Pune, May 04, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider, the Smart Manufacturing Market was valued at USD 262.45 billion in 2022 and is projected to reach USD 759.23 billion by 2030, exhibiting a CAGR of 14.2% during the forecast period from 2023 to 2030.
Market Overview
Smart Manufacturing is a term used to describe the integration of advanced technologies, such as IoT, AI, and Big Data analytics, into the manufacturing process. It involves the use of intelligent systems and machines that are capable of communicating with each other and exchanging information to optimize production and reduce costs. This approach is revolutionizing the manufacturing industry by providing greater flexibility, real-time insights, and increased productivity.
Market Analysis
The smart manufacturing market is currently experiencing significant growth due to several key factors that are driving demand for advanced manufacturing solutions. One of the main drivers of this growth is the rising adoption of Industry 4.0, which refers to the integration of advanced technologies into the manufacturing process. Industry 4.0 has been transformative in the way manufacturing companies operate, enabling them to achieve greater efficiency and productivity through the use of smart systems and machines. In addition to Industry 4.0 adoption, there has been a greater emphasis on industrial automation in manufacturing processes. This trend has been driven by the need to reduce costs, improve quality, and increase efficiency in production.
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Key Company Profiles Listed in this Report Are:
- ABB
- Siemens
- General Electric
- Rockwell Automation, Inc.
- Schneider Electric
- Honeywell International Inc.
- Emerson Electric
- Fanuc, and others
Impact of Recession on Smart Manufacturing Market Growth
The smart manufacturing market is a rapidly growing industry that has been transforming the manufacturing sector by integrating advanced technologies, such as IoT, AI, and Big Data analytics, into the production process. However, the impact of a recession on this market cannot be ignored. However, the impact of a recession on the market may not be entirely negative. During difficult economic times, companies often seek ways to reduce costs and increase efficiency, and Smart Manufacturing solutions can offer an effective means of achieving these goals. By optimizing production processes and reducing waste, smart manufacturing can help companies improve their bottom line, even during a recession.
Smart Manufacturing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 262.45 Billion |
| Market Size by 2030 | US$ 759.23 Billion |
| CAGR | CAGR of 14.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Smart Manufacturing Market: Key Segmentation | • By Component (Hardware, Software, Services) • By Technology (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) • By End-use (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
The smart manufacturing market in the Asia Pacific region has experienced significant growth in recent years, with the region accounting for the largest market share. The market growth can be attributed to the rapid adoption of advanced technologies, such as artificial intelligence, big data analytics, and the Internet of Things (IoT), across various industries in the region. Developing countries like India and China, with their large populations and growing economies, present vast unexplored opportunities for smart manufacturing.
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Key Takeaway from Smart Manufacturing Market Study
- The machine execution systems (MES) segment is expected to dominate the market in the coming years. The MES segment includes software and systems that help manufacturers manage their operations, from production scheduling to quality control, by integrating all the elements of manufacturing.
- The automotive segment is projected to lead the market in the coming years. The Automotive industry has been an early adopter of smart manufacturing technologies such as advanced robotics, artificial intelligence, and the Internet of Things (IoT) to improve their manufacturing processes.
Recent Developments Related to Smart Manufacturing Market
- IOTech, a leading IoT software and services company, has partnered with King Steel, a premier steel manufacturer, to offer Industry 4.0 capabilities to their smart manufacturing products. The collaboration aims to integrate IOTech's Edge Xpert and Time Series Database (TSDB) technologies with King Steel's existing infrastructure to enhance their manufacturing processes and deliver better products to customers.
- Samsung, the South Korean electronics giant, has announced its plans to invest in smart manufacturing capability and research in India. The company aims to leverage the country's skilled workforce and supportive business environment to strengthen its manufacturing capabilities and enhance its competitiveness in the global market.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
8. Global Smart Manufacturing Market Segmentation, By Component
9. Global Smart Manufacturing Market Segmentation, By Technology
10. Global Smart Manufacturing Market Segmentation, By End-use
11. Global Smart Manufacturing Market, by region/ country
12. Company profiles
13. Competitive Landscape
14. Conclusion
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