JERSEY CITY, NJ, December 14, 2021 / PRNewswire / – Verified Market Research recently published a report, “Smart Manufacturing Market“By component (hardware, software, services), by technology (machine runtime systems, programmable logic controller, SCADA), by end use (automotive, aerospace and defense, chemicals and materials) and by geography. verified, the global smart manufacturing market size was estimated to be $ 259.63 billion in 2020 and should reach $ 589.98 billion by 2028, with a CAGR of 12.4% from 2021 to 2028.
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Browse the table of contents in depth to “Smart Manufacturing Market“
202 – Pages
126 – Tables
37 – Figures
Overview of the Global Smart Manufacturing Market
The growing adoption of Industry 4.0 is expected to drive 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 products. Manufacturers are integrating new technologies into their production facilities and operations, such as the Internet of Things (IoT), cloud computing and analytics, as well as AI and machine learning.
Increased automation, predictive maintenance, self-optimization of process improvements and, more importantly, a new level of efficiency and responsiveness to customers that was not previously possible are all benefits of digital technologies. The development of smart factories offers the manufacturing industry an incredible opportunity 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 to perform predictive maintenance to reduce downtime. Smart factories that use high-tech IoT devices have higher productivity and better quality. Using AI-powered visual information to replace manual inspection business models reduces manufacturing errors and saves money and time.
Quality control personnel can configure a cloud-connected smartphone with minimal investment to monitor manufacturing processes from virtually anywhere. Manufacturers can detect errors as early as possible, when repair jobs are more expensive, by using machine learning algorithms. Industry 4.0 can be applied to all types of industries, discrete manufacturing and processes, as well as oil and gas, mining and other industrial sectors. Apart from that, with increasingly stringent government regulations coming to the world, smart manufacturing will allow manufacturers to better comply with those regulations.
- In july 2020, ABB has opened a new robotics facility to support the digital transformation of manufacturing into India. The facility will enable ABB India to provide robotic applications and digital solutions to a variety of Indian industries including automotive, agribusiness, electronics and other emerging sectors.
The main 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 segmented the global smart manufacturing market on the basis of components, technology, end use, and geography.
- Smart Manufacturing Market, By Component
- Smart Manufacturing Market, By Technology
- Machine execution systems
- Programmable Logic Controller
- Integrated Management Software
- Discrete control systems
- Human Machine Interface
- Industrial vision
- 3d printing
- product lifecycle management
- Plant asset management
- Smart Manufacturing Market, By End Use
- Aerospace and Defense
- Chemicals and materials
- Health care
- Industrial equipment
- Food & Agriculture
- Petroleum 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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