Smart Manufacturing Market Overview:
The Smart Manufacturing Market is valued at USD 97.6 billion in 2022 and is projected to reach a value of USD 379.49 billion in 2030 expanding at a CAGR of 18.5% over the forecast period of 2022-2030.
The phrase "smart manufacturing" refers to a modern, industrial production method that is widely employed and relies extensively on the advancement of linked, creative manufacturing technologies and solutions. To enable optimal and scalable control of manufacturing processes, firms with networked machinery must set up systems that are connected to the Internet.
Modernization is made possible by smart manufacturing technologies like robotics, AI, and machine learning. This lowers the need for manual labour and increases production efficiency. For instance, artificial intelligence and machine learning are able to assess data to optimize industrial processes and highlight areas for improvement, while robots can carry out monotonous jobs more accurately and quickly.
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Growth Factors:
The requirement for knowledge-based manufacturing and networked supply chains with comprehensive modelling, sensing, control, and simulation capabilities is fuelling the market's expansion. Automation and digitalization have become major changes in the manufacturing sector since the start of the Internet of Things (IOT) revolution. In addition, industrial analytics, cloud computing, and the Industrial Internet of Things (IOT) are expected to be significant factors in the market's prosperous expansion.
Over the years, a number of issues that have a substantial impact on the industrial sector globally include supply chain risks, fierce competition, and rising operational expenses. Players in the market are therefore actively looking for ways to save costs while making businesses more effective, quick, flexible, and compliant with product quality.
Opportunities:
The entire production and distribution process is visible in real time thanks to smart manufacturing. With this visibility, manufacturers may monitor the flow of raw materials, work-in-progress, and final goods, enabling prompt reaction to any delays or disturbances. Agile manufacturing techniques are supported by the combination of supply chain optimization and smart production. By instantly modifying production schedules and procedures, manufacturers may react to shifts in market conditions, product design, or demand. This adaptability makes it easier for a business to react to changes in the market. Optimising the supply chain fosters closer supplier collaboration. Manufacturers and suppliers can collaborate to improve the overall efficiency of the supply chain, minimize lead times, and manage inventory levels by exchanging real-time data and insights.
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Smart Manufacturing Market- Segmentation:
Based on Component
- Hardware
- Software
- Services
Based on Technology Outlook
- 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
Based on End-Use Outlook
- Automotive
- Aerospace & Defence
- Chemicals & Materials
- Healthcare
- Industrial Equipment
- Electronics
- Food & Agriculture
- Oil & Gas
- Others
Market Segmentation by Region for Smart Manufacturing:
There are four primary regions that make up the market for smart manufacturing: North America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific has been the region with the highest market growth during the projection period. Throughout the course of the projected period, the region is also expected to increase at the quickest rate. Developing nations like China and India have a lot of untapped potential and are working toward complete automation in smart manufacturing. These nations have made significant investments in industry 4.0 because they aspire to be manufacturing and production autonomous as well.
Top Key Players include in this market are:
- Siemens
- General Electric
- Rockwell Automation, Inc.
- Schneider Electric
- Honeywell International Inc.
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