Global Smart Manufacturing Market to Reach US$ 792.9 Billion by 2032, Propelled by the Increasing Focus on Automation in Manufacturing Procedures

March 13, 2023 | Technology & Media

The latest report by IMARC, titled “Smart Manufacturing Market Report by Component (Hardware, Software, Services), Technology (Machine Execution Systems, Programmable Logic Controller, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine Interface, Machine Vision, 3D Printing, Product Lifecycle Management, Plant Asset Management), End Use (Automotive, Aerospace and Defense, Chemicals and Materials, Healthcare, Industrial Equipment, Electronics, Food and Agriculture, Oil and Gas, and Others), and Region 2024-2032”, finds that the global smart manufacturing market size reached US$ 324.4 Billion in 2023. 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$ 792.9 Billion by 2032, expanding at a CAGR of 10.1% during the forecast period (2024-2032).

Market Summary:

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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Component, Technology, End Use, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Smart Manufacturing Market to Reach US$ 792.9 Billion by 2032, Propelled by the Increasing Focus on Automation in Manufacturing Procedures

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