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Key Trends Shaping the Future of Smart Manufacturing Market to Hit USD 241.0 Billion by 2028
The report "Smart Manufacturing Market by Technology (3D printing, AI in Manufacturing, Automated Guided Vehicle, Condition Monitoring, Cybersecurity, Digital Twin, HMI, Machine Vision, MES, PAM, Robot, Sensor), Industry, Region - Global Forecast to 2028" highlights the significant growth trajectory of the global smart manufacturing industry. Expected to expand from USD 108.9 billion in 2023 to USD 241.0 billion by 2028, the market is projected to register a robust CAGR of 17.2%.
This growth is driven by the rapid adoption of advanced technologies that enhance efficiency, productivity, and flexibility in manufacturing processes. Innovations such as AI, machine vision, digital twin, and robotics are revolutionizing the industry, providing real-time data, predictive insights, and automated solutions that streamline operations and reduce costs. The increasing focus on cybersecurity and condition monitoring further underscores the industry's commitment to resilience and continuous improvement. As industries worldwide embrace these smart technologies, the smart manufacturing market is poised for substantial expansion, reshaping the future of manufacturing.
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The driving force behind the growth of the smart manufacturing industry is the seamless integration of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and automation. These technologies work together to optimize production efficiency, enabling predictive maintenance and enhancing decision-making processes. By leveraging IoT, AI, and automation, manufacturers can achieve greater adaptability and competitiveness in rapidly evolving markets. This technological synergy not only streamlines operations but also empowers businesses to anticipate and respond to changes, ultimately fostering a more resilient and agile manufacturing environment.
Warehouse Management System (WMS) 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 industry. 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 becomes 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 industry landscape, highlighting its importance in optimizing operations and maintaining a competitive edge in a rapidly evolving market.
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Digital Twin 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, providing a powerful tool for manufacturers to stay ahead in an increasingly competitive and technologically advanced landscape.
Energy & Power to record the highest CAGR in the process industry during the forecast period.
The Energy & Power sector is witnessing significant expansion in smart manufacturing. By incorporating cutting-edge technologies such as IoT, AI, and data analytics, operational efficiency, predictive maintenance, and resource optimization are vastly improved. 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, showcasing how technological advancements are pivotal in meeting the evolving demands of this critical sector.
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North America is expected to grow at the highest CAGR 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. The region's commitment to integrating advanced technologies is setting new standards for operational excellence and competitive advantage in the manufacturing landscape.
Smart Manufacturing Companies:
- 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).
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