The global smart manufacturing market is projected to expand at a CAGR of 13.2% during the forecast period of 2016 to 2024. Hence, the market is expected to gain a valuation of US$ 548.14 Bn by 2024.
Smart manufacturing techniques utilize computerized systems and next-gen manufacturing techniques so as to advance the quality, speed, and agility of products. Programmable logic controller (PLC), manufacturing execution system (MES), distributed control system (DCS), supervisory controller and data acquisition (SCADA), human machine interface (HMI), machine vision, and enterprise resource planning (ERP) are some of the key technologies in use today.
Smart manufacturing techniques are being increasingly adopted across numerous end-use industries such as food and beverages, automotive, aerospace and defense, pharmaceuticals, energy and consumer electronics. The smart manufacturing market is estimated to gather lucrative prospects from the aerospace and defense sectors owing to increase in the demand for quality-controlled and customizable equipment in these sectors.
Players to Gain Ample Opportunities in North America Market
The smart manufacturing market is estimated to gain profitable avenues in North America owing to rise in the use of smart manufacturing in order to cater to the increasing needs of varied industrial sectors of several nations such as in Canada and the U.S. Furthermore, the increasing focus of regional governments toward digitalization in products manufacturing processes is expected to favor the sales growth in the North America smart manufacturing market in the upcoming years.
Players Focus on Increasing Production Abilities and Expanding Regional Reach
Enterprises in the global smart manufacturing market are using different strategies to stay ahead of the competition. Several players are increasing concentration on their regional expansions. Moreover, companies in the market for smart manufacturing are boosting their production capabilities by using strategies such as collaborations with other market players and acquisition of their smaller competitors. Such efforts are helping the expansion of the global market.
Some of the key players operating in the global smart manufacturing market include Emerson Electric Company, ABB Ltd., Honeywell International, Inc, Siemens AG, and Johnson Controls, Inc.
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