The smart manufacturing market size is expected to reach US$ 365.22 billion by 2028, registering at a CAGR of 6.0% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Smart manufacturing uses execution control, analytics, and simulation to boost the high yield manufacturing process. Optimization through simulation and analytics is driving product and process improvements in the process. The global industrial sector is dynamic as it observes the deployment of numerous technologies, such as Industry 4.0 and the Industrial Internet of Things (IIoT). With factories reporting for ~40% of the world’s energy consumption, the need to mitigate energy usage is crucial in encouraging manufacturers to adopt cost-effective, sustainable, precise, and reliable machinery. Machines are evolving and are reducing human intervention by introducing new interfaces such as augmented reality (AR), touchless interfaces, and smart tools.
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Company Profiled:
• Yokogawa Electric Corporation
• Cisco Systems, Inc
• Honeywell International Inc.
• 3D Systems, Inc
• Daifuku Co., Ltd
• GENERAL ELECTRIC
• IBM Corporation
• Oracle Corporation
• Siemens AG
• Schneider Electric SE
Growing demand for industrial robots, sensors, tools, drives, and condition monitoring; execution of complex & advanced techniques/devices will endure the rise of smart manufacturing market. The smart manufacturing market growth is attributed to the rising demand for machine vision systems in diversified industries; the expanding industrial sector in such as the US, China, and India; and the upsurge in the adoption rate of real-time location systems (RTLS). The growing use of robots and automation due to the increased implementation of artificial intelligence (AI) and other advanced technologies is expected to boost the market growth. Moreover, with the growing digital transformation, the wave of transforming generic factories into a smart one will likely receive high traction, which is contributing to the growth of the smart manufacturing market.
AI, 3D printing, and robots are the most prevailing technologies in the manufacturing sector. The manufacturing sector is experiencing a technological renaissance, which is changing the outlook, systems, and processes of modern factories. The technological revolution in the factories has been encouraging companies in this sector to further invest in the emerging technologies to enhance their productivity. Since smart manufacturing is still evolving, it is creating a substantial impact on the industrial & manufacturing sectors. Demand for embedded vision, integration of CoaXPress v2.0, developments in vision-guided robotics, surge in the use of SWIR cameras, advancements in thermal imaging technology, and improvements in AR and VR capabilities are among the factors driving the adoption of smart manufacturing practices, thus fueling the smart manufacturing market growth.
End User-Based Smart Manufacturing Market Insights
Based on end user, the smart manufacturing market is bifurcated into discrete industry and process industry. The discreet industry segment led the smart manufacturing market with a share of 56.5% in 2021. In diversified industries, numerous types of smart manufacturing technologies are being integrated during manufacturing.
Component-Based Smart Manufacturing Market Insights
Based on components, the smart manufacturing market is bifurcated into hardware and software. The hardware segment led the market with a share of 63.2% in 2021; it is anticipated to continue its dominance during the forecast period. Rapid expansion in the manufacturing industry and adopting industrial automation in the automotive, consumer electronics, logistics, and healthcare industries are a few of the factors driving the growth of smart manufacturing. Nevertheless, growing government support and integration of AI in manufacturing process are anticipated to provide many growth opportunities to the manufacturers operating in the smart manufacturing market.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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