Smart Manufacturing Market and Predictive Maintenance


A recent research report estimates that the worldwide Smart Manufacturing Market has a value of USD 97.6 billion in 2022 and is expected to grow at a CAGR of 18.5% from 2022 to 2027 to reach USD 228.3 billion.

The adoption of Industry 4.0, increasing emphasis on industrial automation in manufacturing processes, government support for industrial automation, regulatory compliance, supply chain complexity, and the need for affordable software systems are all mentioned in the report as key market drivers for smart manufacturing. The COVID-19 pandemic's effects on the market are also evaluated in the research. Information technology, enabling technology, industry (process and discrete), and region are the factors used to segment the market (North America, Europe, Asia Pacific, and the rest of the world).

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=105448439

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).

Market for digital twins expected to grow at the fastest rate during the forecast period

In the smart manufacturing sector, the market for digital twins is predicted to expand at a compound annual growth rate (CAGR) of 68.9% from 2022 to 2027. The market value is anticipated to rise from USD 2.1 billion in 2021 to USD 43.6 billion by 2027 as a result of this trend. Particularly in engineering and other business sectors, digital twins are gaining popularity as a technique to link data about a physical object and its real-world behaviour with a 3D digital version. For instance, Dassault Systems has developed the virtual twin concept, which enables design and engineering teams to virtually visualise and analyse products or systems and gain insights into behaviours that are similar to those of physical phenomena like stress, vibration, software, and control system behaviours.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/smart-manufacturing-market-105448439.html

Automotive industry to hold largest share of Smart manufacturing market in 2027

With a predicted growth rate of 29.1% during the forecast period, the automotive sector is expected to account for the greatest share of the market for smart manufacturing. Both the inefficiency of conventional manufacturing techniques and shifting consumer preferences are blamed for the car industry's dominance in the market. Advanced technological procedures and processes are required due to the complexity of automotive products as a result of shifting consumer tastes, technological improvements, and the implementation of legislation related to the automobile sector. Adoption of smart manufacturing technologies is becoming more and more significant for the sector as it transforms the way cars are made by removing the need for human operators in favour of cutting-edge machinery and tools for the majority of the critical procedures. Also, the automotive sector is undergoing structural changes as a result of technical advancements like petrol and electric vehicles.

Smart manufacturing market in APAC to grow at the highest CAGR

The Asia-Pacific (APAC) region is anticipated to have the highest compound annual growth rate (CAGR) for the smart manufacturing market during the forecast period due to the rising adoption of automation and technologies like Industry 4.0, smart factories, IoT, and IIoT. The market for smart manufacturing is expanding in APAC as a result of the rising demand for smart tools, the requirement to maximise production, and the need to cut back on maintenance and operational expenses. Another important factor influencing the growth of the market in the region is government support for industrialization, with programmes 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 all expected to open up new growth opportunities for the smart manufacturing market.

News Covered:

https://www.prnewswire.com/news-releases/smart-manufacturing-market-worth-228-2-billion-by-2027--exclusive-report-by-marketsandmarkets-301468321.html 

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