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Smart Manufacturing Market Size to Grow USD 397120 Million by 2028 at a CAGR of 9.9% | Valuates Reports

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Valuates Reports

09 Aug, 2022, 15:00 GMT

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BANGALORE, India, Aug. 9, 2022 /PRNewswire/ -- The Global Smart Manufacturing Market is Segmented by Type (Manufacturing IT, Automation Control System, Instrumentation & Field Devices), by Application (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Oil & Gas): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Manufacturing Category.

The global Smart Manufacturing market size is projected to reach USD 397120 Million by 2028, from USD 203530 Million in 2021, at a CAGR of 9.9% during 2022-2028.

Major Factors Driving the Growth of the Smart Manufacturing Market

The huge scope for smart manufacturing in the automobile industry, favorable government support, and the advent of 5G, IoT, and big data will drive the growth of the market.

The massive advantages of smart manufacturing will push wide scale adoption thereby fueling the market growth.

Get Your Sample Today: https://reports.valuates.com/request/sample/QYRE-Othe-2I492/Global_Smart_Manufacturing 

TRENDS INFLUENCING THE GROWTH OF THE GLOBAL SMART MANUFACTURING MARKET

Many automotive firms are in the process of turning their factories into smart facilities with a view to driving a range of benefits. The need for investing in smart hardware and software is crucial for improving the productivity of old factories and digitizing their operations. Quality issues and increased production downtime are some of the major issues faced by traditional production assemblies. Software with built-in AI models connects devices to centralized asset management systems for monitoring every asset's performance, lifespan, and health beforehand. They support various communication protocols thereby providing seamless integration into any hardware which in turn ensures easy scalability and flexibility. This will drive the growth of the smart manufacturing market. Automatic reporting structures improve safety and quality. Automakers are simulating their entire production process with virtual tools and data analytics to create self-learning and self-optimizing systems.

Government authorities around the world are becoming aware of the huge potential of smart manufacturing technologies. They are supporting and funding R&D initiatives for IIoT and industrial 3D printing. This will bolster the growth of the smart manufacturing market during the forecast period. Countries are supporting and financially investing in research projects and innovations to build and run smart cities.

The rising volume of structured, and unstructured data is creating a huge demand for big data analysis. The advent of IoT smart devices, sensors, vehicles, and other connected components is generating massive amounts of data that are being processed by AI solutions. This will boost the growth of the smart manufacturing market during the forecast period. Applications involve self-driving/autonomous cars, intelligent thermostats, smart homes, etc. Data-driven insights can quickly predict requirements and identify errors or bottlenecks thereby cutting costs and time.

The advent of 5G will transform the IoT-based applications used in smart manufacturing. The network will turn out to be revolutionary in terms of latency, reliability, security, and scalability. Enhanced network capabilities, integrated sensors, device positioning, and mobility will fuel the growth of the smart manufacturing market. The rapid advancements in connectivity technologies will continue moving forward.

Smart manufacturing improves productivity and engagement through easy collaboration and knowledge sharing. The information can be personalized and real-time reporting leads to better problem-solving and more uptime. Easier and more direct machine instructions, automated quality checks, and constant monitoring decrease the chances of human errors. This will foster the demand for the global smart manufacturing market in the coming years. A virtual IT infrastructure secures production and improves corporate security by providing a unified production environment which eliminates the need for multiple silos of information.

Browse The Table Of Contents And List Of Figures At: https://reports.valuates.com/reports/QYRE-Othe-2I492/global-smart-manufacturing 

SMART MANUFACTURING MARKET SHARE ANALYSIS

Based on type, the Instrumentation and field devices segment will witness the highest growth with a share of 43%.

Based on application, the automotive segment will dominate in the smart manufacturing market share due to large scale adoption of industrial IoT solutions, the need for next-generation automobile warehouses, and the emphasis on reducing costs and production downtimes.

Based on region, North America will provide lucrative growth opportunities with a share of 24%. This is due to rising investments in smart manufacturing technologies and reducing equipment costs. It is followed by Europe and China.

Get Regional Data: https://reports.valuates.com/request/regional/QYRE-Othe-2I492/Global_Smart_Manufacturing 

Key Companies

  • GE
  • ABB
  • Siemens
  • SAP
  • Schneider
  • Emerson
  • Oracle
  • IBM
  • Honeywell
  • Cisco
  • Rockwell
  • Yokogawa
  • Fanuc
  • NVIDIA
  • Keyence
  • Cognex
  • Stratatys
  • 3D Systems
  • Daifuku.

