The latest report by IMARC Group, titled “Smart Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global smart manufacturing market size reached US$ 259.3 Billion in 2021. Smart manufacturing (SM) utilizes internet-connected machinery to monitor various production processes. It identifies opportunities for automating operations and uses data analytics to enhance manufacturing processes. It also combines various technologies and solutions, including artificial intelligence (AI), blockchain in manufacturing, industrial internet of things (IIoT), robotics, condition monitoring, and cyber security, to enhance overall productivity. In addition, it helps manufacturing engineers and data analysts identify failures in specific parts and undertake preventive maintenance to avoid unplanned device downtime. As a result, smart manufacturing solutions are extensively adopted in the chemicals, materials, industrial equipment, healthcare, electronics, oil and gas, automotive, defense, and aerospace industries across the globe.
Global Smart Manufacturing Market Trends:
The market is primarily driven by the rising automation in manufacturing industries. This can be attributed to the transformation of traditional manufacturing facilities into advanced ones to meet the escalating demand of consumers, which is augmenting the demand for SM solutions across the globe. In addition, SM solutions provide a wide range of benefits, including real-time optimization, dynamic production, and reduced accidents, maintenance costs, and cycle times, thus accelerating the product adoption rate. Besides this, the rising integration of various advanced technologies such as the internet of things (IoT), augmented reality, machine learning (ML), artificial intelligence (AI), and virtual reality with production processes represents another major growth-inducing factor. Furthermore, the rapid industrial growth in emerging economies and the increasing demand for knowledge-based manufacturing and connected supply chains equipped with advanced control, modeling, sensing, and simulation capabilities are also creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 527.3 Billion by 2027, exhibiting a CAGR of 12.5% during the forecast period (2022-2027).
- Based on the component, the market has been segregated into hardware, software, and services.
- On the basis of technology, the market has been classified 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,
- Based on the end use, the market has been segmented 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 divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, 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 industry has also been examined in the report, 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.
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