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WASHINGTON, Nov. 10, 2022 (GLOBE NEWSWIRE) — The global smart manufacturing market will be valued at $87.5 billion in 2021 and will reach a market value of $237.4 billion by 2028, forecast period 2022 CAGR during the period is projected to be 18.10%. 2028.
Vantage Market Research has published the latest smart manufacturing market research with in-depth analysis on current scenario, market size, demand, growth patterns, trends and forecasts. This report on Smart Manufacturing Market Research considers key factors such as market analysis, market definition, segmentation, key industry trends, competitive landscape study, and research methodology. Aiming to provide accurate information to users, this study provides an idea on various market impediments and market motivators through both quantitative and qualitative approaches. A good account of the market drivers and market constraints was made using SWOT analysis. As a result, the Smart Manufacturing Market report serves as a key vehicle for rising commercial activity, improving the quality of work done, and increasing revenue.
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market dynamics:
driver:
Increasing Government Involvement in Supporting Smart Manufacturing
Globally, governments are now focusing on digitization and automation in almost every sector. Also, introduction when AI dramatically improves technology. As such, not only the government but also some officials are paying attention to his smart manufacturing. The government has taken several initiatives by increasing investment in research and development (R&D) for technologies such as IoT and industrial 3D printing. Moreover, the growing demand for smart cities is further increasing the demand for smart manufacturing solutions. It then further drives the market growth over the forecast period. Hence, driving the growth of the market during the forecast period.
List of prominent players in Smart Manufacturing Market:
- ABB (Switzerland)
- Siemens (Germany)
- Schneider Electric (France)
- Rockwell Automation (USA)
- Honeywell International Inc. (USA)
- Emerson Electric Company (USA)
- IBM (United States)
- General Electric (USA)
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Global Smart Manufacturing Market Segmentation:
- Information technology
- human machine interface
- Plant asset management
- manufacturing execution system
- Warehouse management system dual frequency
- Enabling technology
- Industrial 3D printing
- AI in manufacturing
- industrial cyber security
- industrial machine vision
- industrial sensor
- digital twin
- robot
- automated guided vehicle
- Machine condition monitoring
- Artificial reality and virtual reality
- 5G Industrial IoT
- industry
- process industry
- Discrete industry
- region
- North America
- Europe
- Asia Pacific
- latin america
- Middle East and Africa
Increased demand from developing regions
Some companies in developed countries adopt geographic expansion strategies to expand their business. Therefore, we are focusing on developing countries and looking to expand our business in emerging countries due to cheap labor costs and falling real estate prices. Moreover, the rapidly changing trend of digitization is further driving the adoption of smart manufacturing solutions. Countries such as India and China are rapidly building infrastructure. Hence, increasing demand for smart manufacturing solutions will further drive the market growth.
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Key highlights of the report:
- Based on industry, the market is divided into discrete industries and process industries. Automotive, Transportation, Industrial Machinery, Medical Devices, Semiconductors, Electronics/High Tech, and others make up the Discrete Sectors (Aerospace, Defense, etc.). Discrete business is likely to expand rapidly in the next few years. Heavy industry, electronics, and automotive industries are in increasing demand for smart manufacturing solutions in discrete automation to facilitate production processes. Pharmaceuticals, mining and metals, chemicals, pulp and paper, and others make up the process industries (cables, etc.). The process industry is projected to increase at a significant compound annual growth rate (CAGR) over the forecast period.
- Based on enabling technology, the market covers industrial 3D printing, AI in manufacturing, industrial cyber security, industrial machine vision, industrial sensors, digital twins, robotics, automated guided vehicles, machine condition monitoring, artificial and virtual reality, and 5G. industrial IoT. Industrial 3D printing is gaining popularity as a means of facilitating the production of intricately designed parts and is helping move the field forward. The industrial 3D printing market is likely to grow due to increasing demand from various industries. Government funding and aggressive research and development (R&D) efforts by industry experts are driving the industrial 3D printing market forward.
- Asia Pacific is the fastest regional segment. Asia Pacific is growing at a very fast rate. Countries in this sector, such as India’s ‘Make in India’ initiative, have always focused on automating their in-house manufacturing facilities and minimizing their reliance on other countries. Smart manufacturing solutions enable companies to focus on optimizing their supply chain to increase competitiveness, improve worker safety and save costs. Japan has also established itself as a manufacturing hub for factory automation technologies, exporting them to other countries in the region and making them cheaper to developing countries like India.
Report on smart manufacturing market highlights:
- Market evaluation
- Premium Insight
- competitive environment
- COVID impact analysis
- Historical Data, Estimates and Forecasts
- Company Profile
- Global and regional dynamics
Regional analysis:
North America holds the largest market share
North America is expected to dominate the smart manufacturing market growth in 2021. The main driver of the market is the presence of developing countries such as China, India, etc. in this region. In addition, increasing government initiatives such as India’s ‘Samarth Udyog Bharat 4.0’ and China’s ‘Made in China 2025’, among other initiatives taken by governments in several APAC countries, will boost market growth during the forecast period. further promote the growth of .
Browse Market Data Tables and figures span 141 pages, with a detailed table of contents below. smart manufacturing Market forecast report (2022-2028).
Recent developments:
June 2021: Stratasys Ltd. has announced two new Poly Jet 3D printers, the Stratasys J35 Pro and Stratasys J55 Prime, along with new software solutions for research and package prototyping. He also introduced medical 3D printers that set new standards for healthcare providers and medical device companies by combining multiple applications into one system.
February 2021: ABB has launched its cobot portfolio with the GoFa and SWIFTI cobot families. These cobots complement ABB’s cobot lineup of YuMi and single-arm YuMi offering higher payload capacity and robot motion speed.
Why Buy This Smart Manufacturing Market Report
- This report offers a comprehensive assessment of the global smart manufacturing market. This report includes verifiable data from reliable sources, detailed qualitative analysis, and market size estimates. Estimates are calculated using proven research methods.
- This report includes detailed market analysis using Ansoff Matrix and Porter’s 5 Forces Model. Apart from this, the pre- and post-Covid-19 impacts on the smart manufacturing market are also covered in the report.
- This smart manufacturing report has been compiled through extensive primary and secondary research. Primary research is conducted through interviews, research and observations with industry luminaries.
- The Smart Manufacturing industry report also includes competitive analysis using the analyst’s proprietary competitive positioning tool.
- This report also covers the regulatory landscape of the smart manufacturing industry to help you make an informed decision. The report covers the key regulations and rules imposed on the sector by major regulatory bodies and various regions.
Report scope:
report attribute | detail |
Market size in 2021 | US$87.5 billion |
Revenue projections through 2028 | US$237.4 billion |
CAGR | 18.10% from 2022 to 2028 |
base year | 2021 |
Forecast year | 2022-2028 |
main player | ABB, Siemens, Schneider Electric, Rockwell Automation, Honeywell International Inc., Emerson Electric Co., IBM, General Electric |
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