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