The Smart Manufacturing Market is expected to grow at a compound annual growth rate (CAGR) of 18.5% over the forecast period of 2022–2030, from its current valuation of USD 97.6 billion in 2022 to USD 379.49 billion in 2030. The worldwide smart manufacturing market has benefited from real-time analysis and synchronization that smart technologies have been able to deliver, saving time and money.
There is a growing need for smart manufacturing products because of a number of issues. First off, businesses are starting to realize how smart manufacturing may save costs while increasing productivity and improving quality control. Furthermore, the adoption of smart manufacturing systems is being driven by the requirement for predictive maintenance and real-time data analytics. The government's programs and subsidies to encourage industrial automation are also contributing to the expansion of the smart manufacturing sector.
A number of industries, including electronics, food and beverage, pharmaceuticals, automotive, and aerospace, are seeing notable expansion in the smart manufacturing sector. The scale of the smart manufacturing market is significantly influenced by the automobile sector in particular. Automobile manufacturers are making significant investments in smart manufacturing solutions due to the growing popularity of electric vehicles (EVs) and autonomous driving technology.
The smart manufacturing market is growing quickly as businesses from many different sectors adopt automation and digital transformation. The term "smart manufacturing" describes the fusion of cutting-edge technology and procedures to maximize output, boost effectiveness, and improve overall operations. The smart manufacturing sector is expected to increase significantly as a result of the growing use of artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT).
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In a similar vein, 3D printing is used by the automotive industry to spur design and production innovation. This method shortens development timelines for new automobile parts and increases their speed through rapid prototyping. Additionally, it makes it easier for manufacturers to modify components and provide clients customized features.
To achieve the rigorous requirements of their applications, both industries rely on a wide range of innovative materials, such as specialty polymers, composites, and high-performance alloys. The aerospace and automotive industries are major drivers in the 3D printing materials market as they continue to push the limits of what is possible with 3D printing, which will result in a significant increase in demand for creative and high-quality materials. Their contributions support the development of new materials and highlight the revolutionary potential of 3D printing technology in the manufacturing sector.
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Smart Manufacturing Market- Segmentation
The smart manufacturing market is segmented into component, technology, and end-use.
Based on Component
- Hardware
- Software
- Services
Based on Technology Outlook
- 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
Based on End-Use Outlook
- Automotive
- Aerospace & Defense
- Chemicals & Materials
- Healthcare
- Industrial Equipment
- Electronics
- Food & Agriculture
- Oil & Gas
- Others
The smart manufacturing market shifted its concentration from producing non-essential items to those that were necessary to survive the pandemic. Nonetheless, the smart manufacturing market was able to expand during the pandemic because businesses had to provide their goods and services swiftly and safely. Because of the rare incident, government financial help, technical support, and demand all contributed to the market's growth.
The information technology sector is also leading the way in both the market's creation and growth. Due to the recent implementation of the internet of things (IoT) and extensive standardization, the market has become more uniform. Globally, the Internet of Things has normalized entry-level technology manufacturing, application, and execution. The information technology sector employs machine learning, artificial intelligence, augmented reality, virtual reality, and many more cutting-edge technologies to stay ahead of the curve and satisfy modern expectations.
Smart Manufacturing Market- Key Market Players
Some of the prominent companies operating in the smart manufacturing market are Siemens; General Electric; Rockwell Automation, Inc.; Schneider Electric; Honeywell International Inc.
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