Global Smart Manufacturing Market Report 2023: Sector is Expected to Reach $658.41 Billion by 2030 at a CAGR of 13.1% - ResearchAndMarkets.com

The "Global Smart Manufacturing Market Size, Share, Growth Analysis, By Component, By Technology - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The Smart Manufacturing Market size was valued at USD 249.56 billion in 2021 and is poised to grow from USD 277.81 billion in 2022 to USD 658.41 billion by 2030, growing at a CAGR of 13.1% in the forecast period (2023-2030).

The global smart manufacturing market is witnessing significant growth due to advancements in automation and digitalization. Smart manufacturing utilizes technologies like IoT, AI, and robotics to optimize production processes, enhance efficiency, and reduce costs.

Key drivers include the demand for improved productivity, quality, and sustainability. The market is expected to expand further as industries across various sectors, including automotive, aerospace, and electronics, adopt smart manufacturing solutions to stay competitive in a rapidly evolving global market.

Segments covered in this report

The global smart manufacturing market segmentation is based on component, technology, and region. Based on component the market is segmented into hardware, software, and services.

Based on technology the market is segmented into machine execution systems, programmable logic controller, enterprise resource planning, SCADA, discrete control systems, human machine interface, machine vision, 3D printing, product lifecycle management, and plant asset management. Based on region the global smart manufacturing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Driver

Governments worldwide are actively supporting and funding research and development efforts in areas such as IoT and commercial 3D printing. This increased awareness of the immense potential of smart manufacturing technologies has led governments of different countries to promote the advancement of IoT, envisioning themselves as future beneficiaries of this technology. Consequently, they are providing financial support to new IoT research initiatives with the aim of establishing and overseeing digital infrastructure in the years to come.

Restrain

The implementation of smart manufacturing technologies poses significant financial barriers, thereby limiting the global market expansion. Various advanced technologies such as Automated Guided Vehicles (AGVs), Enterprise Manufacturing Intelligence (EMI), Human-Machine Interface (HMI), Warehouse Management System (WMS), and Production Asset Management (PAM) require substantial investments for installation and deployment. Consequently, the cost factor may discourage businesses from adopting smart manufacturing practices, impeding their widespread adoption and inhibiting global market growth.

Trend

One of the latest market growth trends is the utilization of big data, which serves various purposes. The demand for big data applications is driven by the constant and significant growth in both structured and unstructured data and information. Similarly, the Internet of Things (IoT) emerges as a crucial market trend.

The IoT encompasses interconnected elements such as smart cars, monitoring devices, digital phones, and other connected components, all supported by AI technology. These devices generate vast quantities of data, which are then analyzed by artificial intelligence programs. Examples of applications include self-driving/autonomous cars, smart homes, intelligent thermostats, pacemakers, and smart city solutions.

Companies Mentioned

• Siemens AG
• ABB Ltd.
• General Electric Company
• Honeywell International Inc.
• Schneider Electric SE
• Emerson Electric Co.
• Mitsubishi Electric Corporation
• Rockwell Automation, Inc.
• Fanuc Corporation
• Yokogawa Electric Corporation
• Cisco Systems, Inc.
• IBM Corporation
• Oracle Corporation
• Microsoft Corporation
• SAP SE
• PTC Inc.
• Stratasys Ltd.
• Hewlett Packard Enterprise Development LP
• FANUC Corporation
• Dassault Systemes SE

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