Smart manufacturing is a type of computer-integrated production technology that aims to enhance demand-based productivity. Due to its advantages, this technologically advanced system is widely adopted by many of the production plants to improve the efficient production and quality of products. Additionally, the rising demand for mechanization of current production processes is expected to bolster market growth with rapid industrialization and modernization, mainly in developing nations. Through policy measures to help industrial automation to transform batch, discrete, and continuous production systems into smart manufacturing to reduce delays and human errors in industrial operations would also raise the usage of smart manufacturing systems.
The global smart manufacturing market size is expected to rise from USD 183 billion in 2020 to USD 350 billion by 2030, a CAGR of 6%. The 2020 forecast is down 15% compared with the pre-COVID-19 assessment. Factors influencing the growth of the smart manufacturing market involve the demand for COVID-19-propelled smart manufacturing products & solutions, the importance of digital twin in sustaining activities within the manufacturing environment, and the evolving and expanding role of collaborative robots in the health and industrial sectors.
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As regards implementing smart manufacturing technologies, the international aviation industry is well ahead of any other market. Some of the essential smart manufacturing solutions embraced for the development of aerospace applications in this industry involve software simulators, remote surveillance solutions, VR solutions, and supply chain management systems based on AI. Nevertheless, owing to the quick spread of COVID-19, corporations such as Boeing, Airbus, Bombardier, and Embraer either halted or decreased the manufacturing of aircraft. This has adversely affected the demand for smart fabrication solutions needed in the aviation industry. Due to supply chain disturbances and travel restrictions triggered by lockdowns in many countries around the world, the sector is anticipated to see negative growth for the time being.
Due to various COVD-19’s adverse effects, some non-medical production firms have initiated manufacturing medical-related items such as masks, ventilators, and associated equipment, sanitizers, and others. It is one way by which the manufacturing companies can mitigate the effect of COVID-19. It is not, however, a long-term survival plan and businesses need to concentrate on creativity to withstand the pandemic.
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Smart manufacturing procedures make data more accessible across a whole supply chain network. Real-time data shows when and what the producer wants, making it more effective for manufacturers who can quickly respond to orders. They have what’s needed to minimize waste and any disruption dealing with missing pieces.
Money is saved when productivity is enhanced which can then be invested in product design and development. When processed, data from smart manufacturing reveals where the consumer needs are and managers may identify prospects for better quality new products or re-imagined goods. Moreover, growing numbers of small and medium-sized businesses are also projected to increase the size of the market along with the growing adoption of improved manufacturing techniques to decrease labor costs.
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Disruption of the supply chain of the manufacturing sector is anticipated to negatively affect the demand for smart manufacturing systems and applications. Coronavirus has originated from Wuhan (China), where various factories supplying components, parts, and semi-finished goods manufacturing units are located. Wuhan was held under lockdown for about three months to prevent the spread of the disease. Production units were shuttered during those months and could not produce any goods. It created a huge impact on production plants worldwide and sprained the entire supply chain. Manufacturing units were widely affected. Currently, the majority of manufacturing companies all over the world are focusing solely on saving their company and cash flow, instead of investing in goods and technologies for smart growth.
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