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InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Smart Manufacturing Market– (By Information Technology (Human-Machine Interface (HMI), Plant Asset Management (PAM), Manufacturing Execution System (MES), Warehouse Management System (WMS)), By Enabling Technology
(Industrial 3D Printing, Robots, Industrial Sensors, AI in Manufacturing, Machine Condition Monitoring, Industrial Machine Vision, Industrial Cyber-Security, Network security, Digital Twin, Automated Guided Vehicles, Unit load carriers, Augmented Reality & Virtual Reality, 5G Industrial IoT), By Industry (Process Industry, Oil & Gas, Food & Beverages, Pharmaceuticals, Chemicals, Energy & Power, Metal & Mining, Pulp & Paper, Others, Discrete Industry, Automotive, Aerospace, Semiconductor & Electronics, Medical Devices, Machine Manufacturing, Others), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Smart Manufacturing Market is valued at US$ 92.9 Bn in 2022, and it is expected to reach US$ 359.3 Bn by 2031, with a CAGR of 16.3% during a forecast period of 2023-2031.
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Smart manufacturing is a word used to define a modern, industrial production approach that depends heavily on developing new, linked manufacturing technology and solutions. Setting up systems in factories that connect machines and the Internet is required to enable optimal and scalable control of production operations. The market is expanding due to increased need for connected supply chains and knowledge-based manufacturing with sophisticated modelling, sensing, control, and simulation capabilities. The advancement of the Internet of Things (IoT) has resulted in considerable changes in the manufacturing industry through automation and digitization.
Furthermore, cloud computing, the Industrial Internet of Things (IIoT), and industrial analytics are expected to play a significant role. Emerging technologies such as AI (artificial intelligence), big data, cloud computing, and machine learning are expected to boost the growth of the smart manufacturing industry. Furthermore, automation is pushing the development of new business models, such as “lights out” manufacturing, which involves minimal human participation. This allows producers to cut labour costs, boost productivity, and improve flexibility, which is especially significant in industries with volatile demand.
List of Prominent Players in the Smart Manufacturing Market:
Market Dynamics:
Drivers-
The market is expanding due to increased need for connected supply chains and knowledge-based manufacturing with sophisticated modelling, sensing, control, and simulation capabilities. Smart manufacturing combined with supply chain optimization enables real-time visibility into the entire production and distribution process. This insight allows producers to track the movement of raw materials, work-in-process items, and finished goods, allowing them to respond quickly to any disturbances or delays. Smart manufacturing and supply chain optimization work together to enable agile manufacturing practices. As a result, the increased emphasis on supply chain optimization strives to create market prospects.
Challenges:
High initial capital investments are viewed as a major impediment to market expansion in global marketplaces. Smart manufacturing is the use of sophisticated technologies such as IoT devices, data analytics, artificial intelligence, and automation into manufacturing processes to improve efficiency, productivity, and flexibility. Smart manufacturing relies largely on a stable and fast internet connection to communicate real-time data across devices, machines, and systems. As a result, such complications for small-scale industries are seen to constitute a market obstacle.
Regional Trends:
North America Smart Manufacturing Market is expected to record a major market share in revenue, and it is projected to grow at a high CAGR in the near future as Canada and the United States increase their investment in innovative manufacturing technology. The availability of substitute printing materials and technological advancements have fuelled the acceptance of the smart manufacturing idea. The region is seeing a wave of investment projects in the North American health, aerospace and defence, manufacturing, and automotive sectors that are expected to grow significantly.
Furthermore, the Asia Pacific Smart Manufacturing Market is projected to grow rapidly. SMEs are projected to drive the adoption of smart manufacturing solutions due to the active ecosystems in countries such as India, Japan, Australia. Disruptive technologies such as Industry 4.0, artificial intelligence, augmented reality & virtual reality, the Internet of Things (IoT), and others are pushing the region’s push towards cloud usage.
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Recent Developments:
Segmentation of Smart Manufacturing Market-
By Information Technology-
By Enabling Technology-
By Industry-
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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