Mar 5, 2021

Electronics manufacturing services to grow US$118.49bn

Electronics
SmartManufacturing
growth
Market
Georgia Wilson
2 min
Electronics
Latest insights from Technavio reveal that the global electronics manufacturing services market between 2020 and 2024 will grow US$118.49bn...

This week, Technavio released its Electronics Manufacturing Services Market by Enduser and Geography Forecast and Analysis 2021-2025. In the report Technavio revealed that the global electronics manufacturing services market between 2020 and 2024 is expected to grow by US$118.49bn. 

With the increased adoption of smart manufacturing being a key factor in the market's growth, the report identifies Asia-Pacific (APAC) as the key growth region for the industry. The region is expected to deliver significant opportunities between 2020 and 2024. However, something for industry leaders to watch out for is continuously complex supply chains and shrinking margins that may pose challenges to the growth.

Trends in the global electronics manufacturing services market

When it comes to the end user, the market experienced a maximum growth in computing and consumer appliances. It is said this is driven by the rising demand for consumer electronics devices. It is expected that this segment of the market will be significant during the forecasted period.

Looking at the geographic landscape for the industry, Technavio reports that 79% of the market growth for the global electronics manufacturing services market will originate from the APAC region between 2020 and 2024. 

Growing economic activities, as well as the region’s ongoing urbanisation is said to be crucial for driving the growth of the market. Specifically, China, Taiwan, and India are expected to be key markets for the electronics manufacturing services market in APAC.

undefined

Who is Technavio?

Technavio is a leading global technology research and advisory company, founded in 2003. The company provides research and analysis on emerging market trends, providing actionable insights for businesses to identify market opportunities.

For more information on manufacturing topics - please take a look at the latest edition of Manufacturing Global.

Follow us on LinkedIn and Twitter.

Share article

May 11, 2021

Four Factory of the Future Market Trends to Keep an Eye on

AI
Automation
DigitalFactory
SmartManufacturing
Georgia Wilson
2 min
Factory of the Future | Smart Manufacturing | Technology | Digital Factory | Digital Transformation | Innovation
Manufacturing Global looks takes a look at the latest market trends in smart manufacturing, industrial automation, smart factory and AI...

Global Smart Manufacturing Market

Attributed to the rapid growth in the adoption of automated systems in industrial processes, the global smart manufacturing market is predicted to grow from US$$175bn (2020) to US$303bn by 2026 with a compound annual growth rate (CAGR) of 6.4% between 2019 and 2026.

While COVID-19 has somewhat slowed down the market’s growth, it is expected that by the second to third quarter of 2023 there will be a ‘considerable’ rise in growth for the market. 

Key players in the industry: Schneider Electric, General Electric, Siemens, Honeywell International Inc., Rockwell Automation Inc., FANUC Corporation, and Emerson Electric Co. 

Industrial Automation Market

Making people’s lives easier, and their work more accurate and effective, the global demand for automated technologies such as robotics - especially in science and technology - is driving its increase in global market value.

By 2027, the global industrial automation market is expected to reach US$326.14bn by 2027, with a CAGR of 8.9% between 2020 and 2027.

Key players in the industry: ABB, Siemens, General Electric, Schneider, Endress+Hauser, Yokogawa, Honeywell, WIKA, Azbil, Fuji Electric, 3D Systems, and HP.

Smart Factory Market

Expected to grow from US$80.1bn (2021) to US$134.9bn by 2026, the smart factory market - with a CAGR of 11% between 2021 and 2026 - is experiencing growth driven by fiscal policies adopted to keep manufacturing facilities afloat during COVID-19. 

Other driving factors include resource optimisation, cost reduction in production operations, increased demand for industrial robotics, rising demand for technologies, and the growing significance of energy efficiency. 

Key players in the industry: Emerson Electric Co., General Electric, Rockwell Automation, Inc., Schneider Electric SE, ABB Ltd., Siemens AG, Mitsubishi Electric Corp., Honeywell International Inc., Endress+Hauser AG, and Yokogawa Electric Corp.

Artificial Intelligence (AI) in Manufacturing Market

“It is undeniable that the manufacturing industry is at the forefront of artificial intelligence implementation,” says Analytics Insights. “Manufacturers are using AI-powered analytics to increase performance, product quality, and employee protection, from substantial reductions in unplanned downtime to better crafted goods.”

As manufacturers look to realise the potential benefits of artificial intelligence (AI) in their processes, it is predicted that the AI in manufacturing market will grow to US$11bn by 2025 with a CAGR of 54.6%.

Share article