According to MarketsandMarkets, the Smart Manufacturing Market will grow from a value of USD 97.6 billion in 2022 to USD 228.3 billion in 2027, with a CAGR of 18.5% throughout that time. The main drivers of the global market for smart manufacturing are the rising adoption of Industry 4.0, the growing emphasis on industrial automation in manufacturing processes, the growing government support for industrial automation, the growing significance of regulatory compliance, the growing complexity of the supply chain, and the surging demand for software systems that save time and money.
Robot enabling technologies are expected to make up the second-largest percentage of the smart manufacturing industry. The industrial robotics market has expanded as a result of the increasing demand from industries for robots to automate processes and boost production output. The governments of significant countries all over the world are offering a range of incentives to aid the industrial sectors in better managing the numerous problems that the corporation is confronting. Because of this, enterprises can more easily get the funding they need to incorporate robots into their industrial setting. Small and medium-sized businesses (SMEs) as well as major corporations are among the target markets for industrial robots. These robots are widely used because of their adaptability in both new and traditional applications.
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In 2027, the automotive industry will have the largest share of the market for smart manufacturing.
The automotive industry currently owns the biggest market share in the market for smart manufacturing and is anticipated to grow at a substantial rate over the projection period as a result of changing consumer preferences and the inefficiency of conventional methods. Changes in consumer preferences, technological advancements, and the implementation of regulations unique to the automotive industry have all contributed to the rising complexity of automobile products. Automobiles are extremely complicated and intelligent products. Production requires the use of contemporary technological techniques and procedures. Infrastructure changes in the automotive industry are brought about by technical improvements like petrol and electric cars. Smart manufacturing technologies are becoming more popular as the majority of crucial tasks in the automotive sector no longer require human operators.
The market for smart manufacturing will grow most quickly in APAC.
The main drivers of the growth of the smart manufacturing market in APAC are 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 reduce operating and maintenance costs. Government assistance for industrialization in various APAC nations is one of the main reasons that will boost demand for smart manufacturing in the next years. Numerous measures have been made by the local governments. The Manufacturing Innovation Strategy 3.0 (Strategy 3.0), "Made in China 2025," "Industrial Value Chain Initiative (IVI)," and "Samarth Udyog Bharat 4.0" in India and China, for instance, 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.
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Major companies that offer smart manufacturing technology 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).
In order to analyse the smart manufacturing market, segmentation criteria such as information technology, enabling technology, industry, and region were employed. A thorough analysis of the regional markets has been done to throw light on potential business opportunities in various regions. Information on market dynamics and value chain analysis is also included in the report.
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