The global smart manufacturing devices market size is experiencing a significant growth, and will grow considerably in next few years. Smart Manufacturing Devices are the devices that use internet connected machinery which is a technology driven approach to monitor the manufacturing process. The main goal of these smart manufacturing devices is to use data analytics and identify moment for automating operations to improve manufacturing processes and performance. The other goals sometimes include optimization of the supply chain, rapid changes in production levels based on demand and others. Thus, they find their usage in applications in end uses such as Chemical & Materials, Oil & Gas, Defense & Aerospace, Automotive, Food & Agriculture, Healthcare, Electronics, industrial Equipment and Others. Innovations in the IoT and sensor technology will pave the way for better Smart Manufacturing Devices.
The global smart manufacturing devices market is segmented on the basis of Technology, Component, End User, and Region. Based on Technology, the smart manufacturing devices market is divided into Programmable Logic Controller, SCADA, Product Lifecycle Management, 3D printing, Enterprise resource Planning, Human Machine Interface, Machine Execution Systems, and others. On the basis of Component, the market is categorized into Software, Hardware, and Services, and others. On the basis of End User into Chemical & Materials, Oil & Gas, Defense & Aerospace, Automotive, Food & Agriculture, Healthcare, Electronics, industrial Equipment and Others Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global Smart Manufacturing Devices industry include Honeywell, ABB, IBM, Siemens, Emerson, Rockwell, Schneider, General electric, Fanuc Corporation, Mitsubishi Electric Corporation and others. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
COVID-19 scenario Analysis:
- Global smart manufacturing devices market has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have stalled, which, in turn, have led to decline in demand for AC servo systems.
- Global factories have struggled to manufacture, integrate and assemble new technologies as workers have stayed in their homes and even the already available devices in various warehouses cannot be transported due to current rules and regulations, which, in turn, has disrupted the global supply chains.
- The market would be less impacted than other markets for non-essential goods and services as these systems are essential part of automation. Moreover, the world would be shifting more toward automation so that no other pandemic can disrupt production.
- This COVID-19 crisis is expected to provide opportunities for companies to invest, implement, and research in technologies, which involve less human touch. For instance, combination of AI and automation.
- The impact of COVID-19 on smart manufacturing devices market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for these products are gradually going to increase as various growing industries.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Increase in adoption of digital technologies such as big data analytics, autonomous robots and industrial IoT propels the smart manufacturing devices market growth. In addition, rise in emphasis on gaining visibility across the entire value chain and increasing production efficiency are expected to fuel the market growth further. Moreover, the availability of advanced technologies such as manufacturing execution systems, 3D printing, plant asset management solutions, and increasing government initiatives to promote smart manufacturing are expected to boost the market demand further.
New product launches to flourish the smart manufacturing devices market
The introduction of new products that comprise enhanced capabilities have been introduced by key market players. The major players involved in this market are leveraging on strategic collaborative initiatives with local companies to increase the profitability and market share. An agreement with Edison, which is Italy’s 2nd largest integrated energy company was signed by GE’s Power services business in the year 2018. This agreement was made to boost performance at Puglia’s Candela combined cycle power station.
Surge in usage in Pharmaceutical industry boost the market growth of Smart Manufacturing Devices
Major key players have been concentrating on manufacturing new products for precise applications as there are changing demands based on the application. There is surge in the usage of Smart Manufacturing Devices by pharmaceutical industry as its manufacturing is a complex process. For achieving operational efficiency, proper end to end monitoring is required. There are also problems faced by manufacturers such as regulatory and safety guidelines, growing cost pressures and increasing demand for diverse product portfolios. As all these problems are solved by Smart Manufacturing Devices, there has been a surge in its usage in this industry.
Key benefits of the report:
- This study presents the analytical depiction of the global smart manufacturing devices market trends forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global smart manufacturing devices market share.
- The current market is quantitatively analyzed to highlight the global smart manufacturing devices industry growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global smart manufacturing devices market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Smart Manufacturing Devices Market research report:
- Who are the leading market players active in the smart manufacturing devices market forecast?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the smart manufacturing devices market?
- What are the projections for the future that would help in taking further strategic steps?
Smart Manufacturing Devices Market Report Highlights
By End users
Key Market Players
Hitachi, Siemens, Mitsubishi Electric, KUKA, Honeywell, Schneider Electric, GE, ABB, Yaskawa, Rockwell Automation