Fort Collins, Colorado, Nov. 20, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Smart Manufacturing Market size was valued at USD 107.2 Billion in 2022 and is anticipated to reach a market size of USD 611.5 Billion by 2032 with a CAGR of 19.1%.
Smart manufacturing is growing due to the increased demand for personalized products. Manufacturers implement smart technologies to track and trace products, optimize production processes, and quickly change product designs to meet this demand.
The smart manufacturing market is growing due to the increasing focus on industrial automation. Manufacturers can reduce costs, improve quality, and increase safety by using robots, sensors, and other technologies to automate manufacturing processes. Governments are supporting the adoption of industrial automation through financial incentives, accelerating this market's growth.
Automation technologies are crucial in industrial settings, particularly in oil & gas and mining, to ensure worker safety by reducing exposure to hazardous situations and accident risks. These technologies can perform dangerous tasks, operate in challenging conditions, and accurately identify safety concerns. The adoption of smart manufacturing is primarily driven by its ability to safeguard human life and prevent industrial accidents. Additionally, the growth of the smart manufacturing market is fueled by the increasing availability of cloud computing and big data analytics platforms, which enable manufacturers to collect, store, and analyze data to improve their operations.
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Segmentation Overview:
The global smart manufacturing market has been segmented into component, technology, end-use, and region. The automotive and electronics industries are the largest adopters of smart manufacturing technologies, with the former being the primary user. Smart manufacturing automates assembly lines, introduces robotics in manufacturing processes, and enables real-time quality control and predictive maintenance. It also facilitates flexible manufacturing systems, enhancing overall production efficiency and reducing costs.
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Smart Manufacturing Market Report Highlights:
- The global smart manufacturing market growth is anticipated at a CAGR of 19.1% by 2032.
- The manufacturing industry is experiencing a boost in growth due to increasing demand for enhanced performance and efficiency. Industry 4.0, characterized by advanced technologies like AI and IoT, enables real-time data collection and analysis for improved productivity and decision-making.
- North America leads the smart manufacturing market due to its strong manufacturing base, technological advancements, and focus on innovation. The US is a key contributor, emphasizing the implementation of Industry 4.0 principles, including IIoT, big data analytics, and cloud computing in manufacturing processes.
- Some prominent players in the smart manufacturing market report include ABB Ltd., Siemens, General Electric, Rockwell Automation Inc., Schneider Electric, Honeywell International Inc., PTC Inc., SAP SE, Hitachi, Emerson Electric Co., Bosch, and Fanuc UK Limited, among others.
Industry Trends and Insights:
- ABB and Carnival Corporation & plc have partnered for systematic maintenance planning and digital solutions for condition monitoring.
- Microsoft and Siemens are working together to introduce the AI-powered assistant Siemens Industrial Copilot, improving human-machine collaboration in manufacturing. Additionally, the integration of Siemens Teamcenter and Microsoft Teams simplifies virtual collaboration, paving the way for the industrial metaverse.
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Smart Manufacturing Market 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, and Plant Asset Management.
By End-use: Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas, Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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