Smart Manufacturing Market To Reach $ 400 Billion By 2024

This is the TrendForce forecast

Intelligent Manufacturing Integration remains the key to surviving the COVID-19 pandemic, analyst TrendForce believes. In addition to further advances in augmented reality, teleworking and computer vision technologies, smart manufacturing offers other tangible benefits such as reducing the share of human labor, thus promoting social distancing through the introduction of self-driving vehicles such as AGVs (automated guided vehicles) and AMR (autonomous mobile robots). The global smart manufacturing market is expected to reach $ 400 billion in 2024, showing a CAGR of 10.1% between 2020 and 2024.

The Industry 4.0 concept, first introduced in Germany in 2011, has become widespread in large companies, leading to the gradual development of related technologies. The implementation of the concept is already yielding an economic effect. For example, Ericsson estimates that deploying Industry 4.0-based mobile network solutions saves it an average of 8.5% of operating costs per year over five years. These solutions have been applied by the company in a variety of use cases including asset tracking, AR applications, condition monitoring, mobile robots, and connected equipment. For example, Ericsson conducts remote troubleshooting and distance learning in its 5G equipment manufacturing facilities using AR-based solutions.

Smart Manufacturing Market to Reach $ 400 Billion by 2024

The pandemic has disrupted many industries. The 2021 recovery in manufacturing depends on a more stable and flexible supply chain, analysts said. In addition to existing use cases for remote control and contactless equipment, companies need to use more technologies based on Industry 4.0 representations, such as sensors and IoT equipment used to create a virtual copy of a workplace, or blockchain and 3D printing, which can provide additional operational capabilities. In the post-pandemic era, smart manufacturing is expected to gain more use cases and commercial opportunities, increasing the survivability and profitability of manufacturers in the face of potential future threats.

Source: TrendForce

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