COVID-19 Impact on Smart Manufacturing Market | Who are the top five players?

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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Manufacturing execution system in the smart manufacturing market is expected to account for high market share during 2020

Manufacturing execution systems offer companies the ability to monitor real-time production and other operations of manufacturing plants. This greatly reduces the need for onsite, and shop floor employees, thereby abiding by the lockdown and social distancing mandates to fight COVID-19. During Post COVID-19, the market for MES is expected to register a larger market size in 2020 as compared to 2019; however, since manufacturing industries have taken a major hit, it will be challenging to attain the market size estimated pre-COVID-19 by 2025.

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).

Emerson Electric

Emerson Electric Co. manufactures and develops process controls, systems, valves, and analytical instruments. The company offers industrial, commercial, automation, and residential solutions worldwide and operates through two business segments—Automation Solutions and Commercial & Residential Solutions. The company has 220 manufacturing locations across 150 countries, primarily located in Europe and Asia. Emerson Electric provides PAM solutions under its Automation Solutions segment. It caters to industries such as petroleum, chemicals, food & beverages, pulp & paper, pharmaceuticals, and water & wastewater treatment. Recently, Emerson has developed standard assemblies to manufacture masks, gowns, and other related products for frontline health workers. These will be distributed to new customers who can start producing the items required by healthcare workers.

ABB LTD.

ABB operates mainly in areas such as robotics, power, heavy electrical equipment, and automation technology. The company has a presence in Europe, the Americas, Asia, Africa, and the Middle East and operates mainly in areas such as robotics, power, heavy electrical equipment, and automation technology. In 2018, the company sold its Power Grids business to Hitachi (Japan) to focus more on its core business, industrial automation. The Power Grids business is expected to be divested to Hitachi by 2020. ABB’s Robotics and Discrete Automation business is planning on making key software services available free of charge to customers until the end of 2020. The software that will be available free of charge includes ABB Ability™ Connected Services, and RobotStudio®.

The digital twin segment is expected to show positive growth in smart manufacturing market, by enabling technology, throughout the forecast period

To maintain any operational activity, there has to be a physical interaction between humans and machines. There is another alternative method to support manufacturing operations by interacting with the virtual replica of the operating machines in the form of a digital twin. Many engineers believe that in manufacturing, the stage of maintenance, repair, and operations can be done by the utilization of digital twin technology. Post the pandemic, the digital twin market is expected to account for a higher market size 2020 compared to 2019. However, the post-COVID-19 market size in 2020 is less when compared to the pre-COVID-19 estimation for the same year. This is due to the shutdown of several companies, which are facing the cash flow crunch, and thus are not able to invest in newer projects. But manufacturing companies, which are producing essential items, are expected to create a moderate demand for digital twin in 2020 and 2021.

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