According to the new research report "Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2023 ", The smart manufacturing market is expected to be worth USD 170.78 billion by 2018 and USD 299.19 billion by 2023, growing at a CAGR of 11.9% from 2018 to 2023. Factors that drive the growth of the market include the Industry 4.0, increasing use of industrial automation in manufacturing, government investments supporting industrial automation, rising emphasis on regulatory compliances, increased complexities in supply chain, and increasing demand for software systems that reduce time and cost.
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Driver : Industry 4.0
Industry 4.0 refers to the new digital industrial trend in which sensors, machines, and IT systems would be connected along the value chain beyond a single enterprise. These interconnected systems interact with one another using standard Internet-based protocols and analyze data to predict failure and accordingly configure variations in the data. The fourth industrial revolution makes it possible to gather and analyze data across machines, thereby enabling faster, flexible, and efficient processes to produce higher-quality products at reduced costs. This increases manufacturing productivity and fosters industrial growth. It also boosts the use of various information technologies such as HMI, MES, PAM, and enabling technologies such as AI, IIoT, machine condition monitoring, and industrial 3D printing. As part of promotion of the Industrial Revolution 4.0, the European Union has decided to support the smart use of information and communications technology (ICT) and the integration of micro- , small- , and mid-sized enterprises (MSMEs) into digital value chains from 2008 to 2014 through its “Horizon 2020”, which is EU’s funding program for R&D.
Restraint: Lack of standardization among equipment manufacturers and in connectivity protocols
Huge capital is required to set up and install industrial automation technologies such as AGVs, EMI, HMI, WMS, and PAM among others. This can discourage manufacturers from adopting industrial automation.
Opportunity: Rising adoption of IoT and cloud platforms
Innovation in cloud has offered new business capabilities and opportunities to enterprises. Companies, nowadays, require advanced machines equipped with the latest maintenance technologies to avoid any interruption in production. Cloud-based alternatives are now preferred over machine-centric or PC-centric models for condition monitoring applications since cloud brings together a large number of computers to operate a single application. The emergence of mobile computing technologies and the proliferation of internet-connected devices and cloud computing platforms have given rise to the Internet of Things (IoT) and the Industrial Internet of Things (IIoT). Cloud computing leverages the power of the Internet to eliminate the need for purchasing, installing, and maintaining independent data centers and networks. The popularity of various IoT cloud platforms, such as IoT Azure, IoT Watson, and Predix, in various industries is growing, which is eventually increasing the need for digital twinning. The cloud computing technology is used to create digital twins that enable machine operators to plan optimally.
Challenge: Threats related to cybersecurity
The industrial sector implements modern security technologies to prevent cyberattacks, but attackers develop new techniques and procedures to bypass these technologies. Investments in security defense and detection technologies help develop effective defense strategies; however, most breaches occur due to human errors, which happen due to lack of awareness about cybersecurity. Lack of awareness about cybersecurity among employees is putting the industrial sector at risk. Advanced cyber threats, which are diverse in nature, target particular vulnerabilities in networks and use these vulnerabilities to get an entry into enterprise networks. Governments worldwide have introduced several rules and regulations pertaining to formal security training, security guides, and awareness programs to secure industrial control systems and keep control engineers, technicians, and operators updated in terms of organizational security policies and procedures.
Smart manufacturing market in APAC to grow at the highest globally CAGR between 2018 and 2023
APAC countries such as China, Japan, and India are the major users of smart manufacturing systems. The adoption of industrial automation in China is increasing rapidly due to growing industrial activities and rising per capita income in the country. This is leading to increasing adoption of advanced manufacturing technologies such as HMI, MES, AI, condition monitoring, AGV, and WMS. China is a major manufacturing hub for semiconductors and electronic components and is one of the prominent aircraft manufacturers. Smart manufacturing technologies are used in these industries to enhance the overall performance of manufacturing plants and improve production output. In addition, growing economy and technological developments in various industries encourage the application of these technologies for monitoring and controlling production processes.
Major factors restraining the growth of the smart manufacturing market include high investment and cost involved in implementation, lack of standardization among equipment manufacturers and in connectivity protocols, constant need for upgrading software, and low adoption of technologies owing to technical issues. Key market players such as 3D Systems (US), ABB (Switzerland), Cisco (US), Daifuku (Japan), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siemens (Germany), and Yokogawa (Japan) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain competitive edge in the smart manufacturing market and expand their distribution networks.
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