Smart Manufacturing Market: Exploring Size, Share, Growth, and Trends

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The global smart manufacturing market size was valued at USD 277.81 billion in 2022 and is projected to grow from USD 310.92 billion in 2023 to USD 754.1 billion by 2030, exhibiting a CAGR of 13.5% during the forecast period. Asia-Pacific dominated the smart manufacturing industry with a market share of 36.33% in 2022.

The competitive landscape of the market for smart manufacturing market is determined by assessing the major industry participants, production capacity, production capacity utilization rate, smart manufacturing market’s production chain, pricing by each manufacturer and the revenue generated by each manufacturer in the smart manufacturing market globally.

Top key players of smart manufacturing market:

• HP Development Company, L.P. (U.S.)
• ABB (Switzerland)
• Emerson Electric Co. (U.S.)
• General Electric (U.S.)
• Honeywell International, Inc. (U.S.)
• Mitsubishi Electric Corporation (Japan)
• Robert Bosch GmbH (Germany)
• Rockwell Automation, Inc. (U.S.)
• Schneider Electric (Europe)
• Siemens AG (Germany)

Market atributes:

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Drivers and restraints:

• Driver: Advancements in IoT and Connectivity

  The rapid development of Internet of Things (IoT) technologies and enhanced connectivity solutions drive the adoption of smart manufacturing systems, enabling real-time data collection, monitoring, and control.

• Driver: Increased Focus on Operational Efficiency

  Companies are increasingly investing in smart manufacturing technologies to improve operational efficiency, reduce downtime, and optimize production processes through automation and data-driven insights.

• Driver: Growth in Industrial Automation

  The rise in industrial automation across various sectors drives demand for smart manufacturing solutions, which integrate advanced robotics, AI, and machine learning to streamline production and enhance quality.

• Restraint: High Initial Investment

  The significant capital required for implementing smart manufacturing technologies can be a barrier for small and medium-sized enterprises, limiting their ability to adopt these advanced systems.

• Restraint: Complexity of Integration

  Integrating smart manufacturing systems with existing infrastructure can be complex and challenging, requiring specialized expertise and potentially leading to increased implementation time and costs.

Regional analysis:

• North America (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
  • U.S. (By Solution)
  • Canada (By Solution)
• Europe (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
  • U.K. (By Solution)
  • Germany (By Solution)
  • France (By Solution)
  • Italy (By Solution)
  • Spain (By Solution)
  • Rest of Europe

• Asia Pacific (By Component, By Deployment, By Enterprise Size, By Industry, By Region)

• • China (By Solution)
  • Japan (By Solution)
  • India (By Solution)
  • Southeast Asia (By Solution)
  • Rest of Asia Pacific
• Middle East & Africa (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
  • GCC (By Solution)
  • South Africa (By Solution)
  • Rest of the Middle East & Africa
• Latin America (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
  • Brazil (By Solution)
  • Mexico (By Solution)
  • Rest of Latin America

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

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Key industry developments:

• Emerson to collaborate with Petronas with an objective to drive decarbonization and digital transformation as well as enhance their remote operation capabilities and further strengthen their cybersecurity.
• Honeywell International, Inc. introduced robotic technology, ‘Smart Flexible Depalletizer,’ to minimize the labor-intensive work. This technology is increasing warehouse productivity and reducing labor injuries.
• General Electric Company announced the launch of intuitive software applications and expert services called Connectix. The service is designed for smart manufacturing applications. The services help to take advantage of data analytics to increase energy efficiency, make faster decisions, and enhance daily operations in manufacturing.
• Rockwell Automation, Inc. announced the release of its updated intelligent conveyor system called QuickStick HT. The newly launched conveyor system has been enabled with the advanced QuickStick HT 5700 inverter. The updated system has provided functional safety, and it can save the plant floor space and reduce the size of the control cabinet.
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Key questions are answer in this report:

• What is the market size of smart manufacturing market 2024?
• Who are top key players in this report?
• what are drivers in the smart manufacturing industry?
• what is the future projection of smart manufacturing industry?