According to IMARC Group latest report titled” Smart Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on smart manufacturing market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart manufacturing market reached a value of US$ 253.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 527.3 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027.
Smart manufacturing (SM) is a computer-integrated manufacturing approach, which is extensively utilized in the commercial sector for monitoring production operations. It offers various benefits, such as enhanced productivity, high-quality product production, efficiency, predictive maintenance, and significant cost reduction. Currently, smart manufacturing finds extensive applications in the manufacturing, automotive, and defense and aerospace industries.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The rising demand for connected supply chain and knowledge-based manufacturing for supervising advanced control, modeling, and simulation capabilities is one of the key factors primarily driving the market growth. In addition to this, the rapid growth in the manufacturing sector, along with the increasing digitalization and automation in various verticals, are contributing to the market growth. In line with this, the escalating utilization of the Internet of Things (IoT) and cloud platforms is impelling market growth. Apart from this, the rising investment and funds in research and development (R&D) activities are creating a positive outlook for the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 3D Systems Inc.
- ABB Ltd.
- Emerson Electric Co.
- Fanuc Corporation
- General Electric Company
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corporation
Smart Manufacturing Market Segmentation:
Our report has categorized the market based on region, component, technology and end use.
Breakup by Component:
Breakup by Technology:
- Machine Execution Systems
- Programmable Logic Controller
- Enterprise Resource Planning
- Discrete Control Systems
- Human Machine Interface
- Machine Vision
- 3D Printing
- Product Lifecycle Management
- Plant Asset Management
Breakup by End Use:
- Aerospace and Defense
- Chemicals and Materials
- Industrial Equipment
- Food and Agriculture
- Oil and Gas
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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