Smart Manufacturing Market : Opportunities and Challenges in a Rapidly Evolving Industry By 2028

harshal naik
Published on Apr 28, 2023

The multipurpose new research report on the Global Smart Manufacturing Market aims to promise a unique approach to industry assessment of the market covering the most important factors driving industry growth. The Smart Manufacturing Market report provides current and future technical and financial details of the industry. One of the most comprehensive and important additions to The Insight Partners Market Research Archives. It provides detailed research and analysis of key aspects of the global market.

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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.

The smart manufacturing market was valued US$ 258.72 billion in 2022, it is estimated to grow at a CAGR of 6.0% from 2022 to 2028.

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.

Global Smart Manufacturing Market Segmentation:

By Component

  • Hardware
  • Software

End User

  • Discrete Industry
  • Process Industry

Smart Manufacturing Market: Regional analysis includes:

  • Asia-Pacific Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
  • North America (The United States, Mexico, and Canada.)
  • South America (Brazil etc.)
  • The Middle East and Africa (GCC Countries and Egypt.)

The Top key vendors in Smart Manufacturing Market include are:-

  • Yokogawa Electric Corporation
  • Cisco Systems, Inc
  • Honeywell International Inc.
  • 3D Systems, Inc
  • Daifuku Co., Ltd
  • IBM Corporation
  • Oracle Corporation
  • Siemens AG
  • Schneider Electric SE

The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Smart Manufacturing market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal with regard to different segments. The report predicts the influence of different industry aspects on the Smart Manufacturing market segments and regions.

This report strategically examines the micro-markets and sheds light on the impact of technology upgrades on the performance of the Smart Manufacturing market.

NOTE: Our team is studying Covid-19 and its impact on various industry verticals and wherever required we will be considering Covid-19 analysis of markets and industries. Cordially get in touch for more details.

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