Some crucial factors such as the increase in the number of government initiatives to promote industrial automation etc have resulted in the growth of the Smart Manufacturing Market in developed economies.

FREMONT, CA: 5G connectivity in developing countries is expected to offer remunerative growth opportunities for the growth of smart manufacturing. However, restraining factors like high capital and operating costs and a lack of standardization for technology are hindering the growth of this market. The outbreak of the COVID-19 pandemic has impacted public health, disrupted industrial structures, accelerated social reforms worldwide, etc. The surge of COVID-19 worldwide has gravely affected the performance of various industries and economies globally, manufacturing plants were forced to shut down by the government. Consequently, productions were stopped in several industries which disrupted the supply chains and affected the demand-supply balance.

The pandemic influenced the manufacturing industry to a great extent by reducing its dependency on manual labor and foregrounded the importance of adopting advanced technologies such as AI, machine learning, and loT. Hence, there is increased adoption of smart manufacturing technologies from various industries in their production processes. Smart manufacturing has resulted in improved productivity, zero design error, energy efficiency, etc. Smart manufacturing is responsible for improved productivity in the companies, optimizing the workforce required for the same job. Irrespective of the time and place constraints, smart manufacturing facilitates remote factory monitoring, it also provides much-needed flexibility to the manufacturing units to alter the product design and adapt to new processes as per clients’ requirements.

Furthermore, the digital twin technique significantly lowered the cost of designing multiple goods at once. It also provided benefits such as reduced risk in areas like product availability and marketplace reputation, improved OEE through reduced downtime and improved performance, new business opportunities through mass customization, mixed manufacturing, small-batch manufacturing, improved product quality, and improved insights into the performance of products in multiple real-time applications and environments. Thus, the COVID-19 pandemic positively impacted the smart manufacturing market. It is expected that this trend of smart technology adoption will continue to grow during the forecasted period.