Pune, India., July 26, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Smart Manufacturing Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By End User, Component, and Geography”, the global smart manufacturing market is projected to reach USD 365.22 Billion by 2028, it was valued USD 258.72 Billion in 2022, it is estimated to grow at a CAGR of 6.0% from 2022 to 2028. The increase in industrial robot adoption and increasing demand for automation. However, the cybersecurity concerns with cyber-physical systems is expected hinder the growth of the market.
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Smart Manufacturing Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 258.72 Billion in 2022 |
| Market Size Value by | USD 365.22 Billion by 2028 |
| Growth rate | CAGR of 6.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 258 |
| No. of Tables | 164 |
| No. of Charts & Figures | 99 |
| Historical data available | Yes |
| Segments covered | End User and Components |
Global Smart Manufacturing Market Analysis: Competitive Landscape and Key Developments
Yokogawa Electric Corporation; Cisco Systems, Inc; Honeywell International Inc.; 3D Systems, Inc; Daifuku Co., Ltd; GENERAL ELECTRIC; IBM Corporation; Oracle Corporation; Siemens AG; and Schneider Electric SE. are a few of the key companies operating in the smart manufacturing market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In October 2022: With orders of $170 million from Stadler Valencia, more than 300 new locomotives and trains will be driven by highly energy-efficient traction technologies. They will be used in several European railway networks to reinforce and modernize train travel in countries including Germany, Austria, Spain, Portugal, the United Kingdom, and several other European rail lines.
In July 2021: Rockwell Automation announced the acquisition of Plex Systems for USD 2.22 billion to expand its industrial cloud software offering. Plex Systems is a pure software-as-a-service, cloud-native smart manufacturing platform operating at scale.
In June 2021: Deepak Fertilizers and Petrochemicals Corporation Limited (DFPCL) selected Honeywell Automation India Ltd. to convert their sprawling facility in Taloja, Maharashtra, into a Smart Factory. Honeywell also provided DFPCL with Managed Security Services, which would reduce the risk and impact of cyber-related disruptions and enable safer management of key elements of their ICS and OT.
In March 2021: FANUC and Rockwell Automation formed a coalition to address the manufacturing skills gap with robotics and automation apprenticeship programs designed to upskill current and future workers for advanced manufacturing, robotics, and automation jobs. The coalition has developed new apprenticeship programs offering people opportunities to gain credentials, including fundamental robotics (Robot Operator) and automation (PLC Operator). The program provides a second level of certifications for Robot and PLC Technicians.
Browse key market insights spread across 258 pages with 164 list of tables & 99 list of figures from the report, "Smart Manufacturing Market Forecast to 2028– COVID-19 Impact and Global Analysis – by End User (Discrete Industry and Process Industry) and Component (Hardware and Software), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/smart-manufacturing-market/
Increasing demand for data analytics solutions Provides Lucrative Opportunities for Smart Manufacturing Market:
Data analytics solutions are becoming increasingly important in the manufacturing industry as they help to optimize manufacturing processes and improve product quality. These solutions are used to collect and analyze data from various sources, such as sensors, machines, and other devices, to identify patterns and trends that can be utilized to enhance manufacturing processes and product quality. For example, data analytics solutions can be used to observe the performance of machines and equipment in real-time, which helps to identify potential issues before they become major problems. This helps to reduce downtime, increase productivity, and improve product quality. Additionally, data analytics solutions can be used to analyze customer feedback and product reviews to identify areas for improvement in product design and manufacturing processes. This helps manufacturers to create products that better meet customers' needs, which helps to increase customer satisfaction and loyalty.
According to research carried out by Forbes, producers only reach around 40% of their production capacities because they're so busy entering data. Realtime Data Analytics will be used to address this issue and provide immediate sharable data that is received instantly on the internet or through an app. Industry 4.0 gives manufacturers the ability to collect, store, process, and use data in daily operations when combined with the rapid growth of artificial intelligence, advanced analytics, robotics, and rising IoT-powered sensors and devices; furthermore, business intelligence and business analytics help to derive insights about potential improvements. Additionally, the industrial sector typically needs new solutions to automate complex operations and accelerate turnaround times. Overall, data analytics solutions are becoming increasingly important in the manufacturing industry as they help to improve efficiency, reduce expenses, and improve product quality.
Global Smart Manufacturing Market: Segmental Overview
Based on end user, the smart manufacturing market is segmented into discrete industry and process industry. The discrete industry segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on component, the smart manufacturing market is segmented into hardware and software. The hardware segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
Due to several factors, China has emerged as a dominant player in the smart manufacturing market. One of the primary reasons for China's dominance is the significant investment made by the Chinese government and private organizations in developing advanced manufacturing technologies. Another factor contributing to China's dominance in the smart manufacturing market is its focus on international partnerships and collaboration. China has formed partnerships with many leading technology companies worldwide, which has helped accelerate the development and deployment of advanced manufacturing technologies in China. The "Make in China 2025" initiative, which began in 2015 and seeks to make China a world high-tech manufacturing hub by fostering the development of advanced technologies like robotics, AI, Internet of Things, is aimed at making China an international leader in technology.
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China also has a substantial and skilled workforce necessary to develop and deploy new manufacturing technology, complemented by Government and Private Sector investments. In the manufacturing sector, India has a considerable pool of skilled technical and scientific experts capable of developing and implementing new technologies. Many of the world's top manufacturing companies are also based in China, notably in the electronics and automotive sectors. These companies invest heavily in developing advanced manufacturing technologies to improve efficiency, reduce costs, and increase productivity. As a result, China is becoming a hub for innovation in the manufacturing sector, with many new technologies being developed and tested before being rolled out globally.
The increasing demand for customized products also drives the development of the smart manufacturing market in China. As consumers become more demanding and expect products that meet their needs, manufacturers are turning to advanced technologies such as 3D printing and machine learning to create customized products quickly and efficiently. China is well-positioned to take benefit of this trend, with many of the world's leading 3D printing companies based in the country. At the same time, China is also benefiting from a growing adoption of cloud computing and data analysis in manufacturing. To detect patterns and trends that may be exploited for improving production processes and the quality of products, these technologies have been applied in accumulating and analyzing vast amounts of data from many sources, e.g., sensors, machines, or other devices. China has a large and growing cloud computing infrastructure, which is helping to drive the adoption of these technologies in the manufacturing sector.
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