Press release
Smart Manufacturing Market Size Worth US$ 365.22 billion by 2028
The new versatile research report on Global Smart Manufacturing Market aims to promise a unique approach to the industrial assessment of the market covering the most important factors driving the growth of the industry. The Smart Manufacturing Market report provides current and future technical and financial details of the industry. One of the most comprehensive and important additions to The Insight Partners market research archive. It provides detailed research and analysis of key aspects of the global market.
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The smart manufacturing market has witnessed significant growth and innovation in recent years. Smart manufacturing, or Industry 4.0 or the Fourth Industrial Revolution, refers to integrating advanced technologies, such as artificial intelligence (AI), the Internet of Things (IoT), cloud computing, Smart Manufacturing, and robotics, into manufacturing. Smart manufacturing solutions have transformed traditional manufacturing operations by enhancing efficiency, productivity, and flexibility. These technologies enable real-time monitoring, automation, predictive maintenance, and intelligent decision-making, improving quality control, reducing downtime, optimizing supply chains, and cost savings. The smart manufacturing market encompasses various sectors, including automotive, aerospace, electronics, pharmaceuticals, food and beverage, and consumer goods.
The smart manufacturing market is expected to grow from US$ 249.628 billion in 2022 to US$ 365.22 billion by 2028; it is estimated to grow at a CAGR of 6.0% from 2022 to 2028
The automotive industry, in particular, has embraced smart manufacturing practices to streamline production, enhance product customization, and meet the growing need for electric vehicles and autonomous driving. In addition to improving operational efficiency, smart manufacturing focuses on sustainability and environmental impact. By optimizing resource utilization, reducing waste, and implementing energy-efficient practices, manufacturers can minimize their carbon footprint and contribute to sustainable development. The global smart manufacturing market is foreseen to grow in the coming years.
Global Smart Manufacturing market segmentation:
Based on end user, the smart manufacturing market is segmented into discrete industry and process industry. The discrete segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. The discrete segment in the smart manufacturing market had the largest share due to the growing demand for automation and digitization in discrete manufacturing processes such as automotive, aerospace, and defense. Adopting smart manufacturing technologies in these industries has helped improve efficiency, reduce costs, and enhance quality control. This has led to increased demand for smart manufacturing solutions, driving growth in the discrete segment of the market. Additionally, the increasing focus on Industry 4.0 and the Industrial Internet of Things (IIoT) is anticipated to further drive growth in the discrete segment of the smart manufacturing market.
Smart Manufacturing Market: Regional Analysis Includes:
• Asia-Pacific Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
• North America (United States, Mexico and Canada.)
• South America (Brazil, etc.)
• The Middle East and Africa (GCC countries and Egypt.)
The Major Key Vendors of the Smart Manufacturing Market are:-
• 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
The study conducts a SWOT analysis to assess the strengths and weaknesses of the major players in the Smart Manufacturing market. Additionally, the report conducts an in-depth examination of the drivers and restraints operating in the market. The report also assesses trends observed in the parent market, along with macro-economic indicators, dominant factors, and market attractiveness with respect to different segments. The report predicts the influence of different aspects of the industry on the Smart Manufacturing market segments and regions.
This report strategically examines the micro markets and sheds light on the impact of technological upgrades on the performance of the Smart Manufacturing market.
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The Insight Partners is a one-stop industrial research provider of actionable solutions. We help our clients find solutions to their research needs through our syndicated research and consulting services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.
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