Published By : 16 Nov 2016 | Published By : QYRESEARCH
Smart manufacturing solutions are being adopted in an increasing number of industries due to the significant advantages they impart in terms of efficiency and reliability. The rising concerns about the unavailability of competent and cheap labor have led to a rising demand for smart manufacturing systems, which are likely to remain the norm rather than the exception in the global industrial sector in the coming years. The global smart manufacturing market’s valuation was US$159 bn in 2015 and is expected to rise to US$548.1 bn by the end of 2024, exhibiting a solid 13.2% CAGR between 2016 and 2024.
Rising Need of Efficiency in Industrial Processes to Drive Demand for Smart Manufacturing Solutions
The key driver for the global smart manufacturing market is the growing focus on long-term economic dynamics rather than short-term cycles of profit and loss. This has led to widespread adoption of smart manufacturing solutions, since they reduce the need for labor altogether. Even though shifting the manufacturing base to developing countries has been a success for many industries, the adoption of smart manufacturing solutions represents the next step and is thus likely to be popular across the world in the coming years.
The consistent development of the Internet of Things (IoT) and its accompanying technological framework has also been important for the smart manufacturing market. This has resulted in extensive research into the design and output maximization of smart machines and machine-to-machine communication technologies. The incorporation of such advances is likely to remain a key factor in the growth of the smart manufacturing market in the coming years.
Asia Pacific Likely to Rise in Prominence in Global Smart Manufacturing Market
Regionally, North America and Europe are the leading contributors to the global smart manufacturing market. These two regions are the prime hubs for advanced research into smart machines, which is a key driver for the smart manufacturing market. However, Asia Pacific is likely to become a key contributor to the global smart manufacturing market in the coming years due to the rapid uptake of advanced technological solutions in dynamic economies such as China and India as well as prosperous countries such as Australia.