Press release
Smart Manufacturing Market Size, Share, Growth Report and Forecast 2024-2032
Smart manufacturing leverages cutting-edge technologies like the Internet of Things (IoT), Artificial Intelligence (AI), robotics, and big data analytics to enhance manufacturing efficiency, productivity, and flexibility. This technology integration enables real-time data monitoring, predictive maintenance, and streamlined production processes, ultimately leading to improved product quality and reduced operational costs.
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One of the key drivers fuelling the smart manufacturing market growth is the rising demand for automated and data-driven solutions in the manufacturing sector. Manufacturers are increasingly embracing these technologies to stay competitive, enhance production efficiency, and cater to the rapidly changing consumer demands. Furthermore, the push towards Industry 4.0, characterised by the integration of digital technologies into industrial processes, has significantly boosted the adoption of smart manufacturing solutions.
AI and IoT, integral components of smart manufacturing, are revolutionising the sector. As per the smart manufacturing market analysis, AI's role in predictive maintenance, quality control, and supply chain optimisation, and IoT's ability to connect various devices and equipment to gather and analyse data, are pivotal in enhancing operational efficiency. Additionally, the integration of robotics in manufacturing processes not only automates repetitive tasks but also ensures precision and consistency in production.
The increasing focus on sustainability and energy efficiency in manufacturing processes is another factor contributing to the growth of the smart manufacturing market. Smart manufacturing technologies enable manufacturers to monitor and control energy usage, reduce waste, and optimise resource utilisation, aligning with the global trend towards environmental sustainability.
Regionally, the Asia Pacific region holds a substantial portion of the smart manufacturing market share, attributed to the rapid industrialisation, significant investments in research and development, and government initiatives promoting the adoption of smart manufacturing technologies in countries like China, Japan, and South Korea. North America and Europe also hold substantial market shares, driven by the presence of key market players and advanced manufacturing infrastructure.
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Smart Manufacturing Market Segmentation
The market can be divided based on component, technology, end use, and region.
Market Breakup by Component
Hardware
Software
Services
Market Breakup by Technology
Programmable Logic Controller
Supervisory Controller and Data Acquisition (SCADA)
Enterprise Resource and Planning
Human Machine Interface
Product Lifecycle Management
Manufacturing Execution System
Distributed Control System
3D Printing
Others
Market Breakup by End Use
Automotive
Aerospace and Defence
Chemicals and Materials
Healthcare
Food and Beverage
Oil and Gas
Others
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart manufacturing market. Some of the major players explored in the report by Expert Market Research are as follows:
ABB Ltd.
Emerson Electric Co.
Rockwell Automation, Inc.
Mitsubishi Electric Corporation
FANUC America Corporation
Schneider Electric SE
Others
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