Inquire for Chapter Cost: https://reports.valuates.com/request/chaptercost/QYRE-Othe-2I492/Global_Smart_Manufacturing 

Buy Now for Single User + Covid-19 Impact :  https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Othe-2I492&lic=single-user 

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SIMILAR REPORTS:

-  The global Smart Factory market was valued at USD 57520 Million in 2020 and it is expected to reach USD 117920 Million by the end of 2027, growing at a CAGR of 10.8% during 2021-2027.

-  Based on our research, the global additive manufacturing market size is 15.2 Billion USD in 2021 with a CAGR of 21.75% from 2022 to 2028.

-  The global Semiconductor Manufacturing Equipment market size is projected to reach USD 53200 Million by 2027, from USD 39510 Million in 2020, at a CAGR of 3.9% during 2021-2027.

-  Due to the COVID-19 pandemic, the global Manufacturing Execution System (MES) market size is estimated to be worth USD 12550 Million in 2022 and is forecast to a readjusted size of USD 19270 Million by 2028 with a CAGR of 7.4% during the review period.

-  The global Artificial Intelligence in Manufacturing market size is projected to reach USD 28030 Million by 2027, from USD 1688.4 Million in 2020, at a CAGR of 49.3% during 2021-2027.

-  The global Plastic Contract Manufacturing market size is projected to reach USD 30570 Million by 2027, from USD 22940 Million in 2020, at a CAGR of 3.7% during 2021-2027.

-  The global Artificial Intelligence in Manufacturing and Supply Chain market size is projected to reach USD 7671.9 Million by 2028, from USD 826 Million in 2021, at a CAGR of 36.9% during 2022-2028.

-  The global Factory Automation market size is expected to reach USD 368,372.4 million in 2025, from USD 190,882.2 million in 2017 growing at a CAGR of 8.8% from 2018 to 2025.

-  The global Human Machine Interface (HMI) market size is projected to reach USD 5674.8 Million by 2027, from USD 3369.8 Million in 2020, at a CAGR of 7.6% during 2021-2027.

-  The supply chain management market was valued at USD 18,699.45 Million in 2020, and is projected to reach USD 52,632.37 Million by 2030, registering a CAGR of 10.7%.

-  The global Industrial Services market size is projected to reach USD 32300 Million by 2027, from USD 28360 Million in 2020, at a CAGR of 4.4% during 2021-2027.

-  The global connector market was valued at USD 62.3 Billion in 2020, and is projected to reach USD 114.7 Billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.

-  The global Industrial Packaging market size is projected to reach USD 66090 Million by 2026, from USD 49000 Million in 2019, at a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period 2021-2026.

-  The global Industrial Automation market size is projected to reach USD 212410 Million by 2027, from USD 130710 Million in 2020, at a CAGR of 6.7% during 2021-2027.

-  The global Risk Analytics market size is projected to reach USD 36670 Million by 2028, from USD 20230 Million in 2021, at a CAGR of 8.4% during 2022-2028.

-  The global Industrial Controls and Factory Automation market size is projected to reach USD 208150 Million by 2027, from USD 128090 Million in 2020, at a CAGR of 7.2% during 2021-2027.

-  The global Smart Contracts market size is projected to reach USD 1460.3 Million by 2028, from USD 315.1 Million in 2021, at a Compound Annual Growth Rate (CAGR) of 24.2% during 2022-2028.

-  Global Industrial 3D Printing Market Size, Status and Forecast 2018-2025

-  Global Digital Manufacturing Market Insights, Forecast to 2028

-  Global Cloud Based Manufacturing Market Insights, Forecast to 2028

-  Global Wearables for Manufacturing Market Research Report 2022

-  Global AR Smart Contact Lenses Market Research Report 2022

-  Global Healthcare Device Contract Manufacturing Market Insights and Forecast to 2028

-  Global Films for Semiconductor Manufacturing Market Research Report 2022

-  Global 3D Printing (Additive Manufacturing) Market Size, Status and Forecast 2022-2028

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

CONTACT US:

Valuates Reports 
sales@valuates.com 
For U.S. Toll-Free Call 1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp: +91-9945648335
Website: https://reports.valuates.com   Twitter - https://twitter.com/valuatesreports  
LinkedIn - https://in.linkedin.com/company/valuatesreports

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