(MENAFN- GetNews) COVID-19 Impact on Smart Manufacturing Market report categorizes the Global market by Enabling Technology (Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region . COVID-19 Impact on Smart Manufacturing Industry.
Post COVID-19, the " COVID-19 Impact on Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2025″ size is estimated to grow from USD 181.3 billion in 2020 and projected to reach USD 220.4 billion by 2025, at a CAGR of 4.0%. The estimation for 2020 is down by approximately 16% as compared to pre-COVID-19 evaluations.
Factors that drive the growth of the smart manufacturing market include the increasing demand for smart manufacturing products & solution propelled by COVID-19, the importance of digital twin in maintaining operations within the manufacturing ecosystem, and the emerging & expanding role of collaborative robots in healthcare and manufacturing sectors.
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Key Market Players
Some of the leading companies in the smart manufacturing market include 3D Systems (US), CISCO (US), Emerson Electric (US), General Electric (US), Honeywell (US), IBM (Europe), Mitsubishi Corporation (Japan), Schneider (Europe), Siemens (Europe), Oracle (US), SAP (Europe), Yokogawa (Japan), and Stratasys (US).
Browse 23 market data Tables and 35 Figures spread through 103 Pages and in-depth TOC on "COVID-19 Impact on Smart Manufacturing Market - Global Forecast to 2025"
Disruption in the supply chain of the manufacturing industry may adversely impact the demand for smart manufacturing products and solutions
Coronavirus has emerged from Wuhan (China), which is home to many of the factories that supply components, parts, and semi-finished products to several manufacturing units across the world. To contain the spread of the virus, Wuhan was kept under lockdown for approximately two months. During these months, manufacturing units were closed and were not able to manufacture any products. This created a ripple effect throughout the world's manufacturing facilities and ruptured the entire supply chain. The most affected manufacturing units are:
- Those that are working on Just in Time Model, where they need the raw material exactly when they are required.
- Those that are entirely dependent on China as a source of raw materials, semi-finished goods, etc.
The manufacturing execution systems segment is expected to witness positive growth in smart manufacturing market, by information technology
Manufacturing execution systems (MES) offer companies the ability to monitor real-time production and the other operations of manufacturing plants. This greatly reduces the need for onsite, shop floor employees, thereby abiding by the lockdown and social distancing mandates to fight COVID-19. The ease of use and the ability to monitor operation activities from a safe distance gives thrust to the use of the manufacturing execution system as part of smart manufacturing. Because of this, the market for MES is expected to register a higher market size in 2020 as compared with 2019, post-COVID-19. However, post-COVID-19, the overall growth rate is expected to decline significantly for 2020 and 2025 when compared with growth estimated before COVID-19, which was double-digit%.
The aviation industry is expected to be most impacted by the COVID-19 in smart manufacturing market in 2020
The global aviation industry is way ahead in terms of the adoption of smart manufacturing solutions than any other sector. Some of the important smart manufacturing solutions adopted in this industry for developing aircraft components include software simulators, remote monitoring solutions, virtual reality solutions, and AI-based supply chain management systems. However, due to the rapid spread of COVID-19, companies such as Boeing, Airbus, Bombardier, and Embraer have either stopped or reduced aircraft production. This has created an adverse impact on the demand for smart manufacturing solutions used in the aviation industry. The aerospace & defense sector is expected to witness negative Y-o-Y growth for 2020 owing to the supply chain disruptions and restriction on travel caused by lockdowns in several countries across the world.
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