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.
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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.
Manufacturing execution systems held second-largest share of smart manufacturing market, by information technology, in 2019
Manufacturing companies are increasingly adopting advanced technologies, such as the cloud, to gain competitive advantage by accelerating their growth through improved efficiency throughout their manufacturing process. This is driving the adoption of more scalable and flexible MES solutions. Cloud technology has made significant advancements in the past few years. Cloud-based MES enables businesses to get the most from the manufacturing process, even if it is a large, multi-factory global operation or a single production line. Cloud-based MES helps integrate the operations taking place on a plant floor with the systems in the top management for effective monitoring and decision making.
COVID-19 Impact on Smart Manufacturing Market Special Report@ https://www.marketsandmarkets.com/Market-Reports/covid-19-impact-on-smart-manufacturing-market-131502510.html
Energy & power industry to hold largest size of smart manufacturingmarket in 2025
Technological advances in developing markets such as India, China, Brazil, and the Middle East are likely to create significant opportunities for automation in these markets. As a result, a number of smart manufacturing solution providers have targeted this industrial sector. The power industry is growing rapidly because of the globally rising demand for energy. This results in high pressure on power-manufacturing companies to deliver cheap and reliable energy. Also, it becomes necessary for power-manufacturing companies to utilize available resources efficiently, reduce maintenance costs, and further enhance plant performance. Moreover, PAM and HMI solutions help power plant owners, operators, and original equipment manufacturers (OEMs) make improved business decisions regarding the performance and operational readiness of their assets.
Smart manufacturingmarket 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).
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