The latest report by IMARC, titled “Smart Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global smart manufacturing market size reached US$ 290.7 Billion in 2022. Smart manufacturing refers to the utilization of internet-integrated machinery to automate production and various other operations. It is also used to identify failures in specific parts and carry out preventive maintenance to avoid unplanned device downtime. In recent years, smart manufacturing has gained traction due to the extensive product utilization in various industry verticals, such as healthcare, industrial equipment, electronics, automotive, oil and gas, defense, and aerospace.
Global Smart Manufacturing Market Trends:
One of the primary factors driving the market is the increasing focus on automation in the manufacturing industries. Additionally, the exponential growth in the automotive industry has encouraged automotive manufacturers to adopt smart manufacturing solutions as they have helped them build automated assembly lines to manufacture parts and the entire car. Besides this, the rising demand for knowledge-based manufacturing and connected supply chains that are equipped with modelling, advanced control, sensing, and simulation capabilities is positively influencing the market growth. In line with this, the wide employment of these solutions on account of the advantages offered by them, such as reducing accidents, maintaining costs, dynamic production, and real-time optimization, represent another major growth-inducing factor. In line with this, the growing acceptance of cloud platforms, along with the Internet of Things (IoT) and rapid industrial growth, is creating lucrative growth opportunities for the key players operating in the industry. Looking forward, IMARC Group expects the market value to reach US$ 561.5 Billion by 2028, expanding at a CAGR of 10.8% during the forecast period (2023-2028).
- On the basis of the component, the market has been divided into hardware, software, and services.
- Based on technology, the market has been segregated into machine execution systems, programmable logic controller, enterprise resource planning, SCADA, discrete control systems, human machine interface, machine vision, 3D printing, product lifecycle management, and plant asset management.
- On the basis of the end use, the market has been categorized into automotive, aerospace and defense, chemicals and materials, healthcare, industrial equipment, electronics, food and agriculture, oil and gas, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being 3D Systems Inc., ABB Ltd., Emerson Electric Co., Fanuc Corporation, General Electric Company, Honeywell International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corporation.
|Base Year of the Analysis
||Component, Technology, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||3D Systems Inc., ABB Ltd., Emerson Electric Co., Fanuc Corporation, General Electric Company, Honeywell International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and Yokogawa Electric Corporation
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