As the pandemic continues to challenge the market, Argus will discuss their forecast for 2022 on Tuesday, December 14th at 2 pm Eastern Time.
The main factors that are expected to drive the development of the smart manufacturing market include the increasing adoption of Industry 4.0, the increasing use of automation, the increased need to maintain regulatory compliance, and the increased demand for software systems that reduce time and costs.
Jersey City, New Jersey, December 14, 2021 /PRNewswire/ - Verified Market Research recently released a report, "Smart Manufacturing Market" by components (hardware, software, services), by technology (machine execution system , Programmable Logic Controller, SCADA)), by end use (automotive, aerospace and defense, chemicals and materials) and by geography. According to the data of Verified Market Research, the global smart manufacturing market will be worth 259.63 billion U.S. dollars in 2020 and is expected to reach 589.98 billion U.S. dollars by 2028, with a compound annual growth rate of 12.4% from 2021 to 2028.
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Global Smart Manufacturing Market Overview
The increasing popularity of Industry 4.0 is expected to drive the demand for smart manufacturing. Industry 4.0 is the digital transformation of manufacturing/production and related industries, as well as the value creation process. Industry 4.0 is changing the way companies manufacture, improve and distribute their goods. Manufacturers are integrating new technologies into their production facilities and operations, such as the Internet of Things (IoT), cloud computing and analytics, and artificial intelligence and machine learning.
Increased automation, predictive maintenance, self-optimization of process improvement, and most importantly, higher levels of efficiency and customer responsiveness that were previously impossible to achieve are all benefits of digital technology. The development of smart factories provides a rare opportunity for the manufacturing industry to enter the fourth industrial revolution. Analyzing the large amounts of big data collected from factory sensors ensures real-time visibility of manufacturing assets and provides tools to perform predictive maintenance to reduce downtime. Smart factories using high-tech IoT devices have higher productivity and better quality. Using AI-driven visual insights instead of manually checking business models can reduce manufacturing errors and save money and time.
Quality control personnel can set up a smartphone connected to the cloud with minimal investment to monitor the manufacturing process from almost anywhere. By using machine learning algorithms, manufacturers can spot errors early when repairs are more expensive. Industry 4.0 can be applied to all types of industries, discrete and process manufacturing, as well as oil and gas, mining and other industrial fields. In addition, as global government regulations become more stringent, smart manufacturing will enable manufacturers to better comply with these regulations.
In July 2020, ABB opened a new robot factory to support the digital transformation of the Indian manufacturing industry. The facility will enable ABB India to provide robotics applications and digital solutions for various industries in India, including automotive, food and beverage, electronics and other emerging industries.
The main players in the market are ABB, Siemens, General Electric, Rockwell Automation, Schneider Electric, Honeywell International, Emerson Electric, FANUC, etc.
Verified Market Research has segmented the global smart manufacturing market based on components, technology, end use, and geographic location.
Smart manufacturing market, by component
Smart manufacturing market, by technology
Smart manufacturing market, by end use
Smart manufacturing market by region
The Internet of Things in the manufacturing market is by component (solution, platform), by solution (data management, network management), by software (monitoring software, network management), by service (professional services, system integration and deployment services), By connection (satellite network), cellular network), by application (predictive maintenance, business process optimization), by end-use vertical (energy and utilities, automobiles), by geography, forecast, 2021-2028
Electronic contract manufacturing and design service market by service (electronic design and engineering, electronic assembly, electronic manufacturing), end use (healthcare, IT and telecommunications, automotive, aerospace and defense, consumer electronics), by geography, forecast, 2021-2028
Manufacturing execution system market by product (software, service), by deployment type (local deployment type, on-demand deployment type, hybrid), by processing industry (food and beverage, oil and gas, chemicals, pulp and paper), by geography , Forecast, 2021-2028
Industrial control and factory automation market by component (sensor, industrial robot, machine vision, control valve, industrial PC, control equipment), by solution (distributed control system (DCS), programmable logic controller (PLC), manufacturing execution System(MES), Product Lifecycle Management (PLM), Plant Asset Management (PAM)), by industry (process industry and discrete industry), by geography, forecast, 2021-2028
Top 10 semiconductor manufacturers transform with advanced technology
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