Smart Manufacturing Market Analysis, Global Trends, Business Strategies and Forecast 2022-2027
According to IMARC Group latest report titled” Smart Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on smart manufacturing market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart manufacturing market reached a value of US$ 253.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 527.3 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027.
Smart manufacturing (SM) represents a technology-driven approach that depends on internet-connected machinery for monitoring the production process. It also identifies opportunities for automating processes and using data analytics to improve the overall performance. Smart manufacturing assists engineers and data analysts in identifying failures in specific parts and undertaking preventive supervision to avoid unplanned downtime on devices. As a result, these solutions find widespread applications across various sectors, such as automotive, aerospace and defense, chemicals, healthcare, industrial equipment, electronics, oil and gas, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The emerging trend of automation and digitization across several industries is primarily driving the smart manufacturing market. Besides this, the escalating demand for knowledge-based and connected supply chains that are equipped with advanced control, modeling, sensing, and simulation capabilities is further augmenting the market growth. Moreover, smart manufacturing provides various benefits, including dynamic production and real-time optimization that reduce accidents, cycle times, and maintenance costs, which is also catalyzing the global market. Apart from this, the growing popularity of these solutions, owing to the rising concerns towards uncertainties in the supply of raw materials and energy, intense competition, and increasing operational costs, is acting as another significant growth-inducing factor. Furthermore, the integration of cloud platforms and the internet of things (IoT) and the elevating industrial expansion, especially in developing economies, is expected to bolster the smart manufacturing market in the coming years.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 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:
Breakup by Technology:
- Machine Execution Systems
- Programmable Logic Controller
- Enterprise Resource Planning
- Discrete Control Systems
- Human Machine Interface
- Machine Vision
- 3D Printing
- Product Lifecycle Management
- Plant Asset Management
Breakup by End Use:
- Aerospace and Defense
- Chemicals and Materials
- Industrial Equipment
- Food and Agriculture
- Oil and Gas
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 (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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