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Smart Manufacturing Market Share & Growth, 2028 | Industry Report

Smart Manufacturing Market Analysis Report By Component, By Technology, By End Use And Segment Forecasts From 2021 To 2028

Report ID: MN17620252  |  Published: July 2021  |  No of Pages: 128
Format: Electronic (PDF)  |  Industry: Technology  |  Publisher: Grand View Research

Synopsis

The global smart manufacturing market was prized by USD 236.12 billion in 2020. It is estimated to witness a 12.4% CAGR from 2021 to 2028.

The execution of smart manufacturing resolutions assists manufacturing companies to concentrate on the reorganization of their supply chains, decrease expenditure, enhance competitiveness, and increase protection, within the place of work.

Drivers

Since, the manufacturing procedures are growing at a fast speed the manufacturing sector is concentrating on the incorporation of modernization, as well as the effectiveness. The business is prepared to accept, smart manufacturing procedures, through a variety of domains.

North America smart manufacturing market

The necessity to augment production and improve visualization of the complete organization is the two, most important features, inspiring the enlargement of the market. Smart manufacturing has amplified the acceptance of digitization in a range of aspects of the complete supply chain, of the manufacturing companies.

Effect of Covid-19

The strict lockdowns forced by several nations, globally, to evade the public spread of the new coronavirus, are being lightened up, using solid limitations as well as preventive actions. The major smart manufacturing companies are taking on methodology like pushing AI-sourced digital platforms, IoT, and analytics to reduce the necessity for human contact.

Besides, the abridged actions in manufacturing lines, because of the social distancing standards are, furthermore, even out by the assistance of computerization solutions, by this means dropping the participation of the manual workers, in the production process.

Technology Insight

The Distributed Control System (DCS) sector held more than 16.0% revenue share and dominated the smart manufacturing market, in 2020. It is anticipated to maintain its domination, during the forecast period. Distributed Control System (DCS) contains the benefits like easiness and flexibility for the procedures like coverage, controlling, and monitoring. This helps in augmenting its importance, within the market.

The 3D printing sector is estimated to record the maximum, more than 15.0% CAGR, during the forecast period. The 3D printing technology helps in the production of complicated machinery by way of conveniently operating along with the physical possessions, on each position.

Component Insight

Based on components, the smart manufacturing market is divided into services, hardware, and software. The software division held the biggest, approximately 50.0% share of the market, in 2020 and is projected to carry on its supremacy, during the forecast period.

The hardware sector is expected to record more than 11.0% CAGR, during the forecast period. The hardware sector consists of augmented and virtual reality devices, robots, 3D printers, and IIoT-enabling systems, as well as devices.

Diverse categories of conventional, as well as smart sensors, are a fundamental part of the hardware sector. It has been observing, excessive enlargement and augmented research & development actions, during current years.

Rising technical improvements are facilitating manufacturing services to install robots to perform everyday jobs like assembly with inspection, material handling, and processing functions.

End-Use Insight

The automotive manufacturing sector held the biggest, just about 23.0% revenue share in 2020, and led the smart manufacturing market. It is expected to record the maximum CAGR, throughout the forecast period.

Global smart manufacturing market

The most important things, adding to the enlargement of the sector comprise benefits like sustainability presented by the intelligent plant solutions, savings of the cost, quality, and asset efficiency.

The aerospace & defense manufacturing division is expected to record a substantial, above 13.0% CAGR, during the forecast period. The division is likely to broadly spend on supply chain optimization and visibility, smart manufacturing solutions, and concentration on product prototyping.

Regional Insight

In 2020, Asia Pacific held the biggest roughly 36.0% share of the global smart manufacturing market. Besides, the region is anticipated to appear like a speedily developing region, during the forecast period. The nations in the region are constantly concentrating on mechanization of the domestic manufacturing amenities and dropping dependence on other nations, for example, the ‘Make in India’ agenda of India.

Moreover, Japan is raising like the industrialized center for the manufacture of industrial unit mechanization solutions and is delivering them to other nations, inside the region. It is creating such solutions, reasonably priced for emergent nations like India.

The Middle East & Africa market for smart manufacturing is projected to record a maximum of more than 15.0% CAGR, during the forecast period. Saudi Arabia is expected to come out as one of the important nations, due to the rising government lead for the new technologies. The regional companies are seriously spending on smart manufacturing skills.

For example, energy cables manufacturing company, Ducab, installed smart manufacturing to entirely alter the supply chain. The company intended to gather information from the apparatus and integrate it with dealer information, to enhance logistics, make the procedure more efficient and trace in-transit stock. Consequently, it reduces expenditure and saves time.

Companies

The market is extremely aggressive. It is described by the existence of a huge number of companies, from Europe and North America. The market contestants are likely to indulge in the development plans, to increase share in the local market as well as go in rising businesses.

Technological knowledge, the individuality of the brand name plus the earlier used situations in the specific industry, are estimated to be the most important influencing features for reasonable gain, during the forecast period. Transfer to software solutions along with research & development is estimated to be the most important focal point of the market contestants to increase a reasonable advantage.

Some of the companies for the smart manufacturing market are:

• Emerson Electric
• Schneider Electric
• General Electric
• Fanuc
• Honeywell International Inc.
• Rockwell Automation, Inc.
• Siemens

Report Scope

Report Attribute

Details

The market size value in 2021

USD 259.63 billion

The revenue forecast in 2028

USD 589.98 billion

Growth rate

CAGR of 12.4% from 2021 to 2028

The base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Report coverage

Revenue forecasts, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, technology, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico

Key companies profiled

Siemens; General Electric; Rockwell Automation, Inc.; Schneider Electric; Honeywell International Inc.

Customization scope

Free report customization (equivalent to up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs. 


Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and analyzes the latest market trends in each of the sub-segments from 2016 to 2028. For this study, Million Insights has segmented the global smart manufacturing market report based on component, technology, end-use, and region:

• Component Outlook (Revenue, USD Billion, 2016 - 2028)
    • Hardware
    • Software
    • Services

• Technology Outlook (Revenue, USD Billion, 2016 - 2028)
    • Machine Execution Systems
    • Programmable Logic Controller
    • Enterprise Resource Planning
    • SCADA
    • Discrete Control Systems
    • Human Machine Interface
    • Machine Vision
    • 3D Printing
    • Product Lifecycle Management
    • Plant Asset Management

• End-use Outlook (Revenue, USD Billion, 2016 - 2028)
    • Automotive
    • Aerospace & Defense
    • Chemicals & Materials
    • Healthcare
    • Industrial Equipment
    • Electronics
    • Food & Agriculture
    • Oil & Gas
    • Others

• Regional Outlook (Revenue, USD Billion, 2016 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • The Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • MEA

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