A new study by Research Dive has shown that the smart manufacturing market will face ‘rapid expansion’, to conclude in 2031. This will involve progress in automation, big data and IoT, in addition to AI and cloud computing.
The rise of smart manufacturing and automation is sustainable
Between 2022 and 2031, Research Drive’s study shows that the global smart manufacturing market will generate a revenue of US$830bn.
The USA is expected to profit the most from this, due to its regional market players and the large volume of automation adoption in its industries.
The report showed:
- Smart manufacturing is being introduced in the food and agriculture sectors, in order to increase production.
- In comparison, the aerospace sector is also expecting major market growth with the use of smart manufacturing.
- Following the impact of COVID-19, many industries are utilising automation to manage staffing shortages, which is proving to be safe, cost-effective and sustainable.
- However, the report did highlight that the high cost of smart manufacturing was preventing SMEs from accessing the full benefits of this technology.
Manufacturing leaders have embraced smart manufacturing technology
Research Drive named Schneider Electric, Honeywell, Siemens, Fujitsu, IBM and Rockwell as the businesses most likely to lead in this space.
Business consulting company Deloitte runs The Smart Factory @ Wichita, a centre with collaborators, including SAP, Siemens and Wichita State University, where manufacturers have access to this technology.
"Manufacturers must evolve in response to unprecedented levels of supply chain and workforce disruption by reassessing the capacity and agility of their manufacturing operations,” said Dan Helfrich, Chair and CEO, Deloitte Consulting LLP.
Plex Systems, a part of the Rockwell Automation company and a leader in smart manufacturing solutions, shared the results of The State of Smart Manufacturing Report, which showed that in 2021, smart manufacturing usage increased by 50% across the world and that this technology is now solving the manufacturing industry's toughest challenges.
“As manufacturers look to streamline processes and solve today's challenges, they are placing significant value on using smart technology to address and improve actual business outcomes," Jerry Foster, Chief Technology Officer, Plex Systems.
"The adoption of smart manufacturing solutions, has become imperative for APAC organisations to stay competitive and thrive. The report findings show that organisations in the region are placing significant value on using such technologies to address and improve actual business outcomes," agreed Steven Chiu, Asia-Pacific sales leader, Plex Systems.