Request Discount

Smart Manufacturing Market (Technology - Programmable Logic Controller, Machine Execution Systems, Discrete Control Systems, Product Lifecycle Management, Enterprise Resource Planning, Machine Vision, and Others; Component - Hardware, Services, and Software; End-user - Semiconductor, Oil and Gas, Automotive, Food and Beverage, Pharmaceutical, Aerospace and Defence, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

  • Published : July, 2022

  • Rep Id : ICT003116

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on the smart manufacturing market provides in-depth analysis of segments and sub-segments in the global as well as regional smart manufacturing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart manufacturing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global smart manufacturing market. According to the report, the global smart manufacturing market is projected to grow at a CAGR of about 11% over the forecast period of 2022-2028.

 

Market Insight

The global smart manufacturing market was valued at USD 210 Billion in 2022 and is expected to reach USD 375 Billion in 2028, with a CAGR of about 11% during the forecast period. Smart Manufacturing is being projected as the next Industrial Revolution. Smart Manufacturing enables all information about the manufacturing process to be available when and where it is needed across entire manufacturing supply chains and product lifecycles. Smart manufacturing is a system that is fully integrated, combined manufacturing systems that respond in real-time to meet changing demands and conditions in the factory and in customer needs. Smart manufacturing mainly focuses on advanced manufacturing technologies and tools that are driven or enhanced by integrated information technology. The biggest benefit of smart manufacturing is to increase operational efficiency. Therefore, the manufacturers are turning to centralized data centers that gather and report on the operations of everything from procurement to field service.

 

The increasing industry 4.0 is the major factor driving the growth of the smart manufacturing market. In addition, mounting demands for industrial automation and the rapid adoption of the internet of things in the global manufacturing sector are strengthening the market growth. Government investments supporting industrial automation, rising prominence on regulatory compliances, increased complexities in the supply chain, and increasing demand for software systems that reduce time and cost are anticipated to have a positive impact on the growth of the smart manufacturing market. The demand for smart manufacturing has been the highest in the Defence and aerospace sector due to the need for customizable and quality-controlled equipment. Technological advancement offers the manufacturers centralized process execution and coordination advantages in a cost-efficient package. This, in turn, is expected to propel the growth of smart manufacturing over the years to come. However, factors such as the high initial cost of setting up and the probability of cyber-attacks breaching the security are likely to restrain the growth of the smarty manufacturing market.     

 

Due to the outbreak of COVID-19, the smart manufacturing market is expected to witness a decline in 2020. The manufacturing sector globally is severely affected due to the outbreak of COVID-19 which will also lead to decreased adoption of smart manufacturing technologies in 2020. Governments of various countries had imposed strict lockdown restrictions to prevent the spread of the virus. The manufacturing in the industries has reduced due to decreased demand and supply of the raw material during the covid-19 pandemic. The major factor affecting the growth of the smart manufacturing market was the limited availability of the resources and workforce during the pandemic within the forecast period.

 

Based on the region, the worldwide smart manufacturing market is segmented into the Asia Pacific, North America, Europe, and also the Middle East & Africa. Among the regions, North America is the largest region in the smart manufacturing market due to the increasing popularity of cloud-based solutions as they help manufacturers operate modern and advanced software without any need for separate on-premise infrastructure during the forecast period. The demand for smart manufacturing in the US and Canada has been scaling new heights due to the sophisticated nature of the industrial sector in these countries. Furthermore, digital plants and advanced manufacturing technologies are set to transform factories, production centers, companies, and entire value chains. This, in turn, is anticipated to create several growth opportunities for the growth of the fourth industrial revolution in the Asia Pacific region.

 

Segment Covered

The report on global smart manufacturing market covers segments such as technology, component, and end-user. On the basis of technology, the sub-markets include programmable logic controller, machine execution systems, discrete control systems, product lifecycle management, enterprise resource planning, machine vision, and others. On the basis of component, the sub-markets include hardware, services, and software. On the basis of end-user, the sub-markets include semiconductor, oil and gas, automotive, food and beverage, pharmaceutical, aerospace and defence, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as ABB Ltd, FANUC CORPORATION, Honeywell International Inc., Texas Instruments Incorporated, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Yokogawa Electric Corporation, Siemens AG, Emerson Electric Co., and Schneider Electric SE.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart manufacturing market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


Other Reports in This Category
24 hour delivery through email
9923950043 Monday to Frieday 9am-7pm
looking for discount