Newark, July 06, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the smart manufacturing market will grow to USD 219.64 billion in 2022 and reach USD 695.07 billion by 2032. In just ten years, the soaring demand for software solutions that decrease time and cost and the increased emphasis on regulatory compliance are helping to boost the market growth over the forecast period. Moreover, raised focus on industrial automation in manufacturing methods, coupled with the increasing research & development activities for WSN and vigorous implementation, is expected to propel the market growth over the forecast period.
Download Sample Copy - https://www.thebrainyinsights.com/enquiry/sample-request/13552
Key Insight of the Smart Manufacturing Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the smart manufacturing market. Key factors favouring the growth of the smart manufacturing market in North America include raising spending on progressive manufacturing technologies in countries such as the U.S. and Canada, rising demand for safety regulation compliance, along with high labour costs in developed economies. Moreover, the rising use of artificial intelligence in the manufacturing industry and increasing demand from the end-use industries are expected to drive market growth.
The machine vision system segment is expected to augment the smart manufacturing market during the forecast period.
The component segment is divided into robotics, machine vision systems, communication segments, control devices, and sensors. The machine vision system segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the rapid evolution of CMOS image sensors.
The distributed control system (DCS) segment market size was USD 46.54 billion in 2022
The technology segment is divided into supervisory controller and data acquisition (SCADA), programmable logic controller (PLC), distributed control system (DCS), enterprise resource and planning (ERP), human-machine interface (HMI), manufacturing execution system (MES), and product lifecycle management (PLM). The distributed control system (DCS) segment market size was USD 46.54 billion in 2022 owing to extensive research and development (R&D) activities and rapid industrialization. Further, this technology operates in the background, providing control & monitoring functions to the administrator. The industry offers both advanced & essential technological control and an overview of every process, making it accessible remotely.
The aerospace and defense segment is anticipated to dominate the market by 29.04% in 2032.
The end-user industry segment is divided into semiconductors, automotive, chemical and petrochemical, oil and gas, pharmaceutical, food and beverage, aerospace and defense, and metals and mining. The aerospace and defense segment is anticipated to dominate the market in the forthcoming years due to the rising optimization & visibility in the supply chain & product samples, along with the increasing investment in smart manufacturing solutions.
Procure Complete Report at Discount (227 Pages PDF with Insights, Charts, Tables, and Figures): https://www.thebrainyinsights.com/buy-now/13552/single
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 219.64 Billion |
| Market Size in 2032 | USD 695.07 Billion |
| CAGR | 12.21% |
| No. of Pages in Report | 227 |
| Segments covered | Component, Technology, End-User Industry |
| Drivers | The rising number of investments in Industry 4.0 |
| Opportunities | The rising demand for industrial automation |
| Restraints | The high capital & operating expenses |
Market Dynamics
Driver: The rising demand for fast data processing:
Integrating IIoT with smart manufacturing technologies aids in real-time data analytics, predictive maintenance, and remote monitoring, allowing a more efficient &productive manufacturing process. Moreover, using advanced robotics in smart manufacturing helps automate repetitive and dangerous tasks, reduce labour costs, increase production speed, and improve product quality. Additionally, the growing environmental concerns, increasing emphasis on sustainability, and rising demand for a supply chain equipped with sensing, advanced control, modelling, and simulation capabilities, are expected to drive the market growth in the forecast period.
Restraint: A lack of standardization for technology platforms:
The lack of a skilled workforce is hindering the market growth. Further, the rising complexity in implementing smart manufacturing technology systems and lack of awareness about the benefits of adopting information and enabling technologies are expected to restrain the market growth.
Opportunity: The increasing demand for regulatory compliance in various industries:
The increasing demand for regulatory compliance in different industries is one of the opportunity factors for market growth. Further, rapid digitization and the escalating demand for automation across numerous industry verticals are helping to boost market growth. Moreover, the rising requirement for accessing real-time data for optimizing operations & making data-driven decisions propels market growth during the forecast period.
For Purchase Inquiry- https://www.thebrainyinsights.com/enquiry/buying-inquiry/13552
Some of the major players operating in the smart manufacturing market are:
• Robert Bosch Manufacturing Solutions GmbH
• Amazon Web Services, Inc.
• FANUC CORPORATION
• 3D Systems Corporation
• Cisco Systems, Inc.
• Cognex Corporation
• PTC Inc.
• Plex Systems, Inc.
• SAP SE
• ABB Ltd
• Mitsubishi Electric Automation, Inc.
• Siemens AG
• Emerson Electric Co.
• Hitachi, Ltd.
• Intel Corporation
• Schneider Electric SE
Key Segments cover in the market:
By Component:
• Robotics
• Machine Vision System
• Communication Segment
• Control Devices
• Sensor
By Technology:
• Supervisory Controller and Data Acquisition (SCADA)
• Programmable Logic Controller (PLC)
• Distributed Control System (DCS)
• Enterprise Resource and Planning (ERP)
• Human Machine Interface (HMI)
• Manufacturing Execution System (MES)
• Product Lifecycle Management (PLM)
By End-User Industry:
• Semiconductors
• Automotive
• Chemical and Petrochemical
• Oil and Gas
• Pharmaceutical
• Food and Beverage
• Aerospace and Defense
• Metals and Mining
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com
