Smart Manufacturing Market size worth $ 589.98 Billion, Globally, by 2028 at 12.4% CAGR: Verified Market Research®

The major factors expected to drive the Smart Manufacturing Market include increasing adoption of Industry 4.0, growing use of automation, a rise in need to maintain regulatory compliance, and increased demand for software systems that reduce time and cost.

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Verified Market Research

Dec 14, 2021, 09:22 ET

JERSEY CITY, N.J., Dec. 14, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Smart Manufacturing Market" By Component (Hardware, Software, Services), By Technology (Machine Execution Systems, Programmable Logic Controller, SCADA), By End-use (Automotive, Aerospace & Defense, Chemicals & Materials), and By Geography. According to Verified Market Research, the Global Smart Manufacturing Market size was valued at USD 259.63 Billion in 2020 and is projected to reach USD 589.98 Billion by 2028, growing at a CAGR of 12.4 % from 2021 to 2028.

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Browse in-depth TOC on "Smart Manufacturing Market"

202 - Pages
126 – Tables
37 – Figures

Global Smart Manufacturing Market Overview

The growing adoption of Industry 4.0, is expected to boost the demand for smart manufacturing. Industry 4.0 is the digital transformation of manufacturing/production and related industries, as well as value creation processes. Industry 4.0 is changing the way companies manufacture, improve, and distribute their goods. Manufacturers are integrating new technologies into their production facilities and operations, such as the Internet of Things (IoT), cloud computing and analytics, and AI and machine learning.

Increased automation, predictive maintenance, self-optimization of process improvements, and, most importantly, a new level of efficiencies and responsiveness to customers not previously possible are all benefits of digital technologies. Developing smart factories provides an incredible opportunity for the manufacturing industry to enter the fourth industrial revolution. Analyzing large amounts of big data collected from factory sensors ensures real-time visibility of manufacturing assets and can provide tools for performing predictive maintenance to reduce downtime. Smart factories that use high-tech IoT devices have higher productivity and better quality. Using AI-powered visual insights to replace manual inspection business models reduces manufacturing errors and saves money and time.

Quality control personnel can set up a smartphone connected to the cloud with minimal investment to monitor manufacturing processes from virtually anywhere. Manufacturers can detect errors sooner rather than later, when repair work is more expensive, by using machine learning algorithms. Industry 4.0 can be applied in all types of industries, discrete and process manufacturing, as well as oil and gas, mining, and other industrial segments. Apart from this, with ever-increasing stringent government regulations coming up globally, smart manufacturing will enable manufacturers to better comply with these regulations.

Key Developments

In July 2020, ABB opened a new robotics facility to support the digital transformation of manufacturing in India. The facility will enable ABB India to deliver robotic applications and digital solutions to a variety of Indian industries, including automotive, food and beverage, electronics, and other emerging sectors.

Key Players

The major players in the market are ABB, Siemens, General Electric, Rockwell Automation, Inc., Schneider Electric, Honeywell International Inc., Emerson Electric, Fanuc, and others..

Verified Market Research has segmented the Global Smart Manufacturing Market On the basis of Component, Technology, End-use, and Geography.

Smart Manufacturing Market, By Component

Hardware
Software
Services

Smart Manufacturing Market, By Technology

Machine Execution Systems
Programmable Logic Controller
Enterprise Resource Planning
SCADA
Discrete Control Systems
Human Machine Interface
Machine Vision
3D Printing
Product Lifecycle Management
Plant Asset Management

Smart Manufacturing Market, By End-use

Automotive
Aerospace & Defense
Chemicals & Materials
Healthcare
Industrial Equipment
Electronics
Food & Agriculture
Oil & Gas
Others

Smart Manufacturing Market by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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