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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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.
- 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.
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
- Smart Manufacturing Market, By Technology
- Machine Execution Systems
- Programmable Logic Controller
- Enterprise Resource Planning
- Discrete Control Systems
- Human Machine Interface
- Machine Vision
- 3D Printing
- Product Lifecycle Management
- Plant Asset Management
- Smart Manufacturing Market, By End-use
- Aerospace & Defense
- Chemicals & Materials
- Industrial Equipment
- Food & Agriculture
- Oil & Gas
- Smart Manufacturing Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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