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. COVID-19 is an infectious disease caused by a newly discovered virus called corona-virus. COVID-19 is pushing companies to rapidly operate in new ways, and systems resilience is being tested as never before. Government Stringent rules and regulations enables human workforce to stay at home due to COVID-19 pandemic. 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 & solution propelled by COVID-19 and the emerging & expanding role of collaborative robots in healthcare and manufacturing sectors is the factor responsible for 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 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.
The regional analysis of global COVID-19 Impact on Smart Manufacturing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. 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 highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
Cisco Systems, Inc.
Emerson Electric Co.
General Electric Company
Hewlett Packard Enterprise
Honeywell International Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Information Technology:
Enterprise Manufacturing Intelligence
Plant Asset Management
Manufacturing Execution System
Warehouse Management System
By Enabling Technology:
Industrial 3D printing
AI in manufacturing
Machine condition monitoring
Industrial machine vision
Automated guided vehicle
Rest of the World
Furthermore, 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