Post COVID-19, the "COVID-19 Impact on 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 2025" size is estimated to grow from USD 181.3 billion in 2020 and projected to reach USD 220.4 billion by 2025, at a CAGR of 4.0%. The estimation for 2020 is down by approximately 16% as compared to pre-COVID-19 evaluations.
Factors that drive the growth of the smart manufacturing market include the increasing demand for smart manufacturing products & solution propelled by COVID-19, the importance of digital twin in maintaining operations within the manufacturing ecosystem, and the emerging & expanding role of collaborative robots in healthcare and manufacturing sectors.
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Some of the companies involved in the development of smart manufacturing solutions include 3D Systems (US ), CISCO (US), General Electric (US), Honeywell (US), IBM (Europe), Mitsubishi Corporation (Japan), Schneider (Europe), Siemens (Europe), Oracle (US), SAP (Europe), Yokogawa (Japan) and Stratasys (US).
The temporary shift to the manufacturing of essential medical items is expected to boost the smart manufacturing market growth
Due to the negative impact of COVD-19, some of the non-medical manufacturing companies have started manufacturing medical-related products such as masks, ventilators, and related components, sanitizer, and others. This is one such way to minimize the impact of COVID-19 by the manufacturing companies. However, this is not a long term strategy for survival, and companies have to focus on innovation to survive the pandemic.
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The temporary shift to the manufacturing of essential medical items is expected to boost the smart manufacturing market growth
Due to the negative impact of COVD-19, some of the non-medical manufacturing companies have started manufacturing medical-related products such as masks, ventilators, and related components, sanitizer, and others. This is one such way to minimize the impact of COVID-19 by the manufacturing companies. However, this is not a long term strategy for survival, and companies have to focus on innovation to survive the pandemic.
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