MarketsandMarkets: According to the new research report, the global smart manufacturing market was valued at USD 97.6 billion in 2022 and is projected to reach USD 228.3 billion by 2027; it is expected to grow at a CAGR of 18.5% from 2022 to 2027. The major drivers of the smart manufacturing market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, growing emphasis on regulatory compliance, increasing complexities in the supply chain, and surging demand for software systems that reduce time and cost.
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“Robots segment expected to hold second-largest size of the global smart manufacturing market during forecast period”
The smart manufacturing market by enabling technologies for robots is projected to account for the second-largest size of the smart manufacturing market. The expansion of the industrial robots segment is attributed to the increasing demand for robots from industries for automating processes to achieve better production output. Several incentives are being offered by the governments of key countries across the world in order to aid the industrial sectors to cope better with the different challenges faced by the company. As a result, the industries are better equipped with the financial resources that are required for the incorporation of robots in the industrial set-up. The industrial robots are targeted toward both small and medium-sized enterprises (SMEs) and large enterprises. These robots are also being adopted for both new and existing applications and hence have a wide-scale adoption owing to their versatility.
“Automotive industry to hold the largest share of Smart manufacturing market in 2027”
The automotive industry dominates the smart manufacturing market with the highest market share and is expected to grow at a considerable rate of during the forecast period owing to changing consumer preferences and the inefficiency of traditional processes. Changing consumer preferences, technological advancements, and the introduction of regulations associated with the automotive industry are responsible for the high complexity of automobile products. Automobiles are extremely complex and technologically sophisticated products. Manufacturing them requires advanced technological methods and processes. Technological innovations such as electric- and gas-powered vehicles lead to infrastructural changes in the automotive industry; also, the latest machines and equipment replace the need for human operators for most of the crucial processes in the automotive industry, resulting in the adoption of smart manufacturing technologies.
“Smart manufacturing market in APAC to grow at the highest CAGR”
The major factors driving the growth of the smart manufacturing market in APAC are the rising demand for smart tools due to increasing automation in industries; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increasing need to optimize productivity and reduce operational and maintenance costs. Government support in various APAC countries to drive industrialization is one of the important factors that will boost the demand for smart manufacturing in the coming years. Various initiatives have been taken by the governments in the region. For instance, China’s “Made in China 2025,” Japan’s “Industrial Value Chain Initiative (IVI),” South Korea’s “The Manufacturing Innovation Strategy 3.0 (Strategy 3.0),” and India’s “Samarth Udyog Bharat 4.0,” are likely to play major roles in industrial advancement and consequently create growth opportunities for the smart manufacturing market.
Major companies offering smart manufacturing technologies include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), IBM (US), and General Electric (US).
Study Coverage:
This report analyzes the smart manufacturing market segmented based on Information Technology, Enabling Technology, Industry, and Region. A detailed analysis of the regional markets has been undertaken to provide insights into potential business opportunities in different regions. In addition, the value chain analysis and market dynamics have been provided in the report.
“Brief information on the research methodology for the report can be found in the report description provided on the website”
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