Chicago, May 12, 2023 (GLOBE NEWSWIRE) -- According to a research report Germany Smart Manufacturing Market by Information Technology, Enabling Technology, Industry (Process and Discrete) and Geography (North America, Europe, Asia Pacific, Rest of World) - Global Forecast to 2027" , published by MarketsandMarkets, Germany Smart Manufacturing Industry to Grow at a CAGR 17.9% from 2021 to 2027
Government initiatives and high investment drive the smart manufacturing market in Germany
Smart manufacturing involves integrating advanced technologies such as artificial intelligence, the Internet of Things, 5G, robotics, 3D printing, cloud computing, and automation to optimize manufacturing. The primary goal of smart manufacturing is to create a highly automated, data-driven, and flexible production environment to improve manufacturing performance and efficiency. Smart manufacturing is widely used in various industries such as automotive, electrical & electronics, food & beverage, chemical, pharmaceutical, textile, aerospace, and others.
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According to the MarketsandMarkets report, the Smart manufacturing market in Germany is driven by industries such as automobile, metals & machinery manufacturing companies. These manufacturing companies are focusing on increasing automation to improve quality and productivity. The smart manufacturing market in Germany was valued the highest in Europe at USD 6.8 billion in 2021 and may reach USD 16.8 billion by 2027; it is expected to grow at a CAGR of 17.9% during the forecast period.
Germany is one of the leading countries and early adopters of implementing smart manufacturing technologies in its manufacturing facilities. The government of Germany launched a program called “Industry 4.0” in 2013 to promote the digitalization and integration of new technologies such as robotics, the Internet of Things (IoT), Artificial Intelligence (AI), and big data in its manufacturing processes. In addition, the government also provided significant funding for research & development to develop smart manufacturing technologies in the country. These initiatives offered by the government helped smart manufacturing industry technologies to grow in the country.
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Similarly, another critical factor in which Germany became a leader in the smart manufacturing market is its strong manufacturing base. This includes some of the world’s top companies from various industries, such as Audi AG, BMW AG, Volkswagen AG, Daimler AG, Siemens, and Robert Bosch GmbH. These companies were the early adopter of smart manufacturing technologies such as robots, AI, IoT, and others and also invested heavily in research & development to develop innovative solutions.
Top Key Market Players in Smart Manufacturing companies
- ABB (Switzerland),
- Siemens (Germany),
- Schneider Electric (France),
- Rockwell Automation (US),
- Honeywell International Inc. (US),
- Emerson Electric Co. (US),
- IBM (US), and General Electric (US).
See Also :
- Japan Smart Manufacturing Industry to Grow at a CAGR 18.7% from 2021 to 2027
