The global smart manufacturing market size is estimated to reach USD 589.98 billion by 2028, registering a CAGR of 12.4% from 2021 to 2028, according to a new study by Grand View Research, Inc. Increasing adoption of technologies, including big data analytics, smart robots, and industrial IoT, in manufacturing facilities is a key factor propelling the market growth. Additionally, small and medium enterprises are increasingly integrating plant asset management, Manufacturing Execution Systems (MES), and 3D printing solutions, accelerating the market growth.
Governments
across the globe are increasingly investing and promoting smart manufacturing
initiatives. Both developed and developing economies are aggressively embracing
this avenue, contributing to market growth. For instance, under the Made in
China 2025 program, the government of China is reportedly investing
approximately USD 3 billion. Similarly, the Indian government is promoting
smart manufacturing with the SAMARTH - Udyog Bharat 4.0 initiative to transform
the manufacturing sector.
Automotive
and aerospace and defense are the leading revenue-generating end-use verticals
while oil and gas and industrial equipment are anticipated to scale up the
digitization efforts rapidly. The advent of 3D printing, modeling, and
simulation in the manufacturing process has significantly propelled the market
growth. Furthermore, the market participants are entering into strategic
partnerships to offer improved end products. For instance, General Motors (GM),
an automobile manufacturer, partnered with Autodesk Inc. to manufacture lighter
vehicle parts using 3D printing technology.
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Smart
Manufacturing Market Report Highlights
- A shift from
operational technologies to effective artificial intelligence and data
analytics is expected to emerge as a major market trend
- Internet of
things has gained popularity in the global manufacturing sector owing to
benefits such as reduced operational costs and increased efficiency and
productivity
- The
integration of hardware and software is expected to be the prime focus of
solution providers. Unified design architecture and cyber-physical systems
are expected to witness high demand in the market
- Developed
economies are supporting digitalization to reintroduce industrialization
into their turf while developing countries are making investments in smart
technologies to comply with international manufacturing standards and
trends
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Smart
Manufacturing Market Segmentation
Grand View Research has
segmented the global smart manufacturing market based on component, technology,
end use, and region:
Smart
Manufacturing Component Outlook (Revenue, USD Billion, 2016 - 2028)
- Hardware
- Software
- Services
Smart
Manufacturing Technology Outlook (Revenue, USD Billion, 2016 - 2028)
- Machine Execution Systems
- Programmable Logic Controller
- Enterprise Resource Planning
- SCADA
- Discrete Control Systems
- Human Machine Interface
- Machine Vision
- 3D Printing
- Product Lifecycle Management
- Plant Asset Management
Smart
Manufacturing End-use Outlook (Revenue, USD Billion, 2016 - 2028)
- Automotive
- Aerospace & Defense
- Chemicals & Materials
- Healthcare
- Industrial Equipment
- Electronics
- Food & Agriculture
- Oil & Gas
- Others
Smart
Manufacturing Regional Outlook (Revenue, USD Billion, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
List of Key
Players of the Smart Manufacturing Market
- Siemens
- General Electric
- Rockwell Automation, Inc.
- Schneider Electric
- Honeywell International Inc.
- Emerson Electric
- Fanuc
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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