NEW YORK, June 19, 2023 (Globe Newswire) — Reportlinker.com presents the Global Smart Manufacturing Market Size, Share and Industry Trends Analysis Report with Outlook and Forecast by Application, Component, Industry and Region. )” announced the release of the report. 2023-2029” – https://www.reportlinker.com/p06469153/?utm_source=GNW
Therefore, Plant Asset Management has earned $11,423 million in market revenue in 2022.
The main strategy followed by market participants is partnership as a key development strategy to meet the changing demands of end-users. In November 2022, Fanuc partnered with LG Uplus to jointly develop a smart factory platform. Through this collaboration, the two companies aim to monitor the status of equipment and detect abnormalities. Additionally, in August 2020, Honeywell collaborated with Halliburton to maximize asset potential, reduce execution risk and reduce total cost of ownership for oil and gas operators. This collaboration will enable enterprise customers to gain greater insight and visibility into their own operations.
Based on the analysis presented in the cardinality matrix. Honeywell International, Inc., Rockwell Automation, Inc., and Siemens AG are pioneers in this market. In October 2022, Siemens partnered with his ADMARES to deploy Siemens software in the design and construction of the ADMARES smart factory. Companies such as Emerson Electric Co., ABB Ltd and Schneider Electric SE are some of the leading innovators in the market.
Market growth factors
Increased investment in new network infrastructure and advancing connectivity technology (5G)
IoT-based applications used in smart manufacturing will change with the advent of the 5G era. Especially in the degree of latency, reliability, security, scalability and individual control of connection parameters, 5G could have a revolutionary impact on the structure of his IoT ecosystem in the future. Moreover, as the scope of the IoT application space expands, more complex use cases emerge that require increased network capabilities. Such features include support for integrated sensors, improved placement, and rapid device mobility. Therefore, advancements in communication technologies such as 5G are key factors driving the growth of the market.
Increased levels of government support for smart manufacturing
Governments around the world are increasingly recognizing the enormous opportunities presented by smart manufacturing technologies, supporting and funding research and development in technologies such as the industrial Internet of Things and industrial 3D printing. Governments of several countries are encouraging his IIoT innovations as he expects to become a consumer of technology in the future. Additionally, he invests in new his IoT research initiatives and implementations to build and manage the smart cities of the future. To further explore the potential of 3D printing technology, governments around the world are sponsoring research, education and technology organizations and launching initiatives. Therefore, the growing support for smart manufacturing will encourage the adoption of smart manufacturing by most enterprises, thus driving the development of the market.
Market Restraints
Requests for large financial burdens and expenses
One of the main obstacles to adoption is the high initial cost required to integrate smart manufacturing technologies. Technologies such as IoT sensors, automation, and big data analytics require significant infrastructure, hardware, and software investments. Deploying and implementing smart manufacturing technologies such as Automated Guided Vehicles (AGVs), Human Machine Interfaces (HMIs), Enterprise Manufacturing Intelligence (EMI), and Production Asset Management (PAM) requires significant capital. This may discourage companies from adopting smart manufacturing. Therefore, the high implementation cost of smart manufacturing hinders the rapid growth of the market.
component outlook
Based on components, the market is characterized into hardware, software, and services. The software sector achieved significant growth in the 2022 market. The heart of the industry is the software component, which drives full automation. Drones, robots and other machines are operated by state-of-the-art software, reducing the chances of error. This software will allow the market to take a big step towards seeking more novel and adaptable solutions.
Application outlook
Based on application, the market is segmented into Machine Execution Systems, Programmable Logic Controllers (PLC), Supervisory Control and Data Acquisition (SCADA), Enterprise Resource Planning, Discrete Control Systems, Human Machine Interfaces (HMI), Machine Vision and Data Acquisition. increase. Machine condition monitoring, 3D printing, product lifecycle management, plant asset management, and more. The 3D printing sector has recorded a large revenue share in the 2022 market. Thanks to 3D printing, the smart maker can now design small and large parts in his 3D software. Smart manufacturing facilities are easy to use, so you can design and print 3D models quickly and cheaply. As a result, the market has become a significant investor and purchaser of 3D printing hardware and software.
