Global Smart Manufacturing Market Report 2024: Size, Drivers, And Top Segments
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How is the Smart Manufacturing Market Expected to Expand from 2024 to 2033?
In the past few years, there has been a swift escalation in the size of the smart manufacturing market. The market is predicted to expand from $362.79 billion in 2023 to an incredible $414.75 billion in 2024, embodying a compound annual growth rate (CAGR) of 14.3%. Factors contributing to the growth during the historical period include advancements in industrialization, the emergence of big data analytics, emphasis on cyber-physical systems, supply chain globalization, energy conservation and sustainability, improvements in quality control measures, and the transition to smart factories.
The market size of smart manufacturing is predicted to experience swift expansion in the upcoming years, anticipated to reach $713.44 billion in 2028, with a compound annual growth rate (CAGR) of 14.5%. This projected growth during the forecast period can be credited to several factors including a focus on robust and flexible manufacturing, a transition toward servitization models, the rising demand for speedy prototyping and supplementary manufacturing, the emphasis on continuous enhancement, improved safety protocols, and the recognition of circular economy practices. Key trends during this forecast period are the adoption of Industry 4.0, incorporation of digital twins, advancements in robotics and automation, the spread of IoT and sensors, the application of edge computing for real-time analysis, the use of 5G for low-delay communication, and the role of artificial intelligence (AI) in manufacturing, as well as collaboration between humans and machines.
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What Influences Are Propelling the smart manufacturing Market Forward?
The surge in investments within Industry 4.0 is predicted to fuel the growth of the smart manufacturing market in the future. The fourth industrial revolution, or Industry 4.0, utilizes data to integrate the digital world with the physical one. It paves the path for novel advancements in the manufacturing sector by enhancing data gathering and analysis, opening up new layers of analytical understanding. Industry 4.0 is reshaping the way companies manufacture, refine, and deliver their products. Technologies like the Internet of Things (IoT), cloud computing, analytics, AI, and machine learning are being integrated into manufacturing methodologies by the producers. For instance, in 2021, startups in the field of Internet of Things Infrastructure attracted a total funding of $28.7 billion from more than 1,300 companies, making it a hotspot for investors. Prominent investors in this sector, determined by the volume of investments, are Plug and Play Tech Center, Qualcomm Ventures, Techstars, Cisco Investments, and Intel. Therefore, growing investments in Industry 4.0 are likely to boost the smart manufacturing market.
What Are the Primary Segments of the Smart Manufacturing Market?
The smart manufacturing market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Execution Systems (MES), Programmable Logic Controller (PLC), Enterprise Resource Planning (ERP), SCADA, Discrete Control Systems (DCS), Machine Vision, 3D Printing, Other Technologies
3) By End-User: Automotive, Aerospace and Defense, Chemicals and Materials, Healthcare, Industrial Equipment, Electronics, Food and Agriculture, Oil and Gas, Other End-Users
What Trends Are Coming to the Forefront in the Smart Manufacturing Market?
Advancements in technology is a predominant trend gaining prominence in the smart manufacturing market. Leading corporations in the smart manufacturing sector are making strides in their novel technologies and research activities to maintain their market stance. For instance, in January 2021, Rockwell Automation, Inc., a company based in the U.S. that specialises in industrial automation, launched the QuickStick Intelligent Conveyor System. This system enhances throughput while reducing total ownership costs. It provides a faster, cleaner, and more efficient alternative in the assembly and process automation markets for pallet conveyor systems.
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What Regions Are Leading the Charge in the Smart Manufacturing Market?
North America was the largest region in the smart manufacturing market share in 2023. The regions covered in the smart manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Smart Manufacturing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the smart manufacturing market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Smart Manufacturing Market Include
1. Smart Manufacturing Market Executive Summary
2. Smart Manufacturing Market Segments
3. Smart Manufacturing Market Size And Template Market Growth Rate
4. Key Smart Manufacturing Market Trends
5. Major Smart Manufacturing Market Drivers
……
25. Key Mergers And Acquisitions In The Smart Manufacturing Market
26. Top Smart Manufacturing Companies
27. Smart Manufacturing Market Opportunities And Strategies
28. Smart Manufacturing Market, Conclusions And Recommendations
29. Appendix
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