Smart Manufacturing Market

Smart Manufacturing Industry worth $241.0 billion by 2028

The report "Smart Manufacturing Market by Technology (3D printing, Al in Manufacturing, Automated guided vehicle, Condition Monitoring, Cybersecurity, Digital Twin, HMI, Machine Vision, MES, PAM, Robot, Sensor), Industry, Region - Global Forecast to 2028" The global Smart Manufacturing market is expected to grow from USD 108.9 billion in 2023 to USD 241.0 billion by 2028, registering a CAGR of 17.2%. The factor propelling the smart manufacturing market’s growth is the integration of advanced technologies like IoT, AI, and automation. These synergize to optimize production efficiency, enable predictive maintenance, and elevate decision-making, fostering adaptability and competitiveness in rapidly evolving industries.

Browse 235 market data Tables and 70 Figures spread through 340 Pages and in-depth TOC on "Smart Manufacturing Market by Technology (3D printing, Al in Manufacturing, Automated guided vehicle, Condition Monitoring, Cybersecurity, Digital Twin, HMI, Machine Vision, MES, PAM, Robot, Sensor), Industry, Region - Global Forecast to 2028"
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The Warehouse Management System (WMS) segment is expected to register a higher CAGR during the forecast period.

The Warehouse Management System (WMS) sector is experiencing robust growth within the smart manufacturing market. This expansion is attributed to the increasing demand for streamlined logistics, inventory control, and real-time data insights. As industries embrace smart manufacturing practices, WMS is crucial in enhancing supply chain efficiency, reducing operational costs, and ensuring seamless coordination between production and distribution. This trend underscores the pivotal role of WMS in driving the overall growth of the smart manufacturing landscape.

Digital Twin segment to record the highest CAGR during the forecast period.

Digital twin adoption is witnessing substantial growth in the smart manufacturing arena. Creating virtual replicas of physical assets or processes enables real-time monitoring, analysis, and optimization. As industries prioritize efficiency, predictive maintenance, and innovation, digital twins offer insights that enhance production, minimize downtime, and refine product development. This surge in digital twin utilization reflects its integral role in shaping the future of smart manufacturing.

Energy & Power segment to record the highest CAGR in the process industry during the forecast period.

The Energy & Power sector is witnessing significant expansion in smart manufacturing. Operational efficiency, predictive maintenance, and resource optimization are improved by incorporating cutting-edge technologies such as IoT, AI, and data analytics. From smart grids to renewable energy, intelligent systems streamline processes, minimize downtime, and enhance productivity. This growth highlights the essential contribution of smart manufacturing to creating a more efficient and sustainable Energy & Power industry.

North America is expected to grow at the highest CAGR in the Smart Manufacturing market from 2023 to 2028.

Smart manufacturing is witnessing robust growth in North America, propelled by the fusion of cutting-edge technologies like IoT, AI, and automation. This transformative trend is revolutionizing conventional manufacturing practices, with sectors spanning automotive and electronics embracing these innovations to optimize efficiency, elevate quality, and drive cost-effectiveness. Fortified by a culture of innovation, a skilled labor force, and robust infrastructure, North America stands at the forefront of the global smart manufacturing revolution.

Key players operating in the Smart Manufacturing market include 3D System, Inc. (US), ABB (Switzerland), Cisco System, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), IBM (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), Oracle (US), SAP (Germany), Stratasys (US), Yokogawa Electric Corporation(Japan).in the Smart Manufacturing market.

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Smart Manufacturing Market Size,  Share & Growth Report
Report Code
SE 6677
PR Published ON
8/24/2023
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