Smart manufacturing market in APAC to grow at the highest globally CAGR by 2023
Industry 4.0, increasing use of industrial automation in manufacturing, government investments supporting industrial automation, rising emphasis on regulatory compliances, increased complexities in supply chain, and increasing demand for software systems that reduce time and cost are the key factors driving the growth of the smart manufacturing market.
The smart manufacturing market was valued at USD 153.25 billion in 2017 and is expected to reach USD 299.19 billion by 2023, at a CAGR of 11.9% from 2018 to 2023. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023. The report provides detailed information regarding the major factors influencing the growth of the smart manufacturing market.
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Smart manufacturing market in APAC to grow at the highest globally CAGR between 2018 and 2023
APAC countries such as China, Japan, and India are the major users of smart manufacturing systems. The adoption of industrial automation in China is increasing rapidly due to growing industrial activities and rising per capita income in the country. This is leading to increasing adoption of advanced manufacturing technologies such as HMI, MES, AI, condition monitoring, AGV, and WMS. China is a major manufacturing hub for semiconductors and electronic components and is one of the prominent aircraft manufacturers. Smart manufacturing technologies are used in these industries to enhance the overall performance of manufacturing plants and improve production output. In addition, growing economy and technological developments in various industries encourage the application of these technologies for monitoring and controlling production processes.
Major factors restraining the growth of the smart manufacturing market include high investment and cost involved in implementation, lack of standardization among equipment manufacturers and in connectivity protocols, constant need for upgrading software, and low adoption of technologies owing to technical issues.
Key market players such as 3D Systems (US), ABB (Switzerland), Cisco (US), Daifuku (Japan), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siemens (Germany), and Yokogawa (Japan) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain competitive edge in the smart manufacturing market and expand their distribution networks.
Market Dynamics
Industry 4.0Increasing use of industrial automation in manufacturingGovernment investments supporting industrial automationRising emphasis on regulatory compliancesIncreased complexities in supply chainIncreasing demand for software systems that reduce time and cost
Restraints
High investment and cost involved in implementationLack of standardization among equipment manufacturers and in connectivity protocolsConstant need for upgrading softwareLow adoption of technologies owing to technical issues
Opportunities
Rising adoption of IoT and cloud platformsIntegration of different solutions to provide improved performanceIndustrial growth in emerging economies
Challenges
Threats related to cybersecurityComplexity in implementing smart manufacturing systemsLack of awareness about benefits of adopting information and enabling technologiesLack of skilled workforce
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