Chicago, May 24, 2024 (GLOBE NEWSWIRE) -- The global Smart Manufacturing Market Size is expected to grow from USD 108.9 Billion in 2023 to USD 241.0 Billion by 2028, registering a CAGR of 17.2%.
Smart manufacturing is being pushed forward by important factors. New technologies like IoT, AI, and automation are changing how things are made. This makes things more efficient, helps predict when things need fixing, gives useful information from data, and cuts down on how much it costs to run things. Smart manufacturing Industry is liked because it can watch things as they happen, make work smoother, and help make smart decisions, which helps businesses compete and come up with new ideas.
To know about the assumptions considered for the study
Market Growth:
The smart manufacturing market size is expanding rapidly as companies across various industries embrace digital transformation and automation. Smart manufacturing refers to the integration of advanced technologies and processes to optimize production, improve efficiency, and enhance overall operations. With the increasing adoption of Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), the smart manufacturing industry is poised for substantial growth.
Market Industry Applications:
The smart manufacturing industry is witnessing significant growth across various sectors, including automotive, aerospace, food and beverages, pharmaceuticals, and electronics. The automotive sector, in particular, is a major contributor to the smart manufacturing market size. With the rise of electric vehicles (EVs) and autonomous driving technologies, automotive manufacturers are investing heavily in smart manufacturing solutions.
The major key players in the market are:
3D System, Inc. (US), ABB (Switzerland), Cisco System, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), IBM (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), Oracle (US), SAP (Germany), Stratasys (US), Yokogawa Electric Corporation (Japan).
Market Trends:
- Integration of IoT and Cloud Technologies: The convergence of Industrial Internet of Things (IIoT) and cloud computing is reshaping smart manufacturing, enabling smarter and more automated factories. IIoT facilitates real-time monitoring and data collection, while cloud computing offers scalable storage and processing capabilities, driving operational efficiency and cost reduction.
- Rising Adoption of Advanced Technologies: Industries are increasingly embracing advanced technologies such as AI, machine learning, and robotics to enhance manufacturing processes and product quality. These technologies enable predictive analytics, autonomous operations, and intelligent decision-making, driving the Smart Manufacturing Market's growth.
- Focus on Workforce Development: The transition to smart manufacturing necessitates a skilled workforce capable of operating and maintaining advanced systems and technologies. Organizations are investing in employee training and development programs to bridge the skill gap and ensure a smooth transition to digitalized manufacturing processes.
Market Key Takeaways:
The Smart Manufacturing Market is driven by the escalating demand for software systems that reduce time and cost, leading to reduced downtime and production waste. Technologies such as Plant Asset Management (PAM), industrial 3D printing, and digital twin play a pivotal role in optimizing manufacturing processes by identifying possible defects and failures in advance, thus enabling proactive maintenance and cost savings.
Market Insights:
The Smart Manufacturing Market is poised for significant growth, driven by the adoption of advanced technologies, rising demand for operational efficiency, and increasing focus on workforce development. Addressing challenges related to standardization and workforce skill development will be crucial for unlocking the full potential of smart manufacturing and driving sustainable growth across industries.
