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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Disruption in the supply chain of the manufacturing industry may adversely impact the demand for smart manufacturing products and solutions
Coronavirus has emerged from Wuhan (China), which is home to many of the factories that supply components, parts, and semi-finished products to several manufacturing units across the world. To contain the spread of the virus, Wuhan was kept under lockdown for approximately two months. During these months, manufacturing units were closed and were not able to manufacture any products. This created a ripple effect throughout the world’s manufacturing facilities and ruptured the entire supply chain. The most affected manufacturing units are:
- Those that are working on Just in Time Model, where they need the raw material exactly when they are required.
- Those that are entirely dependent on China as a source of raw materials, semi-finished goods, etc.
Because of this situation, most of the manufacturing companies around the world are currently focusing on saving their business and cash flow, rather than investing in smart manufacturing products and solutions.
Key Market Players
Some of the leading companies in the smart manufacturing market include 3D Systems (US), CISCO (US), Emerson Electric (US), General Electric (US), Honeywell (US), IBM (Europe), Mitsubishi Corporation (Japan), Schneider (Europe), Siemens (Europe), Oracle (US), SAP (Europe), Yokogawa (Japan), and Stratasys (US).
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