Smart manufacturing is computer-integrated manufacturing, high levels of adaptability and rapid design changes, digital information technology, and more flexible technical workforce training. The increasing demand for smart manufacturing products & solutions propelled by COVID-19 and the emerging & expanding role of collaborative robots in healthcare and manufacturing sectors is the factor responsible for the growth of the market over the forecast period. Furthermore, the introduction of new products and services as well as other strategic alliances by market key player will create a lucrative demand for this market. For instance: as per Company’s news release in March 2018, ABB Group introduced a smart factory for electrical safety and energy efficiency products in Bangalore, India. The smart factory increases efficiency and flexibility of the manufacturing process by continuous monitoring of the production process through visualization of operational data. However, high investments and costs involved in implementing smart manufacturing solutions is the major factor restraining the growth of global COVID-19 Impact on Smart Manufacturing market during the forecast period.
Global COVID-19 Impact on Smart Manufacturing Market is valued approximately at USD 174.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4% over the forecast period 2020-2026.
The regional analysis of the global COVID-19 Impact on Smart Manufacturing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. The Asia Pacific is the leading/significant region across the world due to the increased spending on improving performance, security, and economic stability. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
ABB Group, Cisco Systems, Inc.m Emerson Electric Co., FANUC, General Electric Company, Hewlett Packard Enterprise, Honeywell International Inc., IBM Corporation, Intel Corporation, Microsoft Corporation
The detailed segments and sub-segment of the market are explained below:
By Information Technology: Human-Machine Interface, Enterprise Manufacturing Intelligence, Plant Asset Management, Manufacturing Execution System, Industrial Communication, Warehouse Management System
By Enabling Technology: Industrial 3D printing, Collaborative robot, IIOT, AI in manufacturing, Machine condition monitoring, Industrial machine vision, Industrial cybersecurity, Digital twin, Automated guided vehicle
By Industry: process Industry, Discrete Industry
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global COVID-19 Impact on Smart Manufacturing Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
Review our report athttp://www.bizwitresearch.com/reports/global-covid-19-impact-on-smart-manufacturing-market-to-reach-usd-229-4-billion-by-2026/
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Bizwit Research & Consulting LLP