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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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.
The manufacturing execution systems segment is expected to witness positive growth in smart manufacturing market, by information technology
Manufacturing execution systems (MES) offer companies the ability to monitor real-time production and the other operations of manufacturing plants. This greatly reduces the need for onsite, shop floor employees, thereby abiding by the lockdown and social distancing mandates to fight COVID-19. The ease of use and the ability to monitor operation activities from a safe distance gives thrust to the use of the manufacturing execution system as part of smart manufacturing. Because of this, the market for MES is expected to register a higher market size in 2020 as compared with 2019, post-COVID-19. However, post-COVID-19, the overall growth rate is expected to decline significantly for 2020 and 2025 when compared with growth estimated before COVID-19, which was double-digit%.
The aviation industry is expected to be most impacted by the COVID-19 in smart manufacturing market in 2020
The global aviation industry is way ahead in terms of the adoption of smart manufacturing solutions than any other sector. Some of the important smart manufacturing solutions adopted in this industry for developing aircraft components include software simulators, remote monitoring solutions, virtual reality solutions, and AI-based supply chain management systems. However, due to the rapid spread of COVID-19, companies such as Boeing, Airbus, Bombardier, and Embraer have either stopped or reduced aircraft production. This has created an adverse impact on the demand for smart manufacturing solutions used in the aviation industry. The aerospace & defense sector is expected to witness negative Y-o-Y growth for 2020 owing to the supply chain disruptions and restriction on travel caused by lockdowns in several countries across the world.
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.
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Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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