July 12, 2022 12:40 ET | Source: Straits Research Straits Research

New York, United States, July 12, 2022 (GLOBE NEWSWIRE) -- Smart manufacturing (SM) is a technology-driven strategy that uses Internet-connected equipment to monitor manufacturing. SM aims to find ways to enhance manufacturing performance through data analytics and automate operations. The Industrial Internet of Things (IIoT) has a particular SM application. Sensors are adopted in production equipment to gather information on their operating state and performance during implementations. In the past, that data was stored in local databases on individual devices and was only used to determine the reason for equipment failures after they occurred.

As smart manufacturing becomes more prevalent and more machines are connected via the Internet of Things, they will be better able to communicate, potentially allowing for increased automation.

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Government Support and Developments in Connectivity Technologies (5G) to Drive the Smart Manufacturing Market Smart manufacturing technologies have enormous potential, which governments recognize worldwide. As a result, they encourage and fund R&D for technologies such as IIoT and industrial 3D printing. Various governments are funding IIoT research because they see themselves as potential technology users. To build and operate smart cities in the future, they invest in new IoT implementation and research projects. The introduction of new applications for 3D printing has attracted the curiosity of businesses and governments worldwide. Governments around Asia-Pacific are continually developing initiatives and strategies to digitalize manufacturing plants. For example, in May 2020, the Indian government invested approximately USD 265 million in an "Economic Package." The money was used to start firms in various industries, including agriculture, manufacturing, and healthcare. As a result of this investment, several MSMEs and startups are anticipated to deploy automation software in their manufacturing units, enhancing their productivity and business. As a result, government initiatives to adopt smart manufacturing are expected to drive the market throughout the forecast period. The existing IoT-based smart industrial applications are anticipated to change as the 5G era unfolds. In terms of latency, security, scalability, dependability, and the level of individual control over connectivity parameters, 5G has the ability to alter the way future IoT ecosystems are developed. As the spectrum of IoT application domains develops, more complicated use cases requiring more network capabilities emerge. Such features include support for integrated sensors, more precise device positioning, and high-speed device movement. 5G has the potential to give gigabit-per-second speeds, millisecond latency, and the ability to handle 1,000 times more data than current network technologies. As a result, developments in connectivity technologies such as 5G are a key driver of global market growth. Furthermore, the launch of 5G access radio networks is expected to impact the market significantly. For example, according to Huawei Technologies, 5G wireless technology has the potential to boost global manufacturing GDP by USD 740 billion, or 4%, by 2030. Given the dynamics above, manufacturing, robotics, and other industries may be able to buck the trend by cooperating with the telecommunications sector to promote smart manufacturing technology adoption.

Rapid Industrialization in Developing Economies to Create Growth Opportunities Companies from developed economies are eager to expand their operations in emerging economies due to lower real estate prices and labor costs. Similarly, increased industrialization in emerging economies like Africa, Mexico, Brazil, India, China, and Indonesia has resulted in considerable infrastructural expenditures, tempting global corporations to establish manufacturing operations in these regions. Due to these improvements, novel and complicated warehouse facilities are required to connect and manage supply chains.  Thus, during the forecast period, the rising industrialization of emerging economies worldwide will likely provide good growth possibilities for prominent players in the market.

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Impact of COVID-19 COVID-19 had a significant impact on the global economy and all enterprises worldwide. Governments throughout the world implemented lockdowns to prevent the pandemic from spreading. During the initial phases of the outbreak, the total global lockdown significantly impacted people's livelihoods and quality of life in various countries. As a result, there were supply chain disruptions all around the world. A significant decline in product demand has affected the world's economies. The pandemic slowed manufacturing across the board, resulting in a scarcity of primary resources. Supply chain disruptions and a drop in exports were the primary causes of the reduction in production. During this period, businesses' primary goal was to stay afloat, and intelligent manufacturing played a crucial role in assisting companies in operating efficiently with limited resources and people. For the global smart manufacturing market, the post-pandemic period will be significant. Supply chain interruptions might hamper recovery, affecting market dynamics and product prices. The global market will also be challenged by distribution and transportation capacity constraints, adverse financial conditions, and rising costs. Limited manufacturing, support operations, labor shortages, and limits for other end-user industries, suppliers, and vendors may also prevent consumers from getting what they want. Overall, the global smart manufacturing market's recovery will be challenging.

