WASHINGTON, April 19, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Smart Manufacturing Market finds that rise in adoption of industry 4.0 and increasing government involvement in supporting industrial automation are factors that influencing the growth of Smart Manufacturing Market. Additionally, growing emphasis on regulatory compliances, and increasing complexities in the supply chain, is further propelling the market growth over the forecast period.
The total Global Smart Manufacturing Market is estimated to reach USD 237.4 Billion by the year 2028. The Global Market valued at USD 87.5 Billion in the year 2021, and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 18.10%, states Vantage Market Research, in a report, titled “Smart Manufacturing Market Size, Share & Trends Analysis Report by Information Technology (Human-machine interface, Plant asset management, Manufacturing execution system, Warehouse management system Dual Frequency), by Enabling Technology (Industrial 3D Printing, AI in Manufacturing, Industrial Cybersecurity, Industrial Machine Vision), by Industry (Process Industry, Discrete Industry), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Market Dynamics:
Drivers:
Increasing Government Involvement in Supporting Smart Manufacturing
Nowadays, globally, governments are focusing on digitalization and automation in almost all the sectors. Additionally, introduction if AI have increased the technology drastically. Thus, governments as well as several players are focusing on Smart Manufacturing. Governments are taking several initiatives by increasing investments in Research and Development (R&D) for technologies such as IoT and industrial 3D printing. Moreover, increasing the demand for smart cities is further increasing the demand for smart manufacturing solution. In turn further propelling the market growth over the forecast period. Thus, driving the market growth over the forecast period.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Smart Manufacturing market is predicted to grow at a CAGR of roughly 18.10% during the forecast period.
- The Smart Manufacturing market was estimated to be worth roughly USD 87.5 Billion in 2021 and is expected to reach USD 237.4 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Smart Manufacturing market.
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Segmentation of Global Smart Manufacturing Market:
- Information Technology
- Human- Machine Interface
- Plant Asset Management
- Manufacturing Execution System
- Warehouse Management System Dual Frequency
- Enabling Technology
- Industrial 3D Printing
- AI in Manufacturing
- Industrial Cybersecurity
- Industrial Machine Vision
- Industrial Sensors
- Digital Twins
- Robots
- Automated Guided Vehicles
- Machine Condition Monitoring
- Artificial Reality & Virtual Reality
- 5G Industrial IoT
- Industry
- Process Industry
- Discrete Industry
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Increasing Demand from Developing Regions
Several companies from developed economies are adopting the strategy of regional expansion to expand their business. Thus, focusing on the developing countries and looking for expansion of their operations in emerging economies due to cheap labor costs and lower real estate rates. Moreover, the swift changing trend of digitalization is further provoking the adoption of smart manufacturing solutions. In countries such as India and china among others the infrastructure development is on its rapid pace. Thus, increasing the demand for smart manufacturing solutions further propelling the market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Smart Manufacturing Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Holds Maximum Market Share
North America is expected to dominate the growth of Smart Manufacturing Market in 2021. The major driving factors for the market are presence of developing countries such as China, India in the region. Additionally, the increasing governments initiatives such as “Samarth Udyog Bharat 4.0,” in India, and China’s “Made in China 2025,” among the other initiatives taken by the government in several countries in APAC is further propelling the market growth over the forecast period.
List of Prominent Players in the Smart Manufacturing Market:
- ABB (Switzerland)
- Siemens (Germany)
- Schneider Electric (France)
- Rockwell Automation (US)
- Honeywell International Inc. (US)
- Emerson Electric Co. (US)
- IBM (US)
- General Electric (US)
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Smart Manufacturing Market Size, Share & Trends Analysis Report by Information Technology (Human-machine interface, Plant asset management, Manufacturing execution system, Warehouse management system Dual Frequency), by Enabling Technology (Industrial 3D Printing, AI in Manufacturing, Industrial Cybersecurity, Industrial Machine Vision), by Industry (Process Industry, Discrete Industry), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/smart-manufacturing-market-149600
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Smart Manufacturing Market?
- How will the Smart Manufacturing Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Smart Manufacturing Market?
- What is the Smart Manufacturing market drivers and restrictions?
- What will be the CAGR and size of the Smart Manufacturing Market throughout the forecast period?
Recent Developments:
June 2021: Stratasys Ltd. announced two new Poly Jet 3D printers, the Stratasys J35 Pro and the Stratasys J55 Prime, along with new software solutions for research and packaging prototyping. Also, it introduced a medical 3D printer that sets a new standard for healthcare providers and medical device companies by combining multiple applications in one system.
February 2021: ABB launched a cobots portfolio in GoFa and SWIFTI cobot families. These cobots will offer higher payloads capacity and speed in movement of robots that will complement YuMi and Single Arm YuMi in ABB's cobot lineup.
This market titled “Smart Manufacturing Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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