Chicago, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Markets N Research has recently released expansive research on Global Smart Manufacturing Market with 100+ market data Tables, Pie Chart, and Graphs & Figures spread through Pages and easy to understand detailed analysis. The report endows with wide-ranging statistical analysis of the market’s continuous developments, capacity, production, production value, cost/profit, supply/demand and import/export. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. Teams of experienced and consummate market research professionals persistently track key industries to spot key developments, unmet needs and possible growth opportunities. A numerous markets, marketing strategies, trends, future products and rising opportunities have been considered while studying market for preparing this Smart Manufacturing report. This market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today's rapidly changing business environment.
The global smart manufacturing market is expected to exhibit strong growth, reaching USD 235.1 billion by 2028. As per the report titled "Smart Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Information Technology (Human-machine Interface, Plant asset management, Manufacturing execution system and Warehouse management system Dual Frequency), By Enabling Technology (Industrial 3D Printing, AI in Manufacturing, Industrial Cybersecurity, Industrial Machine Vision, Industrial Sensors, Digital Twins, Robots,, Automated Guided Vehicles, Machine Condition Monitoring, Artificial Reality & Virtual Reality and 5G Industrial IoT), By Industry (Process Industry, Oil & Gas, Food & Beverages, Pharmaceuticals, Chemicals, Energy & Power, Metals & Mining, Pulp & Paper, Others), Discrete Industry (Automotive, Aerospace & Defense, Semiconductor &, Electronics, Medical Devices, Machine, Manufacturing, Others), Mining, Construction, Oil & Gas and Others) and Regional Forecasts, 2022-2028," observes that the market size in 2021 stood at USD 86.2 billion and USD 235.1 billion in 2028. The market is expected to exhibit a CAGR of 18.20% during the forecast period.
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Smart Manufacturing Market Analysis:
Increased acceptance of IoT and cloud platforms, greater integration of multiple technologies to improve performance, and strong industrial growth in emerging nations will all create new opportunities for the smart manufacturing market throughout the projection period. However, increased investments and costs associated with implementing smart manufacturing solutions, rising lack of standardization among equipment manufacturers and in connectivity protocols, rising continuous need for software upgrades, and rising low adoption of technologies due to technical issues are among the major factors that will limit market growth, while rising cybersecurity threats, rising complexity in smart manufacturing implementation
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 18.20 % |
| 2028 Value Projection | 235.1 billion |
| Base Year | 2022 |
| Market Size in 2021 | 86.2 billion |
| Historical Data for | 2016 - 2021 |
| Segments covered | By Information Technology, By Enabling Technology, By Industry and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
List Of Key Companies Profiled:
- Amazon Web Services, Inc. (U.S.)
- Robert Bosch Manufacturing Solutions GmbH (Germany)
- Cisco Systems, Inc. (U.S.)
- 3D Systems Corporation (U.S.)
- Plex Systems, Inc. (U.S.)
- Cognex Corporation (U.S.)
- PTC Inc. (U.S.)
- FANUC CORPORATION (Japan)
- SAP SE (Germany)
- Mitsubishi Electric Automation, Inc. (U.S.)
- Emerson Electric Co. (U.S.)
- Siemens AG (Germany)
- Schneider Electric S.E. (France)
- ABB Ltd (Switzerland)
- Hitachi, Ltd. (Japan)
- Intel Corporation (U.S.)
Rockwell Automation, Inc. collaborated with Comau to Boost Production Capabilities
In April 2021, to maximize industrial capabilities through unified robotic control solutions, Rockwell Automation, Inc. teamed with Comau. Through this agreement, manufacturing operations across industries will be carried out more simpler, more efficiently, and more effectively.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the smart manufacturing market plan acquisitions to improve their brand recognition globally. For instance, in August 2021, the introduction of Connectix, a line of user-friendly software programs and professional services, was announced by General Electric Company. The service is intended for use in applications for smart manufacturing. The services assist in utilizing data analytics to improve day-to-day manufacturing operations, increase decision-making speed, and increase energy efficiency.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- MNR research methodology
Driving Factors:
- Increasing the Big Data, Internet of Things, and 5G Network Perimeter to Promote Market Development
One of their main uses, big data, is regarded as one of the newest market growth trends. Big data applications are in high demand due to the substantial, continuously growing volume of organized and unstructured data and information. Similarly, the Internet of Things is the most important market trend (IoT) trend. Smart cars, sensors, smart devices, and other connected components are part of the Internet of Things (IoT), a platform supported by A.I. These gadgets produce enormous amounts of data, which are then processed by artificial intelligence programs. Self-driving/autonomous automobiles, smart houses, intelligent thermostats, pacemakers, smart city solutions, etc., are a few examples of the applications.
- 5g Connectivity Technology Advancement And Spending On The New Network Infrastructure To Support Market Expansion
The current IoT-based applications used in smart manufacturing will probably change as the 5G era continues. Future IoT ecosystem architecture could be completely changed by 5G, notably in terms of scalability, latency, reliability, security, and the degree of individual control over connectivity parameters. More complex use cases necessitating improved network capabilities are also emerging as the IoT application domains expand. With speeds measured in the multiple gigabits per second range, millisecond latency, and the ability to accommodate 1,000 times more usage than current network technologies, 5G is capable of providing.
