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Smart Manufacturing Market Growing Trends and Technology Forecast to 2030
Smart Manufacturing Market
The phrase "smart manufacturing" describes a modern industrial technique that largely depends on the advancement of cutting-edge technologies and connected manufacturing solutions. In order to achieve optimal and scalable control of production processes, it entails setting up systems in factories where the machines are connected to one another as well as the Internet.
Artificial intelligence and machine learning, blockchain in manufacturing, the industrial internet of things (IIoT), robotics, ERP systems, preventive maintenance, augmented reality and virtual reality, data analytics, and automated packaging are some of the well-known technologies used in smart manufacturing. As a result, manufacturing firms continually invest in and research new ways to apply these technologies in order to boost the effectiveness of of manufacturing.
The adoption of Industry 4.0, automation, the requirement to maintain regulatory compliance, and the desire for software solutions that save time and money are the main drivers anticipated to propel the global smart manufacturing market. The market is comprehensively evaluated in the study on the global smart manufacturing industry. The research provides a thorough analysis of the market's key segments, trends, drivers, restraints, competitive environment, and other important elements.
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Smart Manufacturing Market- Market Trends
• The rising growth of the market is a result of the growing implementation and adoption of Industry 4.0. The increase in automation and software-based processes has added to the market share. This has boosted the market over the forecast period.
• Increasing government involvement in the smart manufacturing market has also fuelled the market growth over the forecast period. They have been supporting as well as funding R&D for technologies such as, IIoT and industrial 3D printing.
Smart Manufacturing Market- Segmentation
The smart manufacturing market is segmented into component, technology, and end-use.
Based on Component
• Hardware
• Software
• Services
Based on Technology Outlook
• 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
Based on End-Use Outlook
• Automotive
• Aerospace & Defense
• Chemicals & Materials
• Healthcare
• Industrial Equipment
• Electronics
• Food & Agriculture
• Oil & Gas
• Others
Smart Manufacturing Market Overview:
The market outlook portion of the study primarily covers the market's fundamental dynamics, including its drivers, constraints, opportunities, and challenges. Opportunities and challenges are external market aspects, whereas drivers and restraints are fundamental market forces. The demand for smart manufacturing is anticipated to increase as Industry 4.0 is increasingly adopted. Industry 4.0 refers to the digital transformation of value creation processes, manufacturing/production, and related industries. Industry 4.0 is transforming how businesses produce, enhance, and distribute their goods. Manufacturers are incorporating cutting-edge technology like the Internet of Things (IoT), cloud computing and analytics, AI and machine learning, into their manufacturing facilities and operations.
Digital technologies provide several advantages, including increased automation, predictive maintenance, self-optimization of process improvements, and-most importantly-a new level of efficiency and customer response. The manufacturing sector has a fantastic potential to join the fourth industrial revolution by developing smart factories. Real-time visibility of production assets is ensured by the analysis of enormous volumes of big data gathered from industrial sensors, which can also offer tools for undertaking preventative maintenance to minimise downtime. High-tech IoT-enabled smart factories have improved productivity and better product quality. Manufacturing errors are decreased, money is saved, and time is saved by replacing manual inspection business models with AI-powered visual insights.
A smartphone connected to the cloud can be easily set up by quality control professionals to monitor manufacturing operations from any location. By utilising machine learning algorithms, manufacturers can identify mistakes earlier rather than later, when repair work is more expensive. All industries, including discrete and process manufacturing, as well as oil and gas, mining, and other industrial sectors, can use Industry 4.0. Aside from this, smart manufacturing will help producers better comply with the increasingly strict regulatory rules that are emerging globally.
Smart Manufacturing Market- Key Market Players
Some of the prominent companies operating in the market are Siemens; General Electric; Rockwell Automation, Inc.; Schneider Electric; Honeywell International Inc.
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