Press release
Smart Manufacturing Market Size & Share to Surpass US$ 365.22 Billion by 2028 | Yokogawa Electric Corporation,Cisco Systems, Inc,Honeywell International Inc.,3D Systems, Inc
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.
The smart manufacturing market was valued US$ 258.72 billion in 2022, it is estimated to grow at a CAGR of 6.0% from 2022 to 2028.
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Companies Profiled in this report includes: Yokogawa Electric Corporation,Cisco Systems, Inc,Honeywell International Inc.,3D Systems, Inc,Daifuku Co., Ltd,GENERAL ELECTRIC,IBM Corporation,Oracle Corporation,Siemens AG,Schneider Electric SE
MARKET DYNAMICS
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.
MARKET SEGMENTATION
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.
Component-Based Smart Manufacturing Market Insights
Based on components, the smart manufacturing market is bifurcated into hardware and software. The hardware segment led the market with a share of 63.2% in 2021; it is anticipated to continue its dominance during the forecast period. Rapid expansion in the manufacturing industry and adopting industrial automation in the automotive, consumer electronics, logistics, and healthcare industries are a few of the factors driving the growth of smart manufacturing. Nevertheless, growing government support and integration of AI in manufacturing process are anticipated to provide many growth opportunities to the manufacturers operating in the smart manufacturing market.
The purposes of this analysis are:
To characterize, portray, and check the Smart Manufacturing market based on product type, application, and region.
To estimate and inspect the size of the Smart Manufacturing market (in terms of value) in six key regions, specifically, North and South America, Western Europe, Central & Eastern Europe, the Middle East, Africa, and the Asia-Pacific.
To estimate and inspect the Smart Manufacturing markets at country-level in every region.
To strategically investigate every sub-market about personal development trends and its contribution to the Smart Manufacturing market.
To look at possibilities in the Smart Manufacturing market for shareholder by recognizing excessive-growth segments of the market.
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Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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