European smart manufacturing market is projected to grow at a significant CAGR of around 11.1% during the forecast period (2020-2026). The market for smart manufacturing in European is projected to grow at a high rate during the forecast period, backed by the rising focus of the government towards one of the largest contributing sectors of the GDP, the manufacturing sector. As per the European Commission, the manufacturing sector contributes to around 16.0% of Europe’s GDP. The manufacturing sector is considered as the strong asset of the European economy, accounts for around 33 million jobs and 2 million enterprises. Therefore, the competitiveness of the country significantly depends on the manufacturing sector, which can be enhanced with the integration of advanced ICT technologies, as per the European Commission.
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The European Union’s research and innovation programme horizon 2020 has several projects financed by Factories of the Future Public-Private Partnership, covering ICT Innovation for Manufacturing SME’s, Digital Automation, Simulation and Analytics Technologies, and Process Optimization of Manufacturing Assets. Along with this, the Rethink! Smart Manufacturing Europe 2020 summit was held in June 2020, focused on the plant managers and production executives regarding the discussion of the smart factories, factory automation, advanced production strategies, predictive maintenance, robotics, Industry 4.0 and Workforce 4.0, and others. Therefore, through such projects/events the market for smart manufacturing is expected to rise, especially in developed and emerging nations of the region, such as UK and Germany.
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European Smart Manufacturing Market – Segmentation
By Component
- Hardware
- Software & Services
By Technology
- Programmable Logic Controller (PLC)
- Supervisory Controller and Data Acquisition (SCADA)
- Machine Vision
- Distributed Control System (DCS)
- Product Lifecycle Management (PLM)
- Others (3D Printing)
By End-Use Industry
- Healthcare
- Automotive
- Aerospace & Defense
- Oil & Gas
- Food & Beverages
- Others (Chemical and Metals and Mining)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
