Dublin, June 17, 2022 (GLOBE NEWSWIRE) -- The "Smart Manufacturing Market by Technology (Robotics, AI, IIoT, Cloud, AR/VR), Application (Machine Inspection; Energy, Quality, and Warehouse Management; Planning, Surveillance, Optimization), End-use Industry, and Geography - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The smart manufacturing market is expected to reach $446.24 billion by 2029, growing at a CAGR of 21.5% during the forecast period of 2022-2029.
The growth of the smart manufacturing market is attributed to factors such as the increasing number of government initiatives to promote industrial automation, the rising number of investments in Industry 4.0, growing demand for safety regulation compliance, and high labor costs in developed economies.
However, the high capital and operating expenses and a lack of standardization for technology platforms are some of the major factors restraining the growth of this market.
The advent of 5G connectivity in smart manufacturing and the proliferation of smart manufacturing in developing countries are expected to offer significant growth opportunities for players operating in this market. However, privacy and data protection concerns and the lack of a requisite skilled workforce to implement and operate technologies are some of the major challenges to the growth of the smart manufacturing market.
In 2022, the industrial IoT segment is expected to account for the largest share of the smart manufacturing market.
The large market share of this segment is attributed to factors such as the consistent declining cost of industrial IoT sensors, the significant rise in the overall equipment effectiveness (OEE) through industrial IoT usage, and the increasing government initiatives to promote digital transformation. However, the blockchain segment is slated to register the highest CAGR during the forecast period.
In 2022, the surveillance & safety segment is expected to account for the largest share of the smart manufacturing market.
The large market share of this segment is attributed to factors such as the growing requirement for reliable safety systems to ensure personnel and asset protection, the increasing need for video monitoring in manufacturing facilities, strict government mandates for safety regulations, and the rising need for real-time analysis and tracking. However, the inventory & warehouse management segment is projected to register the highest CAGR during the forecast period.
In 2022, the automotive segment is expected to account for the largest share of the smart manufacturing market.
The large market share of this segment is attributed to factors such as the growth of the automotive sectors post-COVID-19-pandemic, the rising number of investments by automotive manufacturers for automation and development of next-generation automobile warehouses, and the need to reduce costs & downtime in production lines. However, the pharmaceuticals segment is slated to register the highest CAGR during the forecast period.
In 2022, Asia-Pacific is expected to account for the largest share of the smart manufacturing market.
This region is also slated to register the highest growth rate during the forecast period. The high market growth in Asia-Pacific is driven by the increasing deployment of automation across manufacturing units, the rising number of government initiatives for the adoption of industrial robots, the advent of Industry 4.0, and the presence of prominent key players in the region.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years (2019-2022).
Government Encouragement To Promote Industrial Automation
Rising Investments Toward Industry 4.0
High Productivity & Efficiency Requirements
High Capital and Operating Expenses
Lack of Standardization
Advent of 5G Connectivity in Smart Manufacturing
Proliferation of Smart Manufacturing in Developing Countries
Privacy and Data Protection Concerns
Lack of Skilled Personnel to Implement and Operate Technologies
Use of Collaborative Robots
Product, Process, and System Simulation
Adoption of Wearable Technology
Smart Technologies Promotes Partnership Between Manufacturers and Technology Providers
Use of Smart Technologies for Pharmaceuticals in the Wake of COVID-19
Evolution of Industry 4.0
Key Components of Industry 4.0
Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
Amazon Web Services Inc. (U.S.)
Robert Bosch Manufacturing Solutions GmbH (Germany)
Cisco Systems Inc. (U.S.)
3D Systems Corporation (U.S.)
Plex Systems Inc. (U.S.)
Cognex Corporation (U.S.)
PTC Inc. (U.S.)
FANUC CORPORATION (Japan)
SAP SE (Germany)
Mitsubishi Electric Automation Inc. (U.S.)
Emerson Electric Co. (U.S.)
Siemens AG (Germany)
Schneider Electric SE (France)
ABB Ltd (Switzerland)
Hitachi Ltd. (Japan)
Intel Corporation (U.S.)
Scope of the Report
Smart Manufacturing Market, By Technology
Industrial Internet of Things
Cloud Computing & Storage
Robotics & Automation
Automated Storage and Retrieval Systems (ASRS) And Automatic Guided Vehicles (AGVS)
Automated Assembly Lines
Wearables & Mobile Devices
Augmented Reality (AR)/Virtual Reality (VR)
Smart Manufacturing Market, By Application
Surveillance & Safety
Inventory & Warehouse Management
Machine Inspection & Maintenance
Smart Manufacturing Market, By End-use Industry
Heavy Machinery & Tools
Aerospace & Defense
Metals & Mining
Electronics & Semiconductors
Food & Beverage
Oil & Gas
Fast-moving Consumer Goods (FMCG)
Paints & Chemicals
Energy & Power
Pulp & Paper
Other End-use Industries (Agriculture and Prefabricated Construction)
Smart Manufacturing Market, By Geography
Rest Of Europe
Rest Of Asia-Pacific
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/q9qnmj
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