Smart Manufacturing Market
According to IMARC Group latest report titled” Smart Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on smart manufacturing market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart manufacturing market reached a value of US$ 253.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 527.3 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027.
Smart manufacturing refers to the usage of internet-connected machinery for monitoring the production process. It involves the adoption of several technologies, such as machine execution systems, programmable logic controllers, discrete control systems, human-machine interface, machine vision, 3D printing, plant asset management, etc. Smart manufacturing solutions automate operations by using data analytics to enhance the overall manufacturing performance.
They assist manufacturing engineers and data analysts in identifying failures in specific parts and undertake adequate preventive maintenance to avoid unplanned downtime on devices. In line with this, smart manufacturing systems also offer a wide array of benefits, including dynamic production and real-time optimization, which help in reducing accidents, cycle times, maintenance costs, etc. Consequently, they find extensive applications across numerous sectors, such as automotive, manufacturing, defense, aerospace, oil and gas, food and beverage (F&B), agriculture, chemical, healthcare, consumer electronics, etc.
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The inflating need for automation and digitization is among the key factors driving the smart manufacturing market. Additionally, the escalating demand for connected supply chains that are equipped with sensing, simulation, advanced control, and modeling capabilities is also positively influencing the global market. Besides this, the rising consumer concerns towards the increasing operational costs and uncertainties in the supply of energy and raw materials are acting as significant growth-inducing factors.
Moreover, the growing requirement for efficient solutions to improve the productivity of enterprises is further bolstering market growth. Apart from this, the emerging trend of adopting cloud platforms and the Internet of Things (IoT) across various industries, especially in developing countries, is anticipated to propel the smart manufacturing market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Our report has categorized the market based on region, component, technology and end use.
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Key highlights of the report:
Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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