The Smart Manufacturing Market has seen tremendous growth and is anticipated to keep growing quickly in the years to come. The market, which was estimated to be worth USD 97.6 billion in 2022, is expected to grow to USD 228.3 billion by 2027, according to current research. From 2022 to 2027, this suggests a compound annual growth rate (CAGR) of 18.5%.

The use of cutting-edge technology like the Internet of Things (IoT), artificial intelligence (AI), machine learning, and automation in the manufacturing process is referred to as "smart manufacturing." These technologies give manufacturers the ability to streamline their processes, raise productivity, and increase efficiency.

Several important elements are what fuel the market for smart manufacturing. The need for smart manufacturing solutions is being fueled by the adoption of Industry 4.0 principles and the focus on industrial automation. Governments are aggressively promoting industrial automation, and the need for smart manufacturing technology is being driven by regulatory compliance. As the supply chain becomes more complicated, improved coordination and efficiency are required. Additionally, there is a growing need for software programmes that save money and optimise time. These factors are influencing the smart manufacturing market's expansion and propelling its widespread acceptance.

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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).

DRIVERS: Increasing government involvement in supporting smart manufacturing

Governments are becoming more actively involved in promoting smart manufacturing, which is a key factor in the industry's expansion. Governments from all around the world are actively supporting and funding research and development initiatives as they become more aware of the potential advantages of smart manufacturing technology. They are particularly investing in industrial 3D printing and the Industrial Internet of Things (IIoT).

Because they see themselves as future users of this technology, governments are encouraging IIoT innovation. They are aware that IIoT has the potential to transform many industries, and they aim to be at the forefront of the adoption curve. In order to construct and run smart cities in the future, they are giving financial support for fresh IoT research projects and implementations.

OPPORTUNITIES: Rapid industrial growth in emerging economies

Companies, especially those from established economies, have a lot of chances because to the rapid industrial growth in emerging nations. Companies wishing to expand their operations are drawn to these growing economies because of the accessibility of inexpensive labour and lower real estate prices.

Furthermore, there have been significant investments made in infrastructure development as a result of the fast industrialisation occurring in nations like India, China, Africa, Brazil, Mexico, and Indonesia. This in turn is luring multinational corporations to locate manufacturing facilities in these economies. In order to successfully integrate and manage supply chains, there is an increasing need for sophisticated warehouse facilities.

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Market for digital twins expected to grow at the fastest rate during the forecast period

It is anticipated that the market for digital twins would expand quickly throughout the forecast period. It is anticipated to grow at a CAGR of 68.9% from 2022 to 2027, from USD 2.1 billion in 2021 to USD 43.6 billion by 2027. As they make it possible to link real-world data and behaviour of physical objects with their 3D digital representations, digital twins are growing in popularity.

Applications for digital twins are found in many industries, but engineering stands out. They provide insights that approximate physical behaviours by allowing users to virtually visualise and analyse objects or systems.

The capacity of digital twins to improve product design, increase operational effectiveness, and enable predictive maintenance is what is driving their rising usage. These digital representations give companies the tools they need to streamline operations, spot problems as they arise, and take data-driven decisions.

The market is anticipated to have significant growth in the upcoming years due to the ongoing advancements in technology and the increased awareness of the advantages provided by digital twins. Digital twin technology is being used by businesses in a wide range of sectors to obtain a competitive edge, improve their goods and services, and spur innovation.

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

By 2027, it is anticipated that the automotive sector would account for the greatest portion of the market for smart manufacturing. During the projection period, a growth rate of 29.1% is anticipated. There are many reasons for the automotive industry's dominance in the market.

Traditional manufacturing methods used in the automotive industry are inefficient as a result of evolving consumer tastes and technical improvements. Modern consumers want more sophisticated and technologically advanced vehicles, which call for complicated manufacturing processes. Additionally, the complexity of producing automobile items has increased with the introduction of rules specifically for the automotive sector.

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Automobiles are complex goods that must be produced using cutting-edge technological procedures. The emergence of new technologies, such petrol and electric powered cars, has drastically altered the automotive industry's infrastructure. Additionally, the adoption of smart manufacturing technologies in the automobile industry has been accelerated by the reduction of the need for human operators in critical processes due to the introduction of cutting-edge machinery and equipment.

Smart manufacturing market in APAC to grow at the highest CAGR

The region of Asia-Pacific (APAC) is predicted to have the highest compound annual growth rate (CAGR) for the market for smart manufacturing. This expansion in APAC is being driven by a number of causes.

The increased automation in numerous industries throughout APAC is the cause of the rising need for smart tools. To increase operational effectiveness and maximise production, businesses are implementing technologies like Industry 4.0, smart factories, the Internet of Things (IoT), and the Industrial Internet of Things (IIoT). Real-time monitoring, data analytics, and automation are made possible by these technologies, which lowers costs and improves decision-making.

The use of smart manufacturing technology and industrialization are actively supported by the governments of APAC nations. Efforts like "Made in China 2025," "Industrial Value Chain Initiative (IVI)," "The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)," and "Samarth Udyog Bharat 4.0" in China, Japan, South Korea, and India are promoting industrial development and opening up new market opportunities for smart manufacturing. Incentives, legislative frameworks, and funding in R&D are all examples of government support.

Another factor driving the growth of the smart manufacturing market in APAC is the desire to increase productivity and lower operating and maintenance expenses. There is a considerable focus on increasing efficiency and lowering costs because of the region's sizable manufacturing base. Businesses can optimise resource use, reduce downtime, and streamline operations thanks to smart manufacturing solutions.

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