According to Custom Market Insights (CMI), the global Smart Manufacturing Market size was estimated at USD 299.67 billion in 2023 and is anticipated to reach around USD 788.87 billion by 2030, recording a CAGR of roughly 14.10% between 2023 and 2030.
The smart manufacturing market is expected to experience further growth in the forecast period due to several significant factors. The adoption of IoT and cloud platforms is expected to increase, providing more opportunities for the market to expand. Additionally, the integration of various solutions is expected to improve performance and create new opportunities. For more detailed information on this topic, you can consult with CMI.
Browse the full “Smart Manufacturing Market Size, Trends and Insights By Component (Hardware, Software, Services), By Technology (Machine Execution Systems, Programmable Logic Controller, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine Interface, Machine Vision, 3D Printing, Product Lifecycle Management, Plant Asset Management), By End-use (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2030” report at https://www.custommarketinsights.com/report/smart-manufacturing-market/
Smart Manufacturing Market: Dynamics
The smart manufacturing market is a rapidly growing industry, driven by a number of dynamic factors. Here are some of the key dynamics impacting the market:
- Increasing adoption of automation: The demand for automation in the manufacturing industry is increasing rapidly. This is due to the need for greater efficiency, accuracy, and cost-effectiveness in manufacturing processes. Smart manufacturing technologies such as robotics, artificial intelligence, and machine learning are being adopted to automate various manufacturing processes.
- Rise of Industry 4.0: Industry 4.0 refers to the fourth industrial revolution, which is characterized by the integration of advanced technologies such as IoT, cloud computing, and data analytics into manufacturing processes. The adoption of Industry 4.0 technologies is driving the growth of the smart manufacturing market.
- Integration of different solutions: Smart manufacturing solutions are being integrated with other solutions such as supply chain management, enterprise resource planning, and customer relationship management to provide improved performance and efficiency.
- Rapid industrial growth in emerging economies: The manufacturing sector in emerging economies such as China, India, and Brazil is growing rapidly. This is creating new opportunities for the smart manufacturing market to expand in these regions.
- Need for real-time monitoring and control: Manufacturers are increasingly seeking real-time monitoring and control of their manufacturing processes. Smart manufacturing solutions that provide real-time data and insights are in high demand.
Smart Manufacturing Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the smart manufacturing market. Here are some key aspects of the impact of the pandemic on the market:
- Disruption to supply chains: The pandemic has disrupted supply chains worldwide, leading to shortages of raw materials and components. This has impacted the manufacturing sector as a whole, including the smart manufacturing market.
- Delayed investments: The pandemic has led to delayed investments in smart manufacturing technologies as companies focus on maintaining cash flow and preserving liquidity. This has slowed down the growth of the market.
- Increased demand for remote monitoring and control: The pandemic has led to an increased demand for remote monitoring and control solutions in manufacturing processes. This is due to the need for social distancing and reduced physical contact in manufacturing facilities.
- Accelerated digital transformation: The pandemic has accelerated the digital transformation of the manufacturing industry, including the adoption of smart manufacturing technologies. Companies are increasingly turning to automation and digital solutions to reduce their reliance on manual labor and improve efficiency.
- Focus on resiliency and flexibility: The pandemic has highlighted the need for greater resiliency and flexibility in manufacturing processes. Smart manufacturing solutions that offer agility and the ability to adapt quickly to changing circumstances are in high demand.
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Smart Manufacturing Market Share Insights
The global smart manufacturing market is highly competitive and is characterized by the presence of several established players as well as new entrants. Here are some key players in the market and their market share insights:
- Siemens AG: Siemens AG is a leading player in the smart manufacturing market with a significant market share. The company offers a range of smart manufacturing solutions including automation, digitalization, and data analytics.
- General Electric Company: General Electric Company is another major player in the smart manufacturing market with a strong presence in the industry. The company provides a range of smart manufacturing solutions including robotics, machine learning, and data analytics.
- Schneider Electric SE: Schneider Electric SE is a leading player in the smart manufacturing market with a significant market share. The company provides a range of smart manufacturing solutions including automation, data analytics, and energy management.
- Honeywell International Inc.: Honeywell International Inc. is a major player in the smart manufacturing market with a strong presence in the industry. The company provides a range of smart manufacturing solutions including automation, data analytics, and process control.
- Emerson Electric Co.: Emerson Electric Co. is another significant player in the smart manufacturing market with a significant market share. The company provides a range of smart manufacturing solutions including automation, data analytics, and control systems.
Some of the Prominent Players in the Market are:
- ABB Ltd.
- Siemens
- General Electric
- Rockwell Automation Inc.
- Schneider Electric
- Honeywell International Inc.
- Emerson Electric Co.
- Fanuc UK Limited
- Others
Table of Contents: https://www.custommarketinsights.com/report/smart-manufacturing-market/#table-of-contents
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