CHICAGO, Feb. 10, 2022 /PRNewswire/ -- Disruption - Potential opportunity worth USD 200 Bn is opening up in the Smart Manufacturing Space, with digital twin expected to generate new revenue streams as it comes across all the industries, creating an opportunity of more than USD 40 Bn by 2027. The global smart manufacturing market is projected to reach USD 228.2 billion by 2027, owing to the increased adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes and regulatory compliances, increasing government involvement in supporting industrial automation, complexities in the supply chain, and surging demand for software systems that reduce time and cost.
According to MarketsandMarkets analysis,
- Potential opportunity worth ~USD 200 Bn is expected to open up within smart manufacturing ecosystem, with digital twin accounting for more than 20% share by 2027. It is expected to be the most talked-about technology in 2022 and in the near future as well.
- Smart manufacturing market is estimated to grow at a CAGR of more than 19% in the next 5-6 years, driven by rising popularity of enabling technologies and positive impact of COVID-19 across various industries.
- Technological innovation and support by the government initiative is expected to create huge opportunity for the adoption of smart manufacturing system across different region and countries.
- Automotive and aerospace are the most lucrative industries in terms of implementation of enabling technology in smart manufacturing market, collectively accounting for an opportunity of more than USD 65 Bn by 2027.
- Increasing emphasis on automation and data-driven manufacturing across various industry is expected to create huge opportunity in the smart manufacturing ecosystem.
Unknowns and Adjacencies
Currently, businesses have low access to primary intelligence to clarify some unknowns and adjacencies in these opportunity areas -
- Adoption levels of newer enabling technologies is low. However, slowly it is being implemented at various industries, both as green and brown field projects. Before COVID-19 implementation of enabling technology was just a pilot project but after that it has become a mandatory technology to be implemented in the factory shop floor.
- Increase focus on monitoring using various technology and equipment is driving the market
- Markets such as Digital Twin, Artificial Intelligence, Robotics, Sensors, and 3D Printing are in huge demand in the ecosystem of smart manufacturing
- Most of the demand for the implementation of newer enabling technologies is expected to APAC region
Some of the growth problems encountered by smart manufacturing companies are:
Customer prioritization and assessing unmet needs:
- What are the disruptions in our clients' businesses? How can we support them for our own growth?
- Who are the most potential customers going forward? Should we prioritize Automotive, Energy & Power, Oil & Gas, Semiconductor, and Aerospace companies?
- What are the key unmet needs of customers? Who are the key stakeholders in different technologies? Do vendor selection criteria differ by technologies? Which new product features should be added to the existing products?
Where to play:
- Which industry and technologies should we focus on? Should it be Digital Twin, Artificial Intelligence, Robotics, Sensors, and 3D Printing or any other?
- Which regions should we place our bets on? Should we continue with developed countries or do developing countries offer more growth opportunities?
Building a compelling Right-to-Win (RTW):
- For M&A, which are the right targets for us? Should we target Digital Twin, Artificial Intelligence, Robotics, Sensors, and 3D Printing companies? Should we acquire start-up, or enter new markets directly or enter through partners?
- How can we differentiate from top players? What is their right-to-win vs ours?
Key uncertainties/perspectives which industry leaders seek answers to:
For smart manufacturing companies:
- Which enabling technology will be relevant and redundant in the next 5 years?
- Do we need a dedicated expertise/skill to operate these technologies?
- What are those ideal features which should be present in these newer technologies?
- What regulatory policies, funding, and taxation can help strategize and achieve higher sales?
- What are the different use cases across industry vertical which will help in winning the larger share of the market?
For Companies in Adjacent markets:
- What are the regulations surrounding industrial security?
- What are the trends in the ecosystem of 5G implementation which may impact the future growth of smart manufacturing market?
- How are companies handling industrial data security?
- How are companies handling software and service-related requirement at the manufacturing ecosystem?
Therefore, MarketsandMarkets research and analysis focuses on high growth and niche markets, which will become ~80% of the revenues of the smart manufacturing players in the next 5-10 years.
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