Rising Demand for Industry 4.0 Driving Smart Manufacturing Market to $228.2 Billion by 2027


Posted March 22, 2023 by avinashgogawale14

The Smart Manufacturing Market is expected to develop at a CAGR of 18.5% from 2022 to 2027, from a projected value of USD 97.6 billion in 2022 to USD 228.3 billion in 2027.

 
The Smart Manufacturing Market, which was estimated to be worth USD 97.6 billion in 2022, is expected to increase at a compound annual growth rate (CAGR) of 18.5% from 2022 to 2027, reaching USD 228.3 billion. Industry 4.0 adoption, industrial automation, government backing for automation, and the requirement for regulatory compliance are some of the drivers that are fueling this expansion. The industry is expanding in part due to consumer desire for software programmes that save money and time. It is also anticipated that rising supply chain complexity will support market expansion.

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Robots segment expected to hold second-largest size of the global smart manufacturing market during forecast period

In terms of enabling technologies, the robotics category is anticipated to occupy the second-largest share of the worldwide smart manufacturing market during the forecast period. This is a result of the growing need for robots in various industries to automate procedures and increase output. Governments all around the world are providing incentives to help industrial sectors deal with a variety of issues, giving them the financial resources needed to integrate robots into their setups. Small, medium-sized businesses and large businesses are the target markets for industrial robots, which are being embraced for both new and old applications. Due to their adaptability, industrial robots are therefore widely used.

Automotive industry to hold the largest share of Smart manufacturing market in 2027

With a considerable growth rate anticipated during the forecast period, the automotive sector is anticipated to occupy the largest share of the global market for smart manufacturing in 2027. Its domination is a result of both the inefficiency of conventional production techniques and changing consumer tastes. This tendency is also being fueled by the high degree of complexity of automotive products, shifting consumer tastes, technical improvements, and rules specific to the automotive sector. Modern technologies and equipment are reducing the need for human operators in the majority of important procedures, which are required by improved technological methods and processes in the manufacture of automobiles. Moreover, technical advancements like gasoline and electric automobiles affect the automotive industry's infrastructure and encourage the implementation of smart manufacturing technology.

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Smart manufacturing market in APAC to grow at the highest CAGR

The Asia-Pacific (APAC) region is anticipated to experience the greatest compound annual growth rate (CAGR) for the smart manufacturing market during the projected period. The main forces behind this expansion are the increased adoption of Industry 4.0, smart factories, IoT, and IIoT technologies, as well as the desire to maximise production while lowering maintenance and operational costs. The need for smart manufacturing in the region is also anticipated to increase as a result of government backing for industrialization in several APAC nations. It is anticipated that a number of initiatives, including China's "Made in China 2025," Japan's "Industrial Value Chain Initiative (IVI)," South Korea's "The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)," and India's "Samarth Udyog Bharat 4.0," will significantly contribute to the advancement of industry and open up new growth opportunities for the APAC smart manufacturing market.

Major companies offering smart manufacturing technologies include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), IBM (US), and General Electric (US).

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Last Updated March 22, 2023