Industry outlook
The market is segmented by industry into Automotive, Aerospace & Defense, Chemicals & Petrochemicals, Healthcare, Industrial Equipment, Electrical & Electronics, Food & Agriculture, Oil & Gas, and others. The automotive sector will capture the largest revenue share of the market in 2022. Manufacturers are constantly striving to increase productivity, reduce costs and improve product quality in the highly competitive and evolving automotive sector. The automotive sector uses robotics and automation to improve productivity, save labor costs, and improve safety. Robots are used for tasks such as welding, painting, and assembly, and automated guided vehicles (AGVs) are used to move materials and parts across the factory floor.
Regional outlook
By region, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific will capture the highest revenue share of the market in 2022. With many companies investing heavily in R&D, the Asia-Pacific region is a hub for innovation and technology development. The latest smart manufacturing technologies are emerging, including robotics, AI, and IoT. As linked digital smart manufacturing systems advance, there is a growing demand for cybersecurity tools that defend against online threats. As a result, companies have the opportunity to create state-of-the-art solutions that can provide reliable cybersecurity protection for a multitude of smart manufacturing systems.
The market research report includes an analysis of key stakeholders in the market. Major companies profiled in the report include ABB Ltd, Siemens AG, General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Honeywell International, Inc., Emerson Electric Co., FANUC Corporation, IBM Corporation, Stratasys, Ltd. is included.
Recent Strategies Unfolding in the Smart Manufacturing Market
Partnerships, Collaborations and Agreements:
November 2022: Fanuc has partnered with South Korea-based mobile network operator LG Uplus. The partnership includes joint development of a smart factory platform. Through this collaboration, the two companies aim to monitor the status of equipment and detect abnormalities.
October 2022: Siemens partners with Finland-based alternative real estate operator ADMARES. The partnership agreement includes the implementation of Siemens software in the design and construction of the ADMARES smart factory.
April 2021: Siemens partners with Google Cloud, a US-based provider of cloud computing services. The partnership will include integrating Google Cloud’s data cloud and artificial intelligence/machine learning (AI/ML) technologies with Siemens’ factory automation solutions to support manufacturers’ innovation.
Acquisitions and mergers:
March 2023: Rockwell Automation acquires Knowledge Lens, an India-based developer of big data and Internet of Things analytics products. The acquisition expands the acquired company’s capabilities and enables Rockwell to help manufacturers around the world discover and derive insights from their data.
September 2021: Rockwell Automation acquires US-based Plex Systems, developer of cloud-based enterprise resource planning platform. The acquisition brings together Plex’s smart manufacturing platform and Rockwell’s FactoryTalk product line for smart manufacturing. Additionally, the addition of Plex Systems will enable Rockwell to better serve its customers.
September 2021: Honeywell acquires Performix, a US-based developer of manufacturing execution software. The addition of Performix complements the acquired company to become the world’s leading integrated software platform. This acquisition will enable the acquiring company to offer even more personalized solutions.
Geographic expansion:
November 2022: ABB expands its global footprint with the opening of a new facility in Karnataka, India. Smart instrumentation plants are intended for flexible mass production of measurement and analysis devices.
September 2022: Schneider Electric expands its geographic footprint with the opening of a new smart factory in Hyderabad, India. The new factory will enhance the company’s supply chain operations.
scope of research
Market segments covered by the report:
By use
• Product lifecycle management
• Machine execution system
• Programmable Logic Controller (PLC)
• Supervisory Control and Data Acquisition (SCADA)
• Machine vision and machine health monitoring
• Human Machine Interface (HMI)
• Discrete control system
• 3D printing
• Plant asset management
• Enterprise Resource Planning
• others
By component
• hardware
• Software
• service
Industry
• car
• Chemical and petrochemical
• electrical and electronic
• food and agriculture;
• health care
• Industrial equipment
• Aerospace and Defense
• Oil, gas, other
by geography
• North America
o United States
o Canada
o Mexico
o Rest of North America
• Europe
o germany
Great Britain
o france
○Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
○China
○Japan
o India
o South Korea
o singapore
o Malaysia
o Rest of Asia Pacific
• Ramea
o brazil
o Argentina
o United Arab Emirates
o Saudi Arabia
o south africa
o Nigeria
o Rest of LAMEA
Introduced company
• ABB Corporation
• Siemens AG
• General Electric Company
• Rockwell Automation, Inc.
• Schneider Electric SE
• Honeywell International, Inc.
• Emerson Electric Company.
・FANUC CORPORATION
・IBM Corporation
・Stratasys Inc.
unique product
• Thorough Coverage
• Largest number of market tables and figures
• Subscription-based model available
• Lowest price guaranteed
• 10% free customization and guaranteed post-sales survey support
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