Though the smart manufacturing market will be hit negatively by the Coronavirus pandemic, it will recover by the end of Q3 2023 and regain its growth. The services segment is anticipated to unlock rewarding growth opportunities, regardless of the COVID-19 disaster. The automotive segment is foreseen to dominate the global market. The Asia Pacific region is likely to show considerable growth during the forecast period. At present, the top market players are applying numerous strategies to withstand their business in this pandemic situation.
The outburst of coronavirus has created significant impact over various manufacturing industries all across the world. Though the smart manufacturing market will be hit negatively by the Coronavirus pandemic, it will recover by the end of Q3 2023 and is estimated to regain its growth in the market once the situation is under control. As per the advice given by the World Health Organization (WHO), maintaining social distance can help in preventing the spread of this life-threatening disease. Government bodies worldwide has imposed complete or partial lockdown across various regions, due to this various manufacturing industries such as electronics, automotive, and many others are considerably impacting the production processes of these companies. Additionally, interruption in continuation of activities and process due to lockdown is expected to cause loss and threats to the normal functioning of many industries. All these factors are significantly obstructing the growth of the smart manufacturing market during the COVID-19 pandemic.
On the other hand, government bodies al across the world are taking initiatives to help the industries during this crisis period. For instance, the U.S. government has extended the federal tax dates from April 15 to July 15 to support the businesses in the COVID-19 pandemic. At present, many top industrialists are working on improving the performance and quality of their products to strengthen their effectiveness in the global industry. In the course of this COVID-19 pandemic, we are helping our clients in understanding the influence of COVID-19 on the global smart manufacturing market.
The global smart manufacturing market is projected to garner $303.0 billion by 2026 and grow at a CAGR of 6.4% from 2019 to 2026, reveals a new report published by Research Dive.
The report segments the global market on the basis of component, end use, and region. This report presents thorough analysis of key drivers, opportunities, restraints, segmental analysis, and top players of the global market.
Factors Influencing the Market
According to the report, rising preference for automated systems from various industries all over the world is considerably fueling the growth of the smart manufacturing market. However, huge investments required for the installation of these systems in initially stages is predicted to hamper the growth of the market.
Services Segment Expected to be Rewarding during Forecast Period
Based on component, the report classifies the global market into hardware, software, and services. Among these, the software segment is projected to surpass to $139.9 billion by 2026. This segment is anticipated to play a significant part in the effective maintenance and control of the automation process, and hence boost the growth of the global market.
Automotive Segment to Lead the Market throughout Forecast Period
By end use, the report bifurcates the global market into aerospace & defense, automotive, chemicals, electrical & electronics, healthcare, petroleum, and others. Among these, the automotive segment grabbed 23.5% of the market share in 2018 and is expected to endure its growth during the estimated period. This is mainly because of the widespread use of advanced technical techniques in the automotive sector to cut down production expenses and improve the effectiveness.
Regional Outlook of the Market
Regionally, the report evaluates the global market across North America, Europe, Asia-Pacific, and LAMEA. Among these, the Asia-Pacific market is estimated to garner $114.8 billion by 2026. This is mainly due to rising demand for the automation of the existing manufacturing processes in this region. On the other hand, the Europe market for is projected to grow at a highest growth rate of 7.3% and create significant growth opportunities all through the estimated period. This is mainly due to the growing demand for technically advanced manufacturing processes across numerous industrial verticals such as consumer electronics, automotive, manufacturing, and other.
Leading Players of the Market
The leading companies in the global smart manufacturing market are Honeywell International Inc., GENERAL ELECTRIC, Schneider Electric, Siemens, Emerson Electric Co., FANUC CORPORATION and Rockwell Automation, Inc., and many others. These market players are undertaking activities including collaborations & partnerships, mergers and acquisitions, geographical expansions, and new product development to obtain a top position in the global industry.
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