Smart Manufacturing Industry 2022-2028: Technology and Market Outlook, Share, Trends, Demand and Future Growth

According to The Insight Partners, entitled "Smart Manufacturing Market 2022-2028: Technology and Market Outlook", Growing demand for industrial robots, sensors, tools, drives, and condition monitoring; execution of complex & advanced techniques/devices will endure the rise of smart manufacturing market. which will accelerate its growth to more than $ 258.72 billion in 2022, it is estimated to grow at a CAGR of 6.0% from 2022 to 2028.

The report can be used by both established and new players in the industry for complete understanding of the market.  Besides, this report also includes historic data, present and future market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. The scope of this Smart Manufacturing market report involves industry research, customer insights, market sizing and forecast, competitive analysis, market entry strategy, pricing trends, sustainability trends, innovation trends, technology evolution, and distribution channel assessment.

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Players operating in the smart manufacturing market are mainly focused on developing advanced and efficient products.

In 2022, GE Digital introduced enhancements in CIMPLICITY and Tracker software that provide critical decision support for operators to make them more efficient. CIMPLICITY HMI/SCADA provides client-server visualization to precisely monitor and control operations. Tracker, part of GE Digital's Proficy Manufacturing Execution Systems (MES) offering, automates routing and sequencing to accelerate time to the smart manufacturing market, reduce warranty and recall exposure, and support Lean operations and building right the first time.

In 2021, Raytheon Technologies and the Army Research Laboratory (ARL) of the Combat Capabilities Development Command (DEVCOM) selected 3D Systems (NYSE: DDD) for a research project titled "Research for Virtual Design and Qualification Process for Additively Manufactured Parts Optimized for Multi-Laser Machines" awarded through the National Center for Manufacturing Sciences.

Smart manufacturing uses execution control, analytics, and simulation to boost the high yield manufacturing process. Optimization through simulation and analytics is driving product and process improvements in the process. The global industrial sector is dynamic as it observes the deployment of numerous technologies, such as Industry 4.0 and the Industrial Internet of Things (IIoT). With factories reporting for ~40% of the world's energy consumption, the need to mitigate energy usage is crucial in encouraging manufacturers to adopt cost-effective, sustainable, precise, and reliable machinery. Machines are evolving and are reducing human intervention by introducing new interfaces such as augmented reality (AR), touchless interfaces, and smart tools.

Growing demand for industrial robots, sensors, tools, drives, and condition monitoring; execution of complex & advanced techniques/devices will endure the rise of smart manufacturing market. The smart manufacturing market growth is attributed to the rising demand for machine vision systems in diversified industries; the expanding industrial sector in such as the US, China, and India; and the upsurge in the adoption rate of real-time location systems (RTLS). The growing use of robots and automation due to the increased implementation of artificial intelligence (AI) and other advanced technologies is expected to boost the market growth. Moreover, with the growing digital transformation, the wave of transforming generic factories into a smart one will likely receive high traction, which is contributing to the growth of the smart manufacturing market.

Smart Manufacturing Market report is to provide accurate and strategic analysis of the Profile Projectors industry. The report closely examines each segment and its sub-segment futures before looking at the 360-degree view of the market mentioned above. Market forecasts will provide deep insight into industry parameters by accessing growth, consumption, upcoming market trends, and various price fluctuations.

Global Smart Manufacturing Market research reports growth rates and the market value based on market dynamics, growth factors. Complete knowledge is based on the latest innovations in the industry, opportunities, and trends. In addition to SWOT analysis by key suppliers, the report contains a comprehensive market analysis and major player's landscape.

Top Key Players Profiled in This Report:

Yokogawa Electric Corporation
Cisco Systems, Inc
Honeywell International Inc.
3D Systems, Inc
Daifuku Co., Ltd
GENERAL ELECTRIC
IBM Corporation
Oracle Corporation
Siemens AG
…..

Key Segmentation:

By End User
·         Discrete Industry
·         Process Industry
By Component
·         Hardware
·         Software

Impact of COVID-19 Pandemic on Smart Manufacturing Market 

Smart manufacturing is a combination of multiple electronic components, devices, and technologies. Major suppliers supply parts and raw materials to manufacturers, as these countries are manufacturing hubs. As a result of the COVID-19 pandemic, strict lockdowns were enforced as preventive measures, which impacted the supply chain of electronic components and devices. Thus, in 2020, smart manufacturing solutions manufacturers faced a delay in the supply of raw materials. However, in 2021, the upliftment of lockdowns and the successful drive of vaccination by the government gradually increased the shipment of raw materials which further propelled the market growth of smart manufacturing. Hence, this factor is helping in creating a positive scenario for the growth of the smart manufacturing market.

Market Insights - Smart Manufacturing Market
Increasing Demand for Smart Machine Vision Systems

Machine vision is a multi-staged system that employs smart cameras in the initial phases of image processing. Smart cameras are generally designed to outperform multicamera systems in harsh operating environments. These cameras are self-contained and can be easily programmed to perform a specific task, or they can be modified as per the need without affecting other inspection processes. The demand for smart machine vision systems is expected to increase during the forecast period as they are cost-effective, compact, and flexible; the flexibility of these systems allows easier implementation of changes in these systems based on revised regulations and standards. In addition, with advancements in smart camera technology and the Internet of Things (IoT), the adoption of machine vision systems based on these cameras is likely to increase in the coming years. Smart cameras typically combine lighting, image sensors, software, and I/O functionality, which ease the task of machine vision systems. With the evolution in camera technology, in terms of capabilities and specifications, manufacturers are introducing models with larger image sensors and embedded vision cameras; the new models function as smart cameras, and a few of these are also capable of performing deep learning and artificial intelligence (AI) tasks.

End User-Based Smart Manufacturing Market Insights
Based on end user, the smart manufacturing market is bifurcated into discrete industry and process industry. The discreet industry segment led the smart manufacturing market with a share of 56.5% in 2021. In diversified industries, numerous types of smart manufacturing technologies are being integrated during manufacturing.

The global regions which are scrutinized for a clear understanding of Global Smart Manufacturing Market are North America, Latin America, Asia-Pacific, Africa, Europe, and India. The research on the Global Smart Manufacturing Market will be applicable to investors, business owners, industry experts, and various c level peoples. Profiling of the several top-level industries has been included in this informative report.

The research study has taken the help of graphical presentation techniques such as info graphics, charts, tables, and pictures. It provides guidelines for both established players and new entrants in the Global Smart Manufacturing Market.

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Major highlights of this research report:

In-depth analysis of the degree of competition across the globe.

Estimation of Global Smart Manufacturing Market values and volumes.

Global Smart Manufacturing Market analysis through industry analysis tools such as SWOT and Porter's five analyses.

Business profiling of prominent companies across the global regions like North America, Latin America, Middle East, Asia-Pacific, Africa, and Europe.

Detailed elaboration on global market value, volume, and penetration.

Global Smart Manufacturing Market growth projections.

Detailed description on development policies and plans.

Analytical study on drivers, restraints, opportunities, hindrances, inadequacies, challenges and strengths.

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