Surging Demand for Advanced Warehousing Facilities in Emerging Economies Driving Smart Manufacturing Market


In 2022, the Smart Manufacturing Market was estimated to be worth USD 97.6 billion. From 2022 to 2027, the market is expected to increase at a CAGR of 18.5%, reaching USD 228.3 billion. The rising adoption of Industry 4.0, the increased emphasis on industrial automation, government support for industrial automation, an increased focus on regulatory compliance, supply chain complexity, and the demand for software systems that save time and money are the main factors driving the market's expansion. Information technology, enabling technology, industry, and geography are all included in the research. The forecast includes North America, Europe, Asia Pacific, and the Rest of the World.

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).

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OPPORTUNITIES: Rapid industrial growth in emerging economies

Due to cheaper labour and real estate costs, the fast industrial growth of emerging nations is giving businesses from industrialised economies the chance to expand their operations. Significant infrastructure development expenditures are being made in nations like India, China, Africa, Brazil, Mexico, and Indonesia, luring multinational corporations to locate industrial facilities there. In order to integrate and manage supply chains, there is a need for sophisticated warehouse facilities. Companies have the chance to invest in growing areas as a result of this growth, which may result in higher sales and a larger market share.

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

In the market for enabling technologies for smart manufacturing, the market for digital twins is anticipated to develop at the quickest rate during the projected period. From 2022 to 2027, the market is anticipated to increase at a CAGR of 68.9%, from USD 2.1 billion in 2021 to USD 43.6 billion in 2027. Digital twins are used in engineering and other fields of business to link details about a physical product's behaviour in the real world with a 3D digital representation. The virtual twin concept, developed by Dassault Systems, enables design and engineering teams to virtually visualise and examine products or systems and to gain insights into behaviours that are similar to physical behaviours, such as stress and vibration, as well as behaviours related to software and control systems. The market for enabling technologies is anticipated to develop as a result of the growing use of digital twins.  

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

With a growth rate of 29.1% anticipated throughout the forecast period, the automotive industry is anticipated to occupy the largest share of the smart manufacturing market in 2027. The inefficiency of conventional processes and shifting consumer tastes are to blame for this. Changes in consumer tastes, technological improvements, and the implementation of rules specific to the automotive sector have all contributed to the complexity of automobile products. The manufacturing of autos demands cutting-edge technological procedures and approaches as they become increasingly complicated and technologically sophisticated. The development of smart manufacturing technology is also fueled by the automobile industry's requirement for infrastructure improvements brought on by technological advancements like electric and gas-powered vehicles. In addition, the majority of critical procedures in the automobile industry no longer require human operators thanks to the newest machinery and tools.

Smart manufacturing market in APAC to grow at the highest CAGR

Due to a number of factors, including rising industry automation, increased demand for smart tools, adoption of technologies like Industry 4.0, smart factories, IoT, and IIoT, and the need to maximise productivity while lowering operational and maintenance costs, the smart manufacturing market in the Asia Pacific (APAC) region is anticipated to grow at the highest CAGR. Another element that is projected to increase demand for smart manufacturing in the next years is the support provided by the government in several APAC nations to promote industrialization. A number of programmes, 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," are anticipated to have a significant impact on industrial development and open up new opportunities for the region's 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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