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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The pharmaceutical industry is expected to grow at the highest CAGR among process industries within the smart manufacturing market
The pharma industry is the most active in the current market situation. We don’t see any negative growth for this industry, but there will be a moderate impact of COVID-19 on the pharma industry. The majority of active pharmaceutical ingredients (API) and generics are being developed in two major countries, i.e., China and India. At present, due to the pandemic both the countries are in lockdown. This has created severe disruption in the supply chain, affecting the production of pharmaceutical products. Since the manufacturing facility is still active, the demand for smart manufacturing solutions and services is also expected to continue. Most active smart manufacturing technologies in the ecosystem of pharma companies can function via remote monitoring & predictive maintenance, cloud computing & big data analytics, supply chain analytics, 3D printing, and Industrial Internet of Things, among others.
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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