Smart Manufacturing Market poised for rapid expansion, set to hit $228.2 billion by 2027
From 2022 to 2027, the Smart Manufacturing Market is anticipated to expand significantly at a compound annual growth rate (CAGR) of 18.5%. The market was estimated to be worth USD 97.6 billion in 2022, and by 2027 it is expected to be worth USD 228.3 billion. The main factors influencing this expansion are the rising emphasis on industrial automation in manufacturing processes and the growing adoption of Industry 4.0, which stresses the use of data and automation to increase productivity and efficiency. Governments all over the world are also backing industrial automation more and more, which is anticipated to fuel market expansion. The importance of regulatory compliances is also intensifying, the supply chain is becoming more complex, and the need for software systems that may save money and time is soaring. During the coming years, it is anticipated that these factors will continue to fuel the expansion of the smart manufacturing market.
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Key Market Players in Smart Manufacturing Industry
Major companies offering smart manufacturing technologies include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), IBM (US), and General Electric (US).
Food & beverages process industry is projected to register the highest CAGR from 2022 to 2027
This is largely because new technology techniques, such 3D food printing and machine vision, are altering the industry's manufacturing processes. The parties involved in the production and distribution process are committed to delivering high-quality goods at reasonable production, maintenance, and distribution costs. In the food and beverage sector, automation technologies provide design flexibility, creative safety solutions, and cutting-edge software tools to regulate machine operations. The use of smart manufacturing technology and innovative manufacturing equipment is significantly rising in the food and beverage industry as a result of the significant investments food firms are making to upgrade their outdated manufacturing facilities into modern ones. Overall, the incorporation of smart manufacturing technologies is assisting food businesses in maintaining high-quality products and operational efficiencies while reducing prices.
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Automotive industry to hold the largest share of Smart Manufacturing Market in 2027
The market for smart manufacturing is anticipated to be dominated by the automotive sector in 2027, and this sector is anticipated to have rapid growth throughout this time. Its domination is a result of both the inefficiency of conventional production techniques and changing consumer tastes. Consumer preferences are changing, technology is advancing, and rules specific to the automotive sector are being introduced, which contributes to the complexity of automobile products. Due to their tremendous complexity, automobiles require production techniques that are at the cutting edge of technology. The introduction of new technologies, such gasoline and electric-powered cars, is causing the automotive industry's infrastructure to alter. In addition, modern machinery and tools are taking the place of human operators in most essential automotive industry processes, leading to the adoption of smart manufacturing technologies. Overall, it is anticipated that the automobile sector's move towards smart manufacturing technology will increase productivity, save expenses, and raise product quality.
Smart Manufacturing Market in APAC to grow at the highest CAGR
The Asia-Pacific (APAC) region's Smart Manufacturing Market is anticipated to expand at a rapid Compound Annual Growth Rate (CAGR), propelled by a number of factors including the rising demand for smart tools as a result of increased industry automation, adoption of technologies like Industry 4.0, smart factories, IoT, and IIoT, and the need to increase productivity and lower maintenance and operating costs. In the upcoming years, it is anticipated that government initiatives to promote industrialization in a number of APAC nations, including China's "Made in China 2025," Japan's "Industrial Value Chain Initiative (IVI)," South Korea's "The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)," and India's "Samarth Udyog Bharat 4.0," will have a significant impact on the advancement of industry and open up new growth opportunities for the smart manufacturing market.
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