Northbrook, IL 60062 -- (SBWire) -- 01/15/2024 --The global Smart Manufacturing Market in terms of revenue was estimated to be worth $108.9 billion in 2023 and is poised to reach $241.0 billion by 2028, growing at a CAGR of 17.2% during the forecast period.
The global Smart Manufacturing Market is poised for unprecedented growth, with an anticipated surge from USD 108.9 billion in 2023 to USD 241.0 billion by 2028, reflecting an impressive Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period. These insights are detailed in a comprehensive report by MarketsandMarkets, a leading market research and consulting firm.
The industrial landscape is changing due to smart manufacturing, which is defined by the incorporation of cutting-edge technologies and data-driven processes into production activities. Factors like the adoption of Industrial Internet of Things (IIoT), improvements in automation and robotics, and the quest of operational efficiency across industries are driving the predicted rise in the Smart Manufacturing market. The research analyses major competitors in the global smart manufacturing market and examines important market categories, growth factors, obstacles, and prospects.
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Key Segments:
Technology Segment: Smart Manufacturing encompasses various technologies, including IIoT, Artificial Intelligence (AI), robotics, 3D printing, and digital twin, each contributing to the digital transformation of manufacturing processes.
Component Segment: The market comprises different components, such as hardware (sensors, controllers, and industrial robots), software (Manufacturing Execution System, Enterprise Resource Planning), and services (consulting, system integration, and support services).
End-User Segment: Smart Manufacturing solutions cater to diverse end-user industries, including automotive, aerospace and defense, healthcare, chemical, and food and beverage, reflecting the broad applications across the manufacturing spectrum.
Growth Drivers:
Adoption of Industrial IoT (IIoT): The widespread adoption of IIoT technologies, connecting machines, devices, and systems, contributes to real-time data analytics, predictive maintenance, and improved decision-making in manufacturing processes.
Advancements in Automation and Robotics: Continuous advancements in automation, robotics, and autonomous systems enhance manufacturing efficiency, reduce production costs, and enable flexible and agile production workflows.
Pursuit of Operational Efficiency: The increasing focus on achieving operational efficiency, reducing downtime, and optimizing resource utilization drives the implementation of Smart Manufacturing solutions across industries.
Challenges:
Data Security and Privacy Concerns: Addressing concerns related to data security and privacy in Smart Manufacturing environments poses challenges, requiring robust cybersecurity measures to safeguard sensitive information.
Integration with Legacy Systems: Ensuring seamless integration with existing legacy systems and machinery in manufacturing facilities may present challenges, requiring careful planning and compatibility assessments.
Opportunities:
Digital Transformation Initiatives: The ongoing digital transformation initiatives across industries create opportunities for Smart Manufacturing providers to offer tailored solutions for optimizing production processes and supply chain operations.
Customization for Industry-Specific Needs: The customization of Smart Manufacturing solutions to meet industry-specific requirements presents opportunities for manufacturers to provide specialized offerings for diverse manufacturing sectors.
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Key Players:
The report identifies key players in the global Smart Manufacturing market, including:
Siemens AG: A global technology company, providing a range of Smart Manufacturing solutions, including automation, digital twin, and Industrial IoT technologies.
General Electric Company: A multinational conglomerate, actively involved in the development of Smart Manufacturing solutions, including Predix, an industrial IoT platform.
ABB Ltd: A Swiss-Swedish multinational corporation, specializing in robotics, automation, and power technologies, contributing to the advancement of Smart Manufacturing.
Rockwell Automation, Inc.: A global provider of industrial automation and information solutions, offering a suite of Smart Manufacturing technologies and services.
Honeywell International Inc.: A multinational conglomerate, known for providing a variety of industrial solutions, including Smart Manufacturing technologies for process optimization.
Because of the revolutionary effect of digital technology on manufacturing processes and the unwavering pursuit of operational excellence, the global smart manufacturing industry is poised for exponential growth. Industry adoption of Smart Manufacturing concepts is expected to lead to increased innovation, efficiency, and competitiveness in the coming years.
Smart Manufacturing Market Size, Growth Drivers, Challenges, and Opportunities