Nov 11, 2022   SOURCE: BusinessWire

Global Smart Manufacturing Market Forecast to 2028 - Surging Adoption of RTLS Presents Opportunities - ResearchAndMarkets.com

The "Smart Manufacturing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By End User and Component" report has been added to ResearchAndMarkets.com's offering.

The smart manufacturing market is expected to grow from US$ 258.72 million in 2022 to US$ 365.22 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2022 to 2028.

The constant need to improve productivity and enhance visibility in the manufacturing processes has propelled the adoption of digitization in the manufacturing sector. Increased focus on combining innovation and efficiency of innovation across various domains and major technological advancements in data analytics, predictive maintenance, and industrial networking is boosting the growth of the smart manufacturing market.

Growing demand for software systems that are consolidated and streamlined over a single platform for providing real-time information is also bolstering the market growth. Moreover, Industry 4.0 is aiding the transformation of industries from legacy systems to smart components.

The rapidly growing automotive sector that offers benefits such as asset efficiency, cost savings, quality, and sustainability is bolstering the growth of smart factory solutions. Investments in the smart factory would offer automotive manufacturers competitive advantages, including better profitability and shortened time to market. Various smart manufacturing initiatives by governments, such as the Smart Manufacturing Leadership Coalition (SMLC) and the Industrial Internet Consortium (IIC), to boost industrial automation are also fueling the smart manufacturing market growth.

North America accounts for a significant share of the global smart manufacturing market. The growing adoption of industrial automation solutions, including IoT and cloud platforms; rising emphasis on regulatory compliances; and increasing demand for software systems that reduce time and cost are a few of the key forces propelling the market growth in the region.

The rapid adoption of 3D food printing and machine vision, among other technologies, in the European Union, high investments in automation technologies for design flexibility, innovative and integrated safety solutions, and advanced software tools are boosting the smart manufacturing market growth in European countries such as Germany, France, and the UK.

Manufacturers in the automotive, aerospace & defense, food & beverages, and semiconductor & electronics industries in these countries are increasingly adopting 3D printing technologies to produce lightweight, cost-effective products.

The rise of Big Data processing capabilities such as Hadoop, R, Storm, and streaming analytics support the operational visibility, analysis, and diagnostics of supply chains. The integration of Big Data analytics into industrial equipment is enabling the market players to analyze its lifespan, capacity fluctuation, and demand patterns, which is further boosting the adoption of smart manufacturing solutions.

The smart manufacturing market in APAC is expected to grow at the highest CAGR during the forecast period. Countries in the region are focusing on automating in-house manufacturing facilities with initiatives such as "Make in India" and "Made in China 2025." Manufacturers are streamlining their supply chains to gain a competitive edge over other players, improve safety at workplaces, and reduce the cost of operations.

Market Dynamics

Drivers

  • Escalating Demand for Smart Machine Vision Systems
  • Countries with Huge Industrial Sector and Implementation of Advanced Techniques

Restraints

  • Risks to Data Security and Compatibility Issues

Opportunities

  • Surging Adoption of RTLS

Future Trends

  • Growing Use of Robotics in Automation
  • Revolution in Smart Factories

Companies Mentioned

  • Yokogawa Electric Corporation
  • Cisco Systems, Inc
  • Honeywell International Inc.
  • 3D Systems, Inc
  • Daifuku Co., Ltd
  • GENERAL ELECTRIC
  • IBM Corporation
  • Oracle Corporation
  • Siemens AG
  • Schneider Electric SE

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