Northbrook, IL 60062 -- (SBWIRE) -- 09/08/2023 -- The global Smart Manufacturing market 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 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.
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Manufacturing Execution System to hold largest market share in 2022
In the smart manufacturing market, Manufacturing Execution Systems (MES) are becoming increasingly significant. These systems help oversee and manage various manufacturing processes, ensuring smooth operations, quality control, and efficient production. MES integrates data from different parts of the manufacturing process, allowing real-time monitoring, tracking, and optimization. This enhances productivity, reduces errors, and contributes to the overall advancement of smart manufacturing practices.
Industrial Sensors to hold largest market share in 2022
In smart manufacturing, industrial sensors are important tools. They can measure things like temperature, pressure, and movement. These sensors give us quick information to make smart decisions and improve how things are done. They help things work better, ensure quality, and even predict when they need fixing. These sensors are useful in smart manufacturing to make things run smoothly and stay competitive.
Aerospace Industry is expected to register highest CAGR during the forecast period
The aerospace industry is benefiting greatly from the adoption of smart manufacturing. Using advanced technology, it's making airplane production smarter and more effective. Robots, computers, and sensors team up to create aircraft and components, improving quality, reducing errors, and saving time. Smart manufacturing is crucial in shaping safer and more creative airplanes, leading to enhanced travel experiences for everyone.
North America to grow at highest CAGR during the forecast period
North America is a well-established hub for industrial automation, boasting advanced technology and innovative manufacturing methods. This prowess fuels the expansion of the smart manufacturing market in the region. A positive business climate in the US, accompanied by government initiatives like tax code reforms, substantial support packages for manufacturing and infrastructure, and major tech players' presence, further accelerates the adoption of smart manufacturing. Factors such as prioritizing efficient asset use, stricter workplace safety regulations, and heightened awareness about ensuring product quality in industries like oil & gas, chemicals, and food & beverages drive the demand for machine condition monitoring systems and plant asset management solutions across North America.
Key Market Players
The Smart Manufacturing companies players have implemented various organic and inorganic growth strategies, such as product launches, partnerships, acquisitions, and collaborations, to strengthen their offerings in the market. The major 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).