Smart Manufacturing Market Size to Attain $589.98 Billion By 2028
The global Smart Manufacturing Market size is estimated to reach USD 589.98 billion by 2028, registering a CAGR of 12.4% from 2021 to 2028, according to a new study by Grand View Research, Inc. Increasing adoption of technologies, including big data analytics, smart robots, and industrial IoT, in manufacturing facilities is a key factor propelling the market growth. Additionally, small and medium enterprises are increasingly integrating plant asset management, Manufacturing Execution Systems (MES), and 3D printing solutions, accelerating the market growth.
Governments across the globe are increasingly investing and promoting smart manufacturing initiatives. Both developed and developing economies are aggressively embracing this avenue, contributing to market growth. For instance, under the Made in China 2025 program, the government of China is reportedly investing approximately USD 3 billion. Similarly, the Indian government is promoting smart manufacturing with the SAMARTH – Udyog Bharat 4.0 initiative to transform the manufacturing sector.
Automotive and aerospace and defense are the leading revenue-generating end-use verticals while oil and gas and industrial equipment are anticipated to scale up the digitization efforts rapidly. The advent of 3D printing, modeling, and simulation in the manufacturing process has significantly propelled the market growth. Furthermore, the market participants are entering into strategic partnerships to offer improved end products. For instance, General Motors (GM), an automobile manufacturer, partnered with Autodesk Inc. to manufacture lighter vehicle parts using 3D printing technology.
Related Press Release@ Smart Manufacturing Market Report
Smart Manufacturing Market Report Highlights
- A shift from operational technologies to effective artificial intelligence and data analytics is expected to emerge as a major market trend
- Internet of things has gained popularity in the global manufacturing sector owing to benefits such as reduced operational costs and increased efficiency and productivity
- The integration of hardware and software is expected to be the prime focus of solution providers. Unified design architecture and cyber-physical systems are expected to witness high demand in the market
- Developed economies are supporting digitalization to reintroduce industrialization into their turf while developing countries are making investments in smart technologies to comply with international manufacturing standards and trends