According to the latest research study, the report predicts the global Smart Manufacturing Market size & share to reach around USD 573.14 Billion by 2028 from USD 235.98 Billion in 2020. The global Smart Manufacturing Market is anticipated to register a significant CAGR of 12.2% by 2028.
A technology-driven approach is smart manufacturing that uses machinery that is internet-connected to supervise the process of production. The aim of smart manufacturing is to recognize opportunities for automating operations and utilize data analytics to enhance the performance of data analytics. By analyzing data streaming for machines within a factory or covering different facilities, manufacturing engineers and data analysts can hunt for demonstrations where specific parts may not do that. This way, preventive maintenance can be enabled to prohibit unplanned downtime on devices.
Technological advancements have evolved in the manufacturing industry in recent years. Smart manufacturing is the latest and extremely advantageous outcome of these progressions. Smart manufacturing can precisely forecast requirements, recognize errors, and make the manufacturing and innovation process more manageable. It is the procedure of incorporating and applying several technologies and solutions into the conventional process of manufacturing.
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Important questions being answered by the market report
Smart manufacturing market: Growth leading factors
Governments globally are becoming conscious of the unique possibility of smart manufacturing technologies. Thus, they are assisting and financing R&D for mechanics like industrial 3D printing and IoT. The governments of different countries are helping IoT innovations as they anticipate becoming possible adopters of the technology. They are fiscally reinforcing new IoT research projects in applications to build and operate smart cities shortly. These factors are fuelling the market growth.
Advanced economies are heeding to extend their operations in emerging economies because of low real estate rates and cheap labor costs. Further speedy industrialization in upcoming economies like China, India, Brazil, Mexico, and Africa has evolved to substantial investment in the development of infrastructure, attracting global companies of these economies to establish manufacturing plants. These advancements have created a need for advanced and knowledgeable warehousing facilities to combine and supervise the supply chain. These are some of the factors that lead to the growth of the market.
The pandemic has set off the manufacturing sector to re-assess its conventional processes of production, essentially handling the transformation that is digital and intelligent manufacturing procedures across the lines of production. The manufacturers are also cohesively being compelled to devise and apply agile and new perspectives to observe product and control of the quality. The pandemic has also generated economic confusion for large, medium, and small-scale industries worldwide. The industries are taking a hit as country-wise lockdowns are being imposed by the governments to cut down the virus spread.
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Global smart manufacturing market: Report Scope
Report Attribute
Details
Market Size 2020 Value
USD 235.98 Billion
Market Outlook for 2028
USD 573.14 billion
Expected CAGR Growth
12.2% from 2021 – 2028
Base year
2020
Forecast period
2021 – 2028
Segments covered
By Component, By Technology, By End-Use, By Region
Key Companies
3D Systems, Inc., ABB.Cisco Systems, Cognex Corporation, Emerson Electric Co., FANUC, General Electric, Honeywell International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation, Inc., SAP, Schneider Electric, Siemens, Stratasys Ltd., and Yokogawa Electric Corporation
Regional scope
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Customization Options
Customized purchase options are available to meet your research needs.
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Global smart manufacturing market: Key segmentation
Insight by component, technology, end-use, and region
Based on components, the market is segmented into solutions and services and developed manufacturing solutions to ease automation and digital procedures within the factories, covering the entire supply chain. These factors may accelerate the demand for developed manufacturing technologies. Service is anticipated to rise in the upcoming years because of the increasing pace of digital transformation across industries. Based on technology, the discrete control system is held to have a larger share. For processes like monitoring, controlling, and reporting, DCS has the benefit of being flexible and straightforward, which has assisted it in gaining market share.
Additionally, DCS offers attributes like redundancy and control, which is growing system availability and reliability. Based on end-use, the automotive segment holds the largest market share. Essential elements in driving category growth are smart factory solutions. Enhanced profitability, product quality, speedier time to market, and labor force that is stable are competitive benefits for smart factory investment and adoption.
By region, the maximum revenue share is held by the Asia Pacific. The growth rate is impressive because of manufacturers’ growing spending and investment in the brilliant manufacturing industry. Lively start-up ecosystems in the manufacturing sector across countries like India, Japan, and Australia, SMEs are anticipated to push the bright kind of manufacturing solutions. But big enterprises functioning in detached industries are estimated to create the highest revenue in the market. North America succeeds the Asia Pacific, where the demand for smart manufacturing long rises as technological progression. The obtainability of standby printing material has fuelled the growing adoption of 3D printing across North America. The region is also viewing a collection of initiatives of investment in the North American aerospace, defense, health, automotive, and manufacturing sectors.
Browse the full “Smart Manufacturing Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services), By Technology, By End-use, By Region; Segment Forecast, 2021 – 2028” Report at https://www.polarismarketresearch.com/industry-analysis/smart-manufacturing-market
The market principally depends on component, technology, end-use, and region
Smart manufacturing market: By component
Smart manufacturing market: By technology
Smart manufacturing market: By end-use
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