MarketsandMarkets: The new research report estimates that the Smart Manufacturing Market will rise at a CAGR of 18.5% from 2022 to 2027, from a value of USD 97.6 billion in 2022 to USD 228.3 billion in 2027. The rising adoption of Industry 4.0, the increasing emphasis on industrial automation in manufacturing processes, the growing government support for industrial automation, the growing importance of regulatory compliance, the growing complexity of the supply chain, and the surging demand for software systems that save time and money are the main factors driving the global market for smart manufacturing.
The second-largest portion of the smart manufacturing industry is anticipated to be accounted for by robot enabling technologies. The growing need for robots from industries to automate processes to increase manufacturing output is credited with driving the growth of the industrial robotics market. The governments of important nations across the world are providing a variety of incentives to help the industrial sectors manage the many issues that the company is facing better. As a result, businesses have easier access to the financial resources needed to integrate robots into their industrial setup. Both major corporations and small and medium-sized businesses (SMEs) are intended customers for the industrial robots. Due to their adaptability, these robots are used for both new and old applications, leading to their widespread adoption.
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The automotive sector will account for the greatest proportion of the market for smart manufacturing in 2027.
Due to shifting consumer tastes and the ineffectiveness of conventional methods, the automotive industry now holds the largest market share un the market for smart manufacturing and is predicted to expand at a significant rate during the projection period. The increased complexity of automobile products is a result of shifting consumer tastes, technical development, and the adoption of rules specific to the automotive sector. Automobiles are incredibly smart and highly complex products. Modern technological procedures and methods are needed for production. The automotive sector undergoes infrastructure changes as a result of technological advancements like gas and electric automobiles. Most of the critical operations in the automotive industry also no longer require human operators, which leads to the adoption of smart manufacturing technologies.
The smart manufacturing market will expand most rapidly in APAC.
The rising demand for smart tools as a result of increased automation in various industries; rising adoption of technologies like Industry 4.0, smart factories, IoT, and IIoT; and growing need to maximise productivity and lower operating and maintenance costs are the main factors propelling the growth of the smart manufacturing market in APAC. One of the key factors that will increase demand for smart manufacturing in the upcoming years is government support for industrialization in various APAC nations. The governments in the area have taken a number of actions. For instance, initiatives like "Made in China 2025," "Industrial Value Chain Initiative (IVI)," "The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)," and "Samarth Udyog Bharat 4.0" in India and China are likely to have a significant impact on industrial development and, as a result, open up new opportunities for the growth of the smart manufacturing market.
ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), IBM (US), and General Electric (US) are major firms that provide smart manufacturing technologies.
Study Subjects:
The information technology, enabling technology, industry, and region are the segmentation criteria used in this report's analysis of the smart manufacturing market. To shed light on prospective business prospects in various regions, a thorough research of the regional marketplaces has been conducted. The research also includes information on the market dynamics and value chain analysis.
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