Smart Manufacturing Market Analysis: Major Players, Lucrative Segments And Top Geographies
12 May, 2023
The global smart manufacturing market size is expected to grow from $316.29 billion in 2022 to $362.31 billion in 2023 at a compound annual growth rate (CAGR) of 14.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global smart manufacturing market size is expected to grow to $605.60 billion in 2027 at a CAGR of 13%.
Global Smart Manufacturing Market Key Driver
The rising number of investments in industry 4.0 is expected to drive the smart manufacturing market going forward. The fourth (4.0) industrial revolution uses data to connect the digital and physical worlds. Industry 4.0 lays the way for new developments in the manufacturing industry by improving data collection and analysis at the edge and by releasing new depths of analytical insight. Industry 4.0 is transforming how businesses produce, enhance, and distribute their goods. The Internet of Things (IoT), cloud computing, analytics, AI, and machine learning are among the cutting-edge technology that manufacturers are incorporating into their manufacturing processes.
Get a Sample of the global smart manufacturing market reportGlobal Smart Manufacturing Market Segments
The global smart manufacturing market is segmented:
1) By Component: Hardware, Software, Services
2) By Technology: Machine Execution Systems (MES), Programmable Logic Controller (PLC), Enterprise Resource Planning (ERP), SCADA, Discrete Control Systems (DCS), Machine Vision, 3D Printing, Other Technologies
3) By End-User: Automotive, Aerospace and Defense, Chemicals and Materials, Healthcare, Industrial Equipment, Electronics, Food and Agriculture, Oil and Gas, Other End-Users
4) By Geography: The regions covered in the smart manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global smart manufacturing market.
Major Smart Manufacturing Industry Players
Siemens AG, General Electric, Rockwell Automation, Schneider Electric, Honeywell International Inc., Emerson Electric, Fanuc, ABB Ltd., Amazon Web Services Inc., Robert Bosch Manufacturing Solutions GmbH.
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Smart Manufacturing Market Overview
Smart manufacturing refers to a process that employs computer controls, modelling, big data and other automation to improve manufacturing efficiencies. It analyzes machine and sensor data to improve operational efficiency and avoid downtime.
Smart Manufacturing Global Market Report 2023 provides data on the global smart manufacturing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart manufacturing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.