Smart Manufacturing Industry Forecasted to Reach $695.07 Billion by 2032

As per the report published by The Brainy Insights, the global smart manufacturing market is expected to grow from USD 219.64 billion in 2022 to USD 695.07 billion by 2032, at a CAGR of 12.21% during the forecast period 2023-2032. North American region emerged as the largest global smart manufacturing market, with a 45.23% market revenue share in 2022. The tight government rules & the development of the industrial sector are propelling the market's growth in this region. Furthermore, the increasingly demanding customized products, the growth of Industry 4.0, and digitalization are anticipated to drive market growth in this region. In addition, the Asia Pacific region is anticipated to show the fastest CAGR growth over the projection period due to the rising deployment of automation across manufacturing units.

𝐆𝐫𝐚𝐛 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭- https://www.thebrainyinsights.com/enquiry/sample-request/13552

Smart Manufacturing Market Size by Component (Robotics, Machine Vision System, Communication Segment, Control Devices, and Sensor), Technology (Supervisory Controller and Data Acquisition (SCADA), Programmable Logic Controller (PLC), Distributed Control System (DCS), Enterprise Resource and Planning (ERP), Human Machine Interface (HMI), Manufacturing Execution System (MES), and Product Lifecycle Management (PLM)), End-User Industry (Semiconductors, Automotive, Chemical and Petrochemical, Oil and Gas, Pharmaceutical, Food and Beverage, Aerospace and Defense, and Metals and Mining), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry Robert Bosch Manufacturing Solutions GmbH, Amazon Web Services, Inc., FANUC CORPORATION, 3D Systems Corporation, Cisco Systems, Inc., Cognex Corporation, PTC Inc., Plex Systems, Inc., SAP SE, ABB Ltd, Mitsubishi Electric Automation, Inc., Siemens AG, Emerson Electric Co., Hitachi, Ltd., Intel Corporation, and Schneider Electric SE which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The component segment is divided into robotics, machine vision systems, communication segments, control devices, and sensors. The machine vision system segment led the market with a market share of 26.21% in 2022. This growth is attributed to the rising need for quality inspection. The technology segment is divided into supervisory controller and data acquisition (SCADA), programmable logic controller (PLC), distributed control system (DCS), enterprise resource and planning (ERP), human-machine interface (HMI), manufacturing execution system (MES), and product lifecycle management (PLM). The distributed control system (DCS) segment led the market with a market share of 21.19% in 2022. This growth is attributed to the rising adoption of smart applications and IoT technologies. The end-user industry segment is divided into semiconductors, automotive, chemical and petrochemical, oil and gas, pharmaceutical, food and beverage, aerospace and defense, and metals and mining. The automotive segment led the market with a market share of 23.15% in 2022. This growth is attributed to the ever-rising penetration of industrial robots and growing investments in smart factories.

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The increasing government participation in supporting industrial automation & increasing supply chain complexities are helping to drive the growth of the smart manufacturing market. Further, the growing focus on automating in-house manufacturing services and lessening reliance are helping to stimulate the smart manufacturing market growth during the forecast period. Additionally, the increasing focus on regulatory compliances and the growing demand for software systems that reduce time and cost are also assisting in boosting market growth over the forecast period.

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