Press release
Global smart manufacturing market to expand at 15.75% CAGR till 2023
The smart manufacturing market is expected to undergo expansion at a compound annual growth rate (CAGR) of 15.75% by 2023.
February 7, 2019 - According to a new report published by Netscribes on Research on Global Markets, the smart manufacturing market is expected to undergo expansion at a compound annual growth rate (CAGR) of 15.75% by 2023.
According to the report, data-driven decision-making processes are being increasingly undertaken. Manufacturing processes are being streamlined, and the cost competition has also become quite intense, thereby leading to higher levels of productivity, which ultimately aids the growth of the market. The smart manufacturing industry includes advanced digital technologies, such as machine learning, motion control and machine vision. These have encouraged different sectors to adopt automated processes, especially in the automotive segment.
The largest market share of 49% in the global smart manufacturing market is held by the industrial automation segment. It is followed by the Internet of Things (IoT) segment with a 33% share. The report further reveals that the collective efforts from technology firms and industrial sectors have paved the way for more innovative solutions, thereby enhancing the pace of growth in many aspects, such as manufacturing control systems and three-dimensional printing.
Netscribes has suggested that the aerospace industry will undertake the highest degree of adoption of smart manufacturing technology, which is due to an increase in the number of products that are being manufactured, along with the demand for robots and automated processes in the sector. According to the report, control mechanisms in industries have been employing robots at an increasing rate, which contributes to the growth of industrial equipment and automotive segments as well. Several other sectors, such as food, agriculture, chemical manufacturing and healthcare will implement more smart manufacturing technologies.
Region wise, North America is expected to continue to dominate the smart manufacturing market due to its leading position in the field of innovative technologies. The Asia-Pacific region also shows a great promise, mostly due to the mammoth investments in smart manufacturing technologies by the various industries, along with robotic innovations and the introduction of tax subsidies, which will benefit manufacturers to a significant extent. This had led the region to occupy a decent 25% market share, as of 2017. Africa, Latin America and the Middle-East show little development in this regard.
Key highlights of the report:
• Scope and segmentation of the global smart manufacturing market
• A comprehensive global market overview, including historical, current and forecasted market sizes, revenues and market attractiveness
• Qualitative analysis of the market drivers, trends and challenges
• Analysis of the market segmentation based on application and end-users
• A comprehensive overview of the competitive landscape with a focus on few key market players
• Regional overview of the smart manufacturing market in North America, Asia-Pacific, Latin America, Africa and the Middle-East
This report has been formulated with the purpose of giving businesses a concise understanding of the demand for smart manufacturing processes on a global scale, to determine the viability of the market, develop strategies based on the drivers, and to help brands identify the competition and respond accordingly.
For more information, download the Global carbonated beverage market:
https://www.researchonglobalmarkets.com/industry-4-0-global-smart-manufacturing-market-2018-2023.html
About Research on Global Markets:
Owned by Netscribes, Research on Global Markets draws from the company’s vast experience in market research and intelligence. For any queries related to our products and services, feel free to get in touch with us at support@researchonglobalmarkets.com.
Please find below media contact for the releases:
Name: Ejaz Ahmed
Email: ejaz.ahmed@researchonglobalmarkets.com
US Toll-Free: 18888313350
M: +8450829337
41 East, 11th Street, New York, NY10003, USA
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global smart manufacturing market to expand at 15.75% CAGR till 2023 here
News-ID: 1567095 • Views: …
More Releases from Research on Global Markets
The Global Digital Gaming Market projected to reach USD 264.9 Bn in revenue by 2 …
Digital gaming is one industry that is growing, as it comprises of so many kinds of entertainment. The report developed by Research On Global Markets on the Global Digital Gaming Market shows that it is currently valued at USD 264.9 Bn.
While we are all aware of how popular the console gaming, what has taken the industry for digital gaming by storm is the wave of smartphone…
Increased demand levels indicate that the Global Nutritional Supplement Market i …
The use of nutritional supplements, globally, has increased and this is primarily driven by the need be healthy, fit and to lose weight.
Also adding momentum to the Global Nutritional Supplement Market are the factors that just make sense. For example, the average cost of healthcare has skyrocketed, leading many consumers to believe that staying healthy would help them to avoid those costs. Self-medication too is on the rise as…
Instant Noodles Market in India
A new report from Research On Global Markets shows that the Instant Noodles Market in India was the fourth largest and that consistent growth and consumer acceptance will drive a total market value of INR 51.1 Bn in 2020.
Developed extensively over a period of time, studies showed that Nestle was the dominant player even though sales had been impacted by the recent controversy concerning excessive levels of lead in…
More Releases for CAGR
Cat Litter Box Market | CAGR of 9.1% | Revenue & CAGR of 9.1%
Cat Litter Box Market Report provides precise data about the market size, commercialization aspects and revenue forecast of the industry. The global Cat Litter Box market offers a historical factsheet relevant to the strategic mergers, acquirements, joint venture activities, and partnerships spread in the Cat Litter Box market. The most advanced data has been presented in the study on the revenue numbers, product details, and sales of the major firms.…
Predictive Analytics Market Growing at Strong CAGR of CAGR of 25.31% 2019
Predictive analytics helps to extract information from the existing data. It helps in understanding the pattern and predict the trend or future for the organization. It uses what-if scenarios to predict possible risks involved in the future. Predictive analytics also helps in the optimization of the marketing campaigns and understanding of the customer behaviour for increasing the end-user response and to reduce the churn.
Predictive analytics is segmented into:
Risk management:…
Global Absorption Chillers Market Reflecting a CAGR of 7.6% CAGR through 2025
The demand for thermally-driven chillers in multiple industrial verticals is poised to grow in the immediate future. Considering the rising demand for electrical chillers in commercial, residential as well as industrial settings, the adoption of absorption chillers will gain traction at considerable rate. By consuming lesser energy than conventional electrical chillers, absorption chillers will also garner surplus demand for not using ozone-depleting chlorofluorocarbons (CFC) for chilling purposes. Persistence Market Research’s…
Aircraft Sensors Market Growing at a CAGR of 6.4% CAGR By 2022
The global aircraft sensors market is forecasted to receive a strong push in its growth momentum on the back of advancements in technologies, massive investments forwarded by private equity groups, and the elevation in the demand for aircraft. Adherence to the requirements and regulations of authorities such as local aircraft regulatory bodies and the Federal Aviation Administration (FAA) could pamper the growth of the market. Nonetheless, there could be more…
China Baby Diapers Market Reflecting a CAGR of 19.1% CAGR 2012-2017
The increasing birth rate in China has proven to be a boon for the country’s baby diaper’s market. To provide a comprehensive analysis of the growth trajectory exhibited by the China baby diapers market and study the impact of the dynamic regulatory policies on the market, Transparency Market Research (TMR) has published a report, titled “Baby Diapers Market - China Industry Analysis, Market Size, Share, Growth, Trends And Forecast, 2012…
Ecg Device Market Register a CAGR Growth of 4.1% CAGR by 2024
This region holds highest market share over the forecast period (2016-2024) and is expected to exhibit slow growth rate. The Asia Pacific is expected to be the fastest-growing region for ECG devices owing to its increasing incidence rate of cardiovascular diseases and high population.
ECG devices are experiencing a paradigm technological shift from resting ECG systems to portable Holter monitoring systems, owing to their advantages of patient mobility, low prices and…
