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COVID-19 Impact on Smart Manufacturing Market worth $220.4 billion by 2025

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COVID-19 Impact on Smart Manufacturing Market worth $220.4 billion by 2025

April 22
10:21 2020

Post COVID-19 smart manufacturing market 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 ~16% as compared to pre-COVID-19 evaluation.

 

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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Collaborative robots are one of the significant technologies coming out strong amidst pandemic crisis in the smart manufacturing market, by enabling technology, during the forecast period

The smart manufacturing industry for collaborative robots is expected to grow at a high CAGR from 2020 to 2025. Collaborative robots are used in manufacturing activities where they coexist with humans and other machines to enhance and optimize manufacturing operations. Apart from the automobile industry, collaborative robots can also be used in other sectors, which has led to its increasing demand in such a pandemic market. However, its growth is expected to be below the growth estimated during pre-covid-19.

 

Manufacturing execution system to dominate the smart manufacturing market, by information technology, during the forecast period

The manufacturing execution system gives companies the ability to monitor real-time production and other operation of the manufacturing plant. This greatly reduces the need for onsite, shop floor employees, thereby abiding by the lockdown and social distancing mandates to fight COVID-19. This ease of use and ability to monitor operation activity from a safe distance gives thrust to the manufacturing execution system market in smart manufacturing. Because of this, the demand for MES is expected to register high market size 2020 as compared with 2019, post-COVID-19.

 

The pharmaceutical industryis expected to grow at the highest CAGR among process industries within the smart manufacturing market

The pharma industry is the most active in the current market situation. We don’t see any negative growth for this industry, but there will be a moderate impact of COVID-19 on the pharma industry. The majority of active pharmaceutical ingredients (API) and generics are being developed in two major countries, i.e., China and India. At present, due to the pandemic both the countries are in lockdown. This has created severe disruption in the supply chain, affecting the production of pharmaceutical products. Since the manufacturing facility is still active, the demand for smart manufacturing solutions and services is also expected to continue. Most active smart manufacturing technologies in the ecosystem of pharma companies can function via remote monitoring & predictive maintenance, cloud computing & big data analytics, supply chain analytics, 3D printing, and Industrial Internet of Things, among others.

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