Restraining Factors:
- Cybersecurity Threats May Impede Market Expansion
The growth in cybersecurity worries, which are brought on by a surge in viruses and hackers, is a key issue for the market for smart manufacturing. Malicious computer viruses can change important data, which might lead to a substantial loss. The entire information flow might be hampered by communication software systems that don't take proper security measures. Using pre-made I.T. solutions are widely used in enterprises, and online communication is becoming more crucial. Therefore, malware that targets industrial systems is more likely to harm these companies.
Challenging Factors:
- Smart manufacturing solutions with a high initial investment will stifle market expansion.
The most significant worldwide barrier to market expansion is high initial capital requirements. The survey claims that cost is the biggest barrier, followed by a lack of knowledge regarding the best technologies to invest in. The cost has become a serious worry for many businesses since the COVID-19 epidemic broke out, leading to investment reductions and other losses. Large upfront capital expenditures will, therefore, probably hinder the market growth.
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Global Smart Manufacturing Market Segmentations:
Global Smart Manufacturing Market By Information Technology:
- Human-machine interface
- Plant asset management
- Manufacturing execution system
- Warehouse management system Dual Frequency
Global Smart Manufacturing Market By Enabling Technology:
- Industrial 3D Printing
- AI in Manufacturing
- IndustrialCybersecurity
- Industrial Machine Vision
- Industrial Sensors
- Digital Twins
- Robots
- Automoted Guided Vehicles
- Machine Condition Monitoring
- Artificial Reality & Virtual Reality
- 5G Industrial IoT
Global Smart Manufacturing Market By Industry:
- Process Industry
- Oil & Gas
- Food & Beverages
- Pharmaceuticals
- Chemicals
- Energy & Power
- Metals & Mining
- Pulp & Paper
- Others
- Discrete Industry
- Automotive
- Aerospace & Defense
- Semiconductor & Electronics
- Medical Devices
- Machine Manufacturing
- Others
- Mining
- Construction
- Oil & Gas
- Others
Global Smart Manufacturing Market Regional Insights:
The Asia Pacific is projected to hold the largest share of the smart manufacturing market over the forecast period. The adoption of smart manufacturing solutions is anticipated to be driven by SMEs due to the active ecosystem present in nations like Japan, India, and Australia. The biggest market income is anticipated from large businesses engaged in specific industries. The region's push for cloud usage is fueled by the growing acceptance of disruptive technologies like Industry 4.0, A.I., AR, IoT, and others. Therefore, cloud-based smart manufacturing solutions are projected to increase regional demand.
Further Report Findings
- The market in North America is expected to gain a huge portion of the global smart manufacturing market share in the coming years. The primary engine for regional prosperity is a growing emphasis on automating domestic manufacturing services and reducing dependency on other regions.
- Additionally, the implementation of smart manufacturing solutions causes manufacturers to increase their focus on supply chain reform to improve worker safety and lower operational costs in the production process.
- In Asia Pacific, the growth in this region is primarily driven by rising numbers of government initiatives to promote technology and rising spending by major companies to develop smart manufacturing.
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Key questions answered in this report:
- What is the size of the Smart Manufacturing market and what is its expected growth rate?
- What are the primary driving factors that push the Smart Manufacturing market forward?
- What are the Smart Manufacturing Industry's top companies?
- What are the different categories that the Smart Manufacturing Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Smart Manufacturing market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis By Information Technology, By Enabling Technology, By Industry and By Geography
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Table of Content
Chapter 1: Preface
Chapter 2: Report Summary
Chapter 3: COVID 19 Impact Analysis
Chapter 4: Global Smart Manufacturing Market, By Information Technology Segment Analysis
Chapter 5: Global Smart Manufacturing Market, By Enabling Technology Segment Analysis
Chapter 6: Global Smart Manufacturing Market, By Industry Segment Analysis
Chapter 7: Smart Manufacturing Market – Regional Analysis, 2022 – 2030
Chapter 8: Smart Manufacturing Market – Industry Analysis
Chapter 9: Competitive Landscape
Chapter 10: Company Profiles
Chapter 11: Research Methodology
Chapter 12: Questionnaire
Chapter 13: Related Reports
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Key Insights from Primary Research/Key Insights & Findings from the report:
- As per the analysis shared by our primary respondents, the Smart Manufacturing market is expected to grow annually at a CAGR of around 18.20%.
- Through primary research, it was established that the Smart Manufacturing market was valued at around USD 86.2 billion in 2021.
- Based on Information technology, the Smart Manufacturing market is segmented into human-machine interface, plant asset management, manufacturing execution system, and warehouse management system dual frequency. The machine condition monitoring was predicted to show maximum market share in the year 2021.
- The key factor driving the market is 5g Connectivity Technology Advancement And Spending On The New Network Infrastructure.
- The “Asia Pacific” region will lead the global Smart Manufacturing market during the forecast period 2022 to 2030.
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