The new report by Expert Market Research titled, ‘Global Smart Manufacturing Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Smart Manufacturing Market, assessing the market based on its segments like component, technology, end use and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 264.68 billion
- Forecast CAGR (2023-2028): 12%
- Forecast Market Size (2028): USD 521.83 billion
Smart manufacturing utilizes data analytics to ease processes in different industries. Using the smart machines and robots, which can comprehend large data, manufacturing and supply chain can be automated and help simplify the entire process. This will increase convenience and productivity, therefore increasing the desirability for smart manufacturing. Additionally, with the help of stored data, robots can help predict any possible fault in manufacturing due to their ability to learn from experience. Human intervention and workload are minimized, and production units run smoothly. Artificial intelligence and machine learning developments year on year are strengthening more innovative smart manufacturing technologies aligned with specific needs, therefore, invigorating the market.
Smart Manufacturing Industry Definition and Major Segments
Smart manufacturing or intelligent manufacturing refers to industrial method based on the development of latest technologies. It is a system of machines co-ordinated with each other and connected to the internet to ensure optimal and scalable control of production in manufacturing facilities.
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On the basis of component, the market is distinguished into:
Differentiated on the basis of technology, it includes:
- Programmable Logic Controller
- Supervisory Controller and Data Acquisition (SCADA)
- Enterprise Resource and Planning
- Human Machine interface
- Product Lifecycle Management
- Manufacturing Execution System
- Distributed Control System
- 3D Printing
The end uses covers industries like:
- Aerospace and Defence
- Chemicals and Materials
- Food and Beverage
- Oil and Gas
The major regional markets include:
- North America
- Latin America
- Middle East and Africa
Smart Manufacturing Market Trends
Industrialization is spread across regions and is only growing. Rising population and increasing needs require speed manufacturing to keep up with the demand. Use of automation in smart manufacturing helps in not only increasing the production scale but also makes it convenient to control and monitor. Any changes in the manufacturing requirements can be easily incorporated as machines can be reconfigured which is also an important driver for smart manufacturing. The adversity of the pandemic has only increased the reliability on such automated machines, further boosting their demand. In hazardous industries which deal with harmful chemicals or use of intense processing methods, smart manufacturing can help complete the task and ensure worker’s safety simultaneously. Its property of minimizing inefficiencies and easing the process acts as a crucial catalyst for its growth.
Key Market Players
The major players in the market are ABB Ltd., Emerson Electric Co., Rockwell Automation, Inc. Mitsubishi Electric Corporation FANUC America Corporation, Schneider Electric SE, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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