$365+ Billion Smart Manufacturing Market to Grow at 6% CAGR, Globally, by 2028 Driven by Surging Adoption of RTLS, Increasing Trend of Industry 4.0, 3D Robotics, AI, IoT Technologies | The Insight Partners

NEW YORK, Oct. 7, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Smart Manufacturing Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by End User and Components," the global smart manufacturing market size is projected to grow from $258.72 Billion in 2022 to $365.22 Billion by 2028; it is estimated to grow at a CAGR of 6.0% from 2022 to 2028.

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Global Smart Manufacturing Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 258 pages with 164 list of tables & 99 list of figures from the report, "Smart Manufacturing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By End User (Discrete Industry and Process Industry) and Component (Hardware and Software)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/smart-manufacturing-market

Global Smart Manufacturing Market: Competitive Landscape and Key Developments

3D Systems, Inc.; Cisco Systems, Inc.; Daifuku Co., Ltd.; General Electric Company; Honeywell International Inc.; Oracle Corporation; Schneider Electric SE; Siemens AG; Yokogawa Electric Corporation are among the leading players profiled in the smart manufacturing market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments are mentioned below:

In 2020, Siemens, IBM (NYSE: IBM), and Red Hat launched a new partnership that will employ a hybrid cloud to provide manufacturers and plant operators with an open, adaptable, and secure solution for extracting real-time value from operational data.

In 2021, Schneider Electric unveiled several Industries of the Future innovations and called for stronger cross-industry collaboration at the all-digital Hannover Messe 2021. Schneider Electric believes that through universal automation, digital energy, and innovation, industrial enterprises with achievable sustainability goals will lead the global economic recovery while safeguarding the environment.

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In 2022, The OpreXTM Environmental Monitoring System for the pharmaceutical & medical device industries was released globally by Yokogawa Electric Corporation (TOKYO: 6841). The new product is a data gathering and recording system that gathers and manages environmental data in pharmaceutical and medical device manufacturing, testing, and storage areas, such as temperature, humidity, and room differential pressure.

The North America smart manufacturing market is expected to grow at a significant CAGR during the forecast period. The market growth in this region is attributed to the rising demand for automation to achieve efficiency and quality; government support for digitization; and the proliferation of the Internet of Things (IoT) in the US, Canada, and Mexico. Manufacturers in these regions are opting for technology-driven approaches that utilize Internet-connected machinery for monitoring the production process. Rising opportunities for automating operations and the growing use of data analytics to improve manufacturing performance are bolstering the smart manufacturing market growth in the region.

OEMs across all industries in North America are scaling up automation to compete with global manufacturing hubs such as China and Japan. This has led to rapid developments in robotics and automation technologies. Public-private partnerships, mergers, and acquisitions are enhancing business confidence in the region, redirecting the focus of US firms to increase their geographic presence and strengthen their product portfolios. Investments from governments of various North American countries and foreign countries are enabling regional manufacturers to expand their production capacities and resources. For instance, in October 2019, FANUC America opened a new 461,000-square-foot robotics and automation facility in Michigan with several departments, including engineering, product development, manufacturing, and warehousing. Such initiatives are significantly boosting the smart manufacturing market growth in the region.

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Europe is one of the most important smart manufacturing markets. Horizon 2020 is one of the key initiatives in the region that involves the implementation of digitization and cybersecurity in the rail sector. Modern trains consist of sophisticated technologies that need an active internet connection to operate and receive signals to and from the control station. Further, hackers can easily hack the system if they discover a vulnerability and ca disrupt the production process of a smart railway manufacturing unit. For instance, in 2022, a cyberattack targeted Ferrovie Dello Stato Italiane (FS), Italy's national railway company. The freight transport by rail was suspended temporarily due to cyberattacks. Further, in 2021, new self-service ticket machines of Northern Rail, one of the UK's local railway systems covering the north of England, were targeted by a suspected ransomware cyberattack. Such incidents signify that rail infrastructure requires reliable and robust railway communications network security with new technologies and process measures. Cybersecurity will make the framework simple and versatile in the railway industry. It can give information assurance, application security, and framework administration. Thus, all these factors are likely to boost the Europe smart manufacturing market growth during the forecast period.

Smart Manufacturing Market: Industry Overview

The smart manufacturing market is bifurcated on the basis of end-user and component. Based on end-users, the smart manufacturing market is divided into discrete industry and process industry. The discrete industry segment held a larger market share in 2020. Due to the rising production of medical devices, defense equipment, semiconductors, cars, and machines, advanced technologies are being adopted by these industries. Based on component, the smart manufacturing market is bifurcated into hardware and software. The hardware segment holds a larger share of the market. The segment growth is due to the growing integration & implementation of RTL, robots, and sensors are expanding in manufacturing plants. Based on geography, the smart manufacturing market is segmented into North America (the US, Canada, and Mexico), Europe (Austria, Italy, Poland, Switzerland, Sweden, Norway, Denmark, the Netherlands, Finland, Spain, Baltic states and Rest of Europe), and Asia Pacific (Australia, Japan, South Korea, Taiwan, and Rest of APAC).

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