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Smart Manufacturing Market Size Forecasted to Reach Valuation of USD 484.97 Billion by 2027

Smart Manufacturing

The smart manufacturing market is expected to be valued at USD 484.97 billion in 2027 from USD 200.98 billion in 2019, registering a CAGR of 12.3% through the forecast period according to a recent report by Emergen Research. This market’s growth can be attributed to the growing adoption of emerging technologies, including food & beverage, petrochemicals, automotive, aerospace & defence, and energy & power, across all major industries. The growing need to eradicate human & machine mistakes, boost asset performance and output quality has increased the adoption of digitised solutions for supply chain management.

In the manufacturing industry, the growing need for operational productivity, connected logistics, improved communication, and scalability is most likely to increase the adoption of Industrial IoT.

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Key Highlights From Report

  • In Stockholm, Sweden, in May 2019, ABB and the Vietnamese Ministry of Science and Technology (MoST) exchanged a Letter of Intent (LOI). In order to speed up the realisation of smart manufacturing in Vietnam, the LOI was shared.
  • In 2019, the manufacturing execution system sub-segment held the highest market share amounting to 28.7%. Increased use by small and medium-sized enterprises (SMEs) of advanced and cost-effective technology, such as the cloud-based manufacturing execution system, is expected to drive the growth of the segment in the production process.
  • The industrial robotics sub-segment is expected to grow over the forecast period, with the highest CAGR of 13.6%. The growth of this segment is driven by the introduction of artificial intelligence and the growing investment in automation across all major industries in developing countries.
  • In 2019, the automotive industry sub-segment had the largest smart manufacturing market share. The growth of the market is expected to be driven by the introduction of advanced technologies, such as industrial 3D printing, in order to minimise overall production costs.
  • Over the forecast period, the Asia Pacific region is projected to be the fastest-growing region due to increasing investment by manufacturing companies in implementing advanced manufacturing technology to improve operational efficiency and development.
  • Key participants include IBM, ABB, General Electric, Siemens, Rockwell Automation, Honeywell International, Schneider Electric, Mitsubishi Electric, Emerson Electric, and Cisco, among others.
Smart Manufacturing

Smart Manufacturing

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
  • Regional Outlook (Revenue, USD Billion; 2017-2027)
    • North America
      1. U.S.
      2. Canada
    • Europe
      1. Germany
      2. U.K.
      3. France
      4. BENELUX
      5. Rest of Europe
    • Asia Pacific
      1. China
      2. Japan
      3. South Korea
      4. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. U.A.E.
      3. Rest of MEA

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