Thursday, 21 May 2020

Pharmaceuticals industry to exhibit high growth in smart manufacturing market during forecast period

The 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 2025", is expected to be worth USD 214.7 billion in 2020 and USD 384.8 billion by 2025, growing at a CAGR of 12.4% from 2020 to 2025. Factors that drive the growth of the market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, rising emphasis on regulatory compliances, increasing complexities in the supply chain, and surging demand for software systems that reduce time and cost.

Pharmaceuticals industry to exhibit high growth in smart manufacturing market during forecast period

The market for the pharmaceuticals industry is expected to grow at the highest CAGR among process industries from 2020 to 2025. As pharmaceuticals manufacturing is a complex process, it requires proper end-to-end monitoring to achieve operational efficiency. Manufacturers face problems such as growing cost pressures, regulatory and safety guidelines, and increasing demand for diverse product portfolios. Technologies such as MES, EMI, and HMI help manufacturers standardize their workflow and minimize lead times by eliminating the time required for approval from various bodies such as FDA.

Smart manufacturing market in APAC to grow at highest CAGR from 2020 to 2025

The smart manufacturing market in APAC is expected to grow at the highest CAGR globally from 2020 to 2025. China is one of the fastest-growing economies in the world and a global manufacturing hub for semiconductor and automotive industries. This is leading to the increasing adoption of advanced manufacturing technologies such as HMI, MES, AI, condition monitoring, AGV, and WMS. Smart manufacturing technologies are used in these industries to enhance the overall performance of manufacturing plants and improve production output. In addition, the growing economy and technological developments in various industries encourage the application of these technologies for monitoring and controlling production processes.

A few other 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).
Post COVID-19, the global smart manufacturing market 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 ~16% as compared to pre-COVID-19 evaluation.
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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