The global smart manufacturing market size is expected to reach USD 573.14 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 12.2% From 2021-2028. Some of the key factors propelling the global market growth include growing demand for industrial robots, increasing significance of energy efficiency, rise in the integration of industrial IoT, and increasing emphasis for real-time data analysis. Furthermore, the rising adoption of smart technologies across all leading industries such as energy & utilities, manufacturing, oil & gas, and metal & mining are complementing the rapid market developments. Moreover, the growing demand for smart industrial solutions to ensure higher output rates and cut down the higher operational costs is boosting the market growth.
Key Highlights of Smart Manufacturing Market
- In terms of components, the software segment dominated the global market and is expected to take this lead ahead during the forecast period. Manufacturers have several manufacturing software alternatives, and demand for software is projected to rise as automation and digital transformation become more prevalent.
- Based on technology, the discrete control systems emerged as the promising segment and are anticipated to register higher revenues in the years to come. DCS has the advantage of being versatile for procedures such as controlling, monitoring, and reporting, which has helped it gain a higher market share. In addition, DCS has capabilities like control and redundancy, which improve system reliability.
- By end-use, the automotive segment generates higher revenues and is estimated to add more value to it over the forecast period. Automation of entire production plants, testing and simulation, and consumer connectivity are some of the primary tractions for smart manufacturing solutions in the automotive sector. The automobile industry is investing on the higher side and setting greater goals for its digital manufacturing operations.
- L&T Technology Services Limited, a leading engineering services company has announced a partnership with Microsoft to provide LTTS' Energy & Sustainability Manager Solution as an IIoT-Based Smart Manufacturing Solution to digitally transform and construct sustainable factories of the future.
Asia-Pacific is expected to continue to lead the smart manufacturing market, on account of technological innovation and increased adoption of automation technologies across industries such as automotive, food and beverages, manufacturing, and others. The market is also being fueled by increased investment in R&D in the field of IoT for sophisticated technologies, as well as a growing need for a better lifestyle. North America is likely to expand in the market over the forecast period, owing to the increased adoption of intelligent manufacturing and supply chain technologies across a variety of industries, including retail, oil & gas, metal & mining, and healthcare.
To increase the productivity and efficiency of their production and storage units, industrial market participants are flocking to robotic and automation systems. Developed economies are promoting digitalization to return industrialization to their territories while emerging countries are investing in smart technology to meet international manufacturing norms and trends. some of the key players operating in the global Market: ABB, 3D Systems, Inc., Cisco Systems, Emerson Electric Co., Cognex Corporation, FANUC, Honeywell International Inc., General Electric, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Robert Bosch GmbH, SAP, Schneider Electric, Stratasys Ltd., Siemens, and Yokogawa Electric Corporation