Global Smart Manufacturing Market - Analysis of Growth, Trends and Forecasts (2018 - 2023)

Princeton, NJ -- (SBWire) -- 05/31/2018 --The Global Smart Manufacturing market was valued at USD 211.97 billion in 2017, and is expected to reach a value of USD 595.29 billion by 2023 at a CAGR of 18.78%, during the forecast period (2018-2023). The scope of the report is limited to products offered by major players for smart manufacturing including Programmable Logic Controller, Supervisory Controller and Data Acquisition, Enterprise Resource and Planning, Distributed Control System. While the end users considered in the scope of the report include Automotive, Semi-Conductor, Oil & Gas, Chemical & Petrochemical, Pharmaceutical, Aerospace & Defense, Food & Beverage, and Mining. The study also emphasizes on various attack points on materials used for smart manufacturing and various regions considered globally.

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The continuous growth in the adoption of analytical solutions, and the growing concentration on cost reduction and business process proficiency, is expected to boost the smart manufacturing market. The market also has lucrative prospects, as leading players are offering a technologically advanced solution to small and medium-sized businesses (SMB's). The new solutions are garnering a positive image, as they are specifically designed to overcome the modern-day production challenges.

The ability to ensure maximum efficiency, and efficient utilization of resources, is the major differentiator of smart manufacturing technologies. Consequently, increasing number of manufacturers are using these technologies for setting standards, for effective trade-off decisions, maintenance, operation, risk assessment, control, logistic, business, and operation.

Increasing Deployment of IoT Systems in Manufacturing Leads to Growth of Smart Manufacturing Market
The next industrial evolution is Industrial Internet of Things, which connects everything within the industrial environment, and provides complete operational visibility, besides allowing real-time decisions. The world leaders are fuelling the connected enterprise strategies, as the industry is moving toward increased usage of IoT applications. The deployment of smarter manufacturing infrastructure, which is based on IoT techniques, helps the companies establish and maintain a wealth of knowledge across control methods, manufacturing, and business processes. The IoT in industry helps connect various sensors & devices through networking, which enable analytics of events and issues. It will provide an overall status of the devices, which in turn will lead to reduced costs, reduced waste, and elimination of loss. The strategic move to Industrial 4.0, which is referred to as the highly industrialized economy moving through IoT and M2M, is greatly helping in increasing efficiency through analytical insight, reducing system failures through predictive analytics, and optimizing the costs by cutting on wastage. For instance, Lido Stone Works, a premium supplier of stone materials, which leveraged IoT and M2M solutions for their industrial automation, experienced a revenue growth by almost 70%, and increased productivity by almost 30%.

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PLC Systems Contribute to Reduce Down Time in Manufacturing Scenario

Machine downtime is one of the major factors that affect the manufacturing efficiency. Downtime is defined, as a halt in the manufacturing, or any other industrial process, due to the unavailability of a machine. Machine downtime also results in additional costs for manufacturers, which increases the production cost, thus, resulting in production losses, or decreased profit margin. The additional costs include Idle labor pay, repair of machinery, additional power costs, additional resources, and over time running costs. It is estimated that downtime is responsible for 20% of the total manufacturing losses.

Deployment of PLC systems can help reduce the machine downtime drastically. Since these systems are automated, they can identify and rectify an error without human intervention. The systems are designed to monitor the machine, working continuously to detect any error or malfunctioning of the machinery, and initiate a rapid response. Downtime of machines can be reduced from 20% to 4%, by the use of automated PLC systems. Increased need for reducing the system downtime is boosting the market.

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High Growth in Canada Market and Factors for the Growth

Canadian manufacturers rely on innovation and investment in technologies, in order to be competitive. In an environment of increasing input, labor costs and competition from the large global manufacturers, it is necessary to invest in technologies, to remain competitive and maintain the operating margins. With over five heavy-duty assembly plants, over 540 OEM parts manufacturers, 400 dealerships, and many other automotive related industries, Canada is the 9th largest vehicle producer in the world, and this sector is the biggest contributor to the manufacturing industry of the country. The manufacturing industry is estimated to contribute approximately 11% to the Canadian GDP. The manufacturing sector is the largest investor in R&D and implementation of new technologies, in Canada. The government has also taken many initiatives, such as lowering taxes for new investments, various trade agreements with other countries (improved trade opportunities), investments in new technologies, and many skill-training programs, which have helped the manufacturing sector to boom in Canada.

Key Developments in the Global Smart Manufacturing market
- November 2017 - Yokogawa Electric Corporation announced the release of an enhanced version of the STARDOM network-based control system, in the first quarter of fiscal year 2018. This new version of the STARDOM system is expected to include a new E2 bus interface module that has been developed for use in FCN-500 autonomous controller extension units
- November 2017 - Schneider Electric launched a new service designed to help industrial manufacturers modernize their programmable logic control (PLC) systems safely. By reducing downtime and disruption to the operation, the service may provide an easier migration to the company's Modicon M580 programmable automation controllers
- September 2017 - Siemens and Fair Friend Enterprise Co entered into a partnership. The aim of the extended partnership was to consolidate the integration of the Siemens Digital Enterprise Suite across the Taiwanese business, and to integrate innovative Siemens digitalization and automation technologies into FFG's mahine tools and machine tool technologies

Major Players: ABB LTD., HONEYWELL INTERNATIONAL INC., FANUC CORPORATION, MITSUBISHI ELECTRIC, EMERSON ELECTRIC COMPANY, ROCKWELL AUTOMATION INC., SCHNEIDER ELECTRIC, GENERAL ELECTRIC COMPANY, ROBERT BOSCH GMBH, SIEMENS AG, and YOKOGAWA ELECTRIC CORPORATION, amongst others.

Reasons to Purchase this Report
- Examining the effects of adoption of Global Smart Manufacturing in market scenario
- Analyzing various perspectives of the market with the help of Porter's five forces analysis
- Technology that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identifying the latest developments, market shares and strategies employed by the major market players
- 3 month analyst support, along with the Market Estimate sheet (in Excel)

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