According to IMARC Group latest report titled” Smart Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on global smart manufacturing industry size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart manufacturing market size reached US$ 290.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 561.5 Billion by 2028, exhibiting a growth rate (CAGR) of 10.8% during 2023-2028.
Smart manufacturing refers to a fully integrated manufacturing facility that is built with a technology-driven approach. It involves the utilization of advanced and emerging technologies in order to maximize the efficiency of traditional manufacturing processes. This practice leverages data and technology in a continuous loop to connect product design, supply chain, development, and post-sale activity to enhance revenue and improve manufacturing results. It assists data analysts and manufacturing engineers in enabling preventive maintenance in order to avoid unplanned downtime on devices. As a result, it finds extensive application across numerous industrial verticals, including manufacturing, defense, automotive and aerospace across the globe.
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Market Trends:
The global market is primarily driven by the rising need for automating operations. This can be supported by rapid digitization and industrialization and the growing need to improve manufacturing performance. Coupled with the emergence of artificial intelligence (AI), the internet of things (IoT) and sensors that aid in collecting data on operational status and functioning, which are creating a positive market outlook. Due to the sudden outbreak of coronavirus disease (COVID-19) followed by the subsequent lockdown restrictions has encouraged leading companies to heavily invest in the deployment of smart manufacturing systems to provide their products and services safely and quickly, this has impacted the market favorably. Other factors, including the penetration of high-speed internet connectivity and extensive research and development (RD) activities conducted by key players, are also positively influencing the market.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 3D Systems Inc.
- ABB Ltd.
- Emerson Electric Co.
- Fanuc Corporation
- General Electric Company
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corporation
Smart Manufacturing Market Segmentation:
Our report has categorized the market based on region, component, technology and end use.
Breakup by Component:
- Hardware
- Software
- Services
Breakup 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
- Plant Asset Management
Breakup by End Use:
- Automotive
- Aerospace and Defense
- Chemicals and Materials
- Healthcare
- Industrial Equipment
- Electronics
- Food and Agriculture
- Oil and Gas
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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