Regional Insights North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa make up the market's five regions. The Asia-Pacific and North America are the two most important markets for smart manufacturing. China and India dominate the Asian market. Industry 4.0, artificial intelligence (AI), augmented reality, the Internet of Things (IoT), and other disruptive technologies drive cloud use in the region. Cloud-based innovative manufacturing solutions are anticipated to become more common as a result. As a result, cloud-based smart manufacturing solutions are becoming increasingly popular, regional driving growth. North America is expected to be the second-largest smart manufacturing market, with an expected market value of USD 180 billion by 2030. The United States and Canada are increasing their investments in new industrial technologies. Technological developments, the availability of substitute printing materials, and lower equipment prices have hastened the adoption of the smart manufacturing concept. Business digitalization across Latin America, the Middle East, and Africa have far-reaching ramifications for regional economies, education, and employment, among other things. The Gulf Cooperation Council (GCC) countries are paving the path for regional technological adoption and digital transformation. For example, Saudi Arabia's 2030 Strategy and National Transformation Program (NTP) 2020 places a high priority on digital transformation to generate private-sector jobs and embrace partnerships. Such a fast-rising economy will likely provide unparalleled market potential during the forecast period.

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Competitive Players in the Global Smart Manufacturing Market

Global Smart Manufacturing Market: Segmentation

4.2      Value Chain Analysis: Smart Manufacturing Market

4.4      Porter’s Five Forces Analysis

4.6      Forecast Factors & Relevance of Impact

4.15.1 Pre and Post Covid-19 Market Scenario Analysis

4.15.2 Market Recovery Timeline and Challenge

4.15.3 Measures Taken by Top Players

4.15.4 Quarterly Market Revenue and Growth Forecast till 2021

4.15.4.4        Central and South America and the Caribbean

4.15.4.5        The Middle East and Africa

5.1.1  Market Size & Forecast (Value & Volume)

5.2.1  Market Size & Forecast (Value & Volume)

5.3.1  Market Size & Forecast (Value & Volume)

5.4.1  Market Size & Forecast (Value & Volume)

6.1.1  Market Size & Forecast (Value & Volume)

6.2.1  Market Size & Forecast (Value & Volume)

6.3.1  Market Size & Forecast (Value & Volume)

6.4.1  Market Size & Forecast (Value & Volume)

6.5.1  Market Size & Forecast (Value & Volume)

6.6.1  Market Size & Forecast (Value & Volume)

6.7.1  Market Size & Forecast (Value & Volume)

6.8.1  Market Size & Forecast (Value & Volume)

6.9.1  Market Size & Forecast (Value & Volume)

6.10.1 Market Size & Forecast (Value & Volume)

7.1.1  Market Size & Forecast (Value & Volume)

7.2.1  Market Size & Forecast (Value & Volume)

7.3.1  Market Size & Forecast (Value & Volume)

7.4.1  Market Size & Forecast (Value & Volume)

7.5.1  Market Size & Forecast (Value & Volume)

7.6.1  Market Size & Forecast (Value & Volume)

7.7.1  Market Size & Forecast (Value & Volume)

7.8.1  Market Size & Forecast (Value & Volume)

7.9.1  Market Size & Forecast (Value & Volume)

8.1.1  Market Size & Forecast (Value & Volume)

8.3      Central and South America and the Caribbean

8.3.6  Rest of Central and South America and the Caribbean

8.6.8  The Rest Of Middle East

9          Competitive Landscape — Manufacturers & Suppliers

Table of Content and Figure @  https://straitsresearch.com/report/smart-manufacturing-market/toc

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