Newark, Sept. 13, 2024 (GLOBE NEWSWIRE) -- The global smart manufacturing market integrates advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), robotics, and big data analytics into traditional manufacturing processes. These technologies aim to enhance productivity, flexibility, and efficiency. The global smart manufacturing market was valued at USD 292.83 billion in 2023, growing at a CAGR of 15.18% from 2024 to 2033. The market is expected to reach USD 1,203.38 billion by 2033.
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The increasing government participation in supporting industrial automation & increasing supply chain complexities are helping to drive the growth of the smart manufacturing market. Further, the growing focus on automating in-house manufacturing services and lessening reliance are helping to stimulate the smart manufacturing market growth during the forecast period. Additionally, the increasing focus on regulatory compliances and the growing demand for software systems that reduce time and cost are also assisting in boosting market growth over the forecast period.
Recent Developments: Key players in the market, like Honeywell, ABB, and Bosch, have been making significant investments. For example, Honeywell acquired Compressor Controls Corporation to expand its automation solutions, and ABB is investing USD 170 million in the U.S. market to boost its electrification and automation operations
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Report Metrics Details
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 15.18% |
| 2023 Value Projection | USD 292.83 Billion |
| Market Size in 2033 | USD 1,203.38 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Segments Covered | Component, Technology, End-User Industry |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
Market Dynamics
Drivers:
• Technological Advancements: The integration of AI, IoT, and 5G technology is driving rapid industrialization and automation, making manufacturing more efficient and cost-effective• Demand from End-Use Industries: Industries like automotive, aerospace, and healthcare are leveraging smart manufacturing to enhance production quality, reduce waste, and minimize operational costs
Restraints:
• High Initial Investment: The adoption of smart manufacturing systems requires significant initial capital, which can be a barrier, particularly for small to medium-sized enterprises.
• Cybersecurity Concerns: As more manufacturing processes become digitized, the need for robust cybersecurity solutions increases to protect against potential cyber threats
Opportunities:
• Growth in Developing Regions: Countries in Asia-Pacific, especially China and India, are heavily investing in smart manufacturing technologies, offering immense growth opportunities
• Innovative Solutions: The rise in demand for advanced 3D printing and automation technologies presents opportunities for further technological innovations
Leading companies in the industry Robert Bosch Manufacturing Solutions GmbH, Amazon Web Services, Inc., FANUC CORPORATION, 3D Systems Corporation, Cisco Systems, Inc., CognexCorporation, PTC Inc., Plex Systems, Inc., SAP SE, ABB Ltd, Mitsubishi Electric Automation, Inc., Siemens AG, Emerson Electric Co., Hitachi, Ltd., Intel Corporation, and Schneider Electric SE which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
Market Advancements: The market has seen significant advancements in technologies like discrete control systems and 3D printing, which are expected to grow at a high rate. For example, 3D printing in manufacturing is projected to have a CAGR of 17.8% due to its efficiency in reducing production time and costs
Regional Segmentation Analysis:
• Asia-Pacific: The region holds the largest market share (36.7% in 2022) and is expected to be the fastest-growing area due to substantial investments in automation and industrial technologies
• North America and Europe: These regions are mature markets dominated by large companies with established automation infrastructure
• Latin America and Middle East & Africa: These regions are emerging markets with potential for growth, particularly as industries in these areas aim for more technological adoption
In conclusion, the smart manufacturing market is rapidly evolving with the integration of advanced technologies, presenting opportunities for growth, particularly in developing regions. However, challenges such as high costs and cybersecurity risks remain critical factors to address.
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