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Global Smart Manufacturing Market to Grow at a CAGR of 12% During 2021-2026, Driven by the Rising Use of Artificial Intelligence in the Manufacturing Industry

According to a new report by EMR titled, ‘Global Smart Manufacturing Market Report and Forecast 2021-2026’, the industry attained a value of nearly USD 211 billion in 2020. The market is further expected to grow at a CAGR of 12% in the forecast period of 2021-2026 to reach a value of about USD 416 billion by 2026.

Industrial robots assisted by artificial intelligence (AI) can learn from experience and also can be reconfigured and repurposed. The robots have the ability to respond rapidly to design changes and innovation, which is a competitive advantage over the more traditional manufacturing process, consequently strengthening the market growth of smart manufacturing. Advanced technologies and artificial intelligence have replaced the traditional process of manufacturing. Smart manufacturing uses data analytics to ease complicated and difficult processes and manage the supply chain smoothly. The rising demand for simplified processes in various industries is aiding the market growth of smart manufacturing.  Artificial intelligence eliminates the inefficiencies and enables robots to perform more physical tasks of manufacturing, which is a crucial catalyst for the market growth. They can predict, and that helps to facilitate better strategies for scheduling production runs. In smart manufacturing system, production processes can automatically generate, transmit and process data without human intervention, consequently bolstering the market growth.

Schneider Electric SE (NASDAQ; SBGSF), one of the key players of the market, launched grid flexibility with the release of EcoStruxure(TM) DERMS in November 2019. EcoStruxure™ DERMS provides centralized analysis and control of all types of DER, regardless of ownership entity, to deliver value to the grid and all energy stakeholders. As the DER landscape evolves, DERMS enables utilities to orchestrate distributed generation and deliver electricity while improving the safety, reliability and quality of service. A centralised  approach also delivers visibility into aggregated and individual DER activity at system and local levels, empowering operations and planning to optimise  DER resources to resolve immediate issues and prevent future grid constraint violations. Such innovations are expected to augment the growth of the market.
 
Market Analysis by Component, Technology, End Use, and Region:

  • Based on component, the smart manufacturing industry can be segmented into hardware, software, and services.
  • On the basis of technology, the industry is divided into programmable logic controller, supervisory controller and data acquisition (SCADA), enterprise resource and planning, human machine interface, product lifecycle management, manufacturing execution system, distributed control system, and 3D printing, among others.
  • By end use, the industry is divided into automotive, aerospace and defence, chemicals and materials, healthcare, food and beverage, and oil and gas, among others. 
  • The regional markets for smart manufacturing  include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising use of artificial intelligence in the manufacturing industry, along with rapid industrialisation and the growing demand from the end use industries, are driving the market growth.
  • The surging demand for data processors and robots in the manufacturing industry is propelling the market growth.
  • The rising demand for simplified processes in various industries is aiding the market growth of smart manufacturing.
  • Rising research and development activities in the manufacturing sector will further strengthen the growth of the smart manufacturing industry. 
  • Safety, reliability and quality services by artificial intelligence are expected to promote the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global smart manufacturing market for the periods (2016-2020) and (2021-2026). 
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the components, technologies, end uses, and regions of smart manufacturing.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models. 

The major players in the global market for smart manufacturing  are ABB Ltd., Emerson Electric Co., Rockwell Automation, Inc., Mitsubishi Electric Corporation, FANUC America Corporation, and Schneider Electric SE, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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