company’s major places and subsidiaries’ listing and contact information.
► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.
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