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The global smart manufacturing market size is projected to grow from US$249.46 billion in 2021 to USD 576.21 billion in 2028. The emergence of advanced technologies and unique business models has resulted in the digitization of the manufacturing industry worldwide. This has compelled several companies to invest more in smart manufacturing tools and software solutions.
In March 2021, for instance, General Electric Company unveiled Connectix, a special service that would help enhance daily operations and increase energy efficiency. Fortune Business Insights™ punished this information in a report, titled, “Smart Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud and On-premise), By Enterprise Size (Small & Medium Enterprise (SMEs) and Large Enterprise), By Industry (Discrete and Process), and Regional Forecast, 2021-2028.” The report further states that the market stood at USD 225.73 billion in 2020. It is anticipated to showcase a CAGR of 12.7% in the forecast period between 2021-2028.
OMRON Corporation launches 1S series AC servo system with eight safety features
In December 2020, OMRON Corporation introduced the 1S Series AC Servo System featuring safety functionality. This latest model would help manufacturers achieve higher productivity in industries, such as cosmetics, pharmaceutical, food, and digital. It would offer eight safety functions to protect the safety of products, machinery, and operators. At the same time, it would refine productivity. In case of an emergence, the device would remain in the stationary state, thereby preventing breakdown of machinery and products.
Rising Adoption of artificial intelligence and Cloud computing to aid growth
The increasing usage of engineering technologies, namely, cloud computing, machine learning, and artificial intelligence across the globe is expected to augment the market growth in the forthcoming years. Besides, ongoing developments in the field of industry 4.0 are also set to spur the demand for smart factories. It will further open doors to new growth opportunities for manufacturers. However, insufficient safety knowledge, inadequate professional accessibility, and low investments are some of the factors that may obstruct the deployment of smart manufacturing solutions.
Key Companies Focus on New Launches and Upgradation of Products to Intensify Competition
Reputed organizations, such as ABB Ltd., Siemens AG, and General Electric are aiming to strengthen their positions in the market. To do so, they are modernizing the pre-existing products. Additionally, they are also focusing on launching state-of-the-art platforms to help a wide range of industries.
A Notable Industry Development
October 2020: NTT Communications Corporation and FANUC Corporation developed a joint venture named DUCNET Co., Ltd. This new company will provide cloud services to the machine tool industry for supporting digital transformation.
Fortune Business Insights™ Lists Out Smart Manufacturing Companies Present in the Global Market:
ABB Ltd. (Zürich, Switzerland)
Siemens AG (Munich, Germany)
General Electric (Massachusetts, U.S.)
Mitsubishi Electric Corporation (Tokyo, Japan)
Robert Bosch GmBH (Gerlingen, Germany)
Rockwell Automation Inc. (Wisconsin, U.S.)
Schneider Electric (Rueil-Malmaison, France)
Honeywell International Inc. (North Carolina, U.S.)
Emerson Electric Co. (Missouri, U.S.)
Fanuc Corporation (Yamanashi, Japan)
Yokogawa Electric Corporation (Tokyo, Japan)
Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
