Emergen Research Logo

Market Size – USD 200.98 billion in 2019, Market Growth - CAGR of 12.3%

VANCOUER, BC, CANADA, June 21, 2022 /EINPresswire.com/ -- The Global Smart Manufacturing Market will be worth USD 484.97 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing adoption of digital technologies across all major industries, including food & beverage, petrochemicals, automotive, aerospace & defense, and energy & power. The rising need to eliminate human & machine errors, enhanced asset efficiency and production quality has increased the adoption of digitized supply chain management solutions.

Some Key Highlights from the Report
In May 2019, ABB and the Vietnamese Ministry of Science and Technology (MoST) exchanged a Letter of Intent (LOI) in Stockholm, Sweden. The LOI was exchanged to accelerate the realization of smart manufacturing in Vietnam.
The Manufacturing Execution System segment held the largest market share of 28.7% in 2019. Increasing utilization of the advanced and cost-effective technologies, such as the cloud-based Manufacturing Execution System, in the manufacturing process by the small and medium-sized enterprises (SMEs) is expected to drive the segment's growth.
Industrial Robotics is forecasted to grow with the fastest CAGR of 13.6% over the forecast period. Implementation of artificial intelligence and the increasing investments for automation across all major industries in the developing countries is driving the growth of the segment.
The automotive industry segment held the largest market share of Smart Manufacturing in 2019. Increasing implementation of advanced technologies such as Industrial 3D printing in order to reduce the overall manufacturing cost is expected to drive the growth of the market.
The Asia Pacific region is expected to be the fastest-growing region over the forecast period due to the rising investments of the manufacturing companies on the implementation of advanced technologies in the manufacturing process to increase operational efficiency and production.

The report is updated with the latest economic scenario and market scope with regard to the ongoing COVID-19 pandemic. The report covers growth prospects as well as current and futuristic revenue estimations in a post COVID scenario. The report also covers changing trends and market dynamics due to the pandemic and provides an accurate impact analysis of the crisis on the overall market.

Get a sample of the report @ https://www.emergenresearch.com/request-sample/340

Key Points of smart manufacturing Market:

Extensive coverage of the analysis of the smart manufacturing market
Key insights into the regional spread of the industry in key geographies
Radical insights into the vital market trends; both current and emerging trends, and factors influencing the growth of the market
Comprehensive coverage of the impact of the COVID-19 pandemic on the overall growth of the smart manufacturing market
Complete data about the key manufacturers and vendors in the smart manufacturing market
Emergen Research has segmented the global Smart Manufacturing Market on the basis of Information Technology, Enabling Technology, Industry, and region:

Information Technology Outlook (Revenue, USD Billion; 2017-2027)

Manufacturing Execution System
Human-Machine Interface
Warehouse Management System
Plant Asset Management
Industrial Communication
Enterprise Manufacturing Intelligence
Product lifecycle Management
Others
Enabling Technology Outlook (Revenue, USD Billion; 2017-2027)

Industrial Robotics
Machine Vision
Industrial 3D printing
Industrial Internet of Things (IIoT)
Artificial Intelligence (AI) in manufacturing
Blockchain in manufacturing
Augmented Reality and Virtual Reality in manufacturing
Others
Industry Outlook (Revenue, USD Billion; 2017-2027)

Energy & Power
Aerospace & Defense
Pharmaceuticals
Automotive
Food & Beverage
Semiconductor & electronics
Oil & Gas
Chemicals
Others
Market Drivers:

The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in R&D activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.

The report also talks about the shift in demands and emerging trends that are expected to drive the growth of the market. The rising demand for the smart manufacturing products is expected to drive the demand for smart manufacturing , thereby bolstering the growth of the industry. Moreover, the report also studies the impact of the COVID-19 pandemic on the market.

Get a discount on the report @ https://www.emergenresearch.com/request-discount/340

Regional Analysis:

The report sheds light on the region expected to dominate the smart manufacturing market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the smart manufacturing market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.

To know more about the report, visit @ https://www.emergenresearch.com/industry-report/smart-manufacturing-market

Leading Companies of the smart manufacturing Industry and Profiled in the Report are:

Key participants include IBM, ABB, General Electric, Siemens, Rockwell Automation, Honeywell International, Schneider Electric, Mitsubishi Electric, Emerson Electric, and Cisco, among others.

Request customization of the report @ https://www.emergenresearch.com/request-for-customization/340

Thank you for reading our report. Customization of this report is available in chapter-wise or region-wise sections. Kindly get in touch with us to know more about the report, and our team will provide excellent assistance.

Read Latest Blog Articles Published by Emergen Research:

https://www.emergenresearch.com/industry-report/plant-based-food-and-beverages-alternatives-market

https://www.emergenresearch.com/industry-report/fermented-food-and-ingredients-market

https://www.emergenresearch.com/industry-report/e-skin-market

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Press Release Available @ https://www.emergenresearch.com/press-release/global-smart-manufacturing-mark

Eric Lee
Emergen Research
+91 90210 91709
sales@emergenresearch.com
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.