Smart Manufacturing Market Size & Share to Surpass $237.4 Bn by 2028 | Vantage Market Research

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WASHINGTON, Nov. 10, 2022 (GLOBE NEWSWIRE) — Global Smart Manufacturing Market was valued at $87.5 Billion in 2021 and is projected to attain a market value of $237.4 Billion by 2028 at a CAGR of 18.10% during the forecast period, 2022–2028.           

Vantage Market Research Published Latest Smart Manufacturing Market Study by in-depth analysis about current scenario, the Market size, demand, growth pattern, trends, and forecast. This report on the Smart Manufacturing market study considers important factors such as an analysis of the market, a definition of the market, segmentation, significant trends in the industry, an examination of the competitive landscape, and research methodology. The research provides an idea about various market inhibitors as well as market motivators in both a quantitative and qualitative approach with the purpose of providing users with accurate information. Using SWOT analysis, an appropriate explanation has been given for the market drivers as well as the market restraints. As a result, the smart manufacturing market report functions as an important instrument for having risen in commercial operations, increases in the quality of work done, and increases in earnings.

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Market Dynamics:

Drivers:

Increasing Government Involvement in Supporting Smart Manufacturing

Nowadays, globally, governments are focusing on digitalization and automation in almost all the sectors. Additionally, introduction if AI have increased the technology drastically. Thus, governments as well as several players are focusing on Smart Manufacturing. Governments are taking several initiatives by increasing investments in Research and Development (R&D) for technologies such as IoT and industrial 3D printing. Moreover, increasing the demand for smart cities is further increasing the demand for smart manufacturing solution. In turn further propelling the market growth over the forecast period. Thus, driving the market growth over the forecast period.

List of Prominent Players in the Smart Manufacturing Market:

  • ABB (Switzerland)
  • Siemens (Germany)
  • Schneider Electric (France)
  • Rockwell Automation (US)
  • Honeywell International Inc. (US)
  • Emerson Electric Co. (US)
  • IBM (US)
  • General Electric (US)

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Segmentation of Global Smart Manufacturing Market:

  • Information Technology
    • Human- Machine Interface
    • Plant Asset Management
    • Manufacturing Execution System
    • Warehouse Management System Dual Frequency
  • Enabling Technology
    • Industrial 3D Printing
    • AI in Manufacturing
    • Industrial Cybersecurity
    • Industrial Machine Vision
    • Industrial Sensors
    • Digital Twins
    • Robots
    • Automated Guided Vehicles
    • Machine Condition Monitoring
    • Artificial Reality & Virtual Reality
    • 5G Industrial IoT
  • Industry
    • Process Industry
    • Discrete Industry
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

Increasing Demand from Developing Regions

Several companies from developed economies are adopting the strategy of regional expansion to expand their business. Thus, focusing on the developing countries and looking for expansion of their operations in emerging economies due to cheap labor costs and lower real estate rates. Moreover, the swift changing trend of digitalization is further provoking the adoption of smart manufacturing solutions. In countries such as India and china among others the infrastructure development is on its rapid pace. Thus, increasing the demand for smart manufacturing solutions further propelling the market growth.

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Key Highlights from the Report:

  • Based on industry, the market is divided into discrete industry and process industries. Automotive, transportation, industrial machinery, medical devices, semiconductor and electronics/high-tech, and others make up the discrete sector (Aerospace and Defense, etc.) The discrete business is likely to expand quickly in the next years. Heavy manufacturing, electronics, and the automotive industries are driving demand for Smart Manufacturing solutions in discrete automation to make the production process easier. Pharmaceuticals, mining and metals, chemicals, pulp and paper, and others make up the process industry (Cable, etc.). The process industry is predicted to increase at a Significant Compound Annual Growth Rate (CAGR) throughout the forecast period.
  • Based on Enabling technology, the market is divided into Industrial 3D Printing, AI in Manufacturing, Industrial Cyber Security, Industrial Machine Vision, Industrial Sensors, Digital Twins, Robots, Automated Guided Vehicles, Machine Condition Monitoring, Artificial Reality & Virtual Reality, and 5G Industrial IoT. Industrial 3D printing is gaining popularity as a means of easing the production of parts with complex designs, which is helping to propel the sector forward. Due to increased demand from a range of industries, the industrial 3d printing market is likely to grow. Government financing and aggressive Research and Development (R&D) efforts by industry experts are propelling the industrial 3D printing market forward.
  • Asia Pacific is the fastest regional segment. The Asia-Pacific region is growing at a very fast rate. Nations in this area, for example, India’s “Make in India” initiative, are constantly focused on automating in-house manufacturing facilities and minimizing reliance on other countries. Smart Manufacturing solutions enable enterprises to concentrate on optimizing their supply chains in order to boost competitiveness, improve worker safety, and save costs. Japan is also establishing itself as a manufacturing hub for factory automation technologies, exporting them to other nations in the area and making them cheap to developing countries like India.

The Report on Smart Manufacturing Market Highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Regional Analysis:

North America Holds Maximum Market Share

North America is expected to dominate the growth of Smart Manufacturing Market in 2021. The major driving factors for the market are presence of developing countries such as China, India in the region. Additionally, the increasing governments initiatives such as “Samarth Udyog Bharat 4.0,” in India, and China’s “Made in China 2025,” among the other initiatives taken by the government in several countries in APAC is further propelling the market growth over the forecast period.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Smart Manufacturing market Forecast Report (2022-2028).   

Recent Developments:

June 2021: Stratasys Ltd. announced two new Poly Jet 3D printers, the Stratasys J35 Pro and the Stratasys J55 Prime, along with new software solutions for research and packaging prototyping. Also, it introduced a medical 3D printer that sets a new standard for healthcare providers and medical device companies by combining multiple applications in one system.

February 2021: ABB launched a cobots portfolio in GoFa and SWIFTI cobot families. These cobots will offer higher payloads capacity and speed in movement of robots that will complement YuMi and Single Arm YuMi in ABB’s cobot lineup.

Why Buy this Smart Manufacturing Market Report?  

  • The report offers a comprehensive evaluation of the Global Smart Manufacturing Market. The report includes verifiable data from authentic sources, in-depth qualitative analysis, and estimates about size of market. Estimates are calculated using proven research methods.
  • The report includes in-depth market analysis using Ansoff Matrix and Porter’s 5 Forces Model. Apart from this, the pre-post impact of Covid-19 on the Smart Manufacturing market is also featured in the report.
  • This Smart Manufacturing report has been organize through extensive primary and secondary research. Primary research is done through interviews, surveys and observation of eminent persons in the industry.
  • The Smart Manufacturing industry report also includes a competitive analysis using the analyst’s proprietary competitive positioning tool.   
  • The report also covers the regulatory landscape in the Smart Manufacturing industry, which will help you make an informed decision. The report discusses key regulations and rules imposed on the sector by major regulatory bodies and various geographies.

Scope of the Report:

Report Attributes Details
Market Size in 2021 USD 87.5 Billion
Revenue Forecast by 2028    USD 237.4 Billion
CAGR 18.10% from 2022 to 2028
Base Year 2021 
Forecast Year 2022 to 2028
Key Players ABB, Siemens, Schneider Electric, Rockwell Automation, Honeywell International Inc., Emerson Electric Co., IBM, General Electric

Customization of the Report:

The report can be customized as per client needs or requirements. For any queries, you can contact us on [email protected] or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

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