Smart Manufacturing Market to Grow at Over 12% CAGR by 2028

Smart Manufacturing Market to Grow at Over 12% CAGR by 2028

Manufacturing Technology Insights | Monday, December 06, 2021

The worldwide smart manufacturing market is predicted to reach USD 573.14 billion by 2028, according to a new analysis by Polaris Industry Research.

FREMONT, CA: There is a rising need for industrial robots, as well as an emphasis on energy efficiency and real-time data analysis, from 2021 to 2028, the market is expected to grow at a 12.2% CAGR. Encouraging market growth is the increasing usage of smart technologies across all major industries such as energy, manufacturing, oil & gas, metals & mining. The increased demand for smart industrial solutions to maximize output rates and lower operating costs is also fueling market expansion.

Among the industry's components, software led the global market for the past few years and will continue to do so in the coming years. Manufacturing software is also in high demand as automation and digital transformation increase. Based on technology, discrete control systems appeared as the attractive segment, with larger sales expected in the future. DCS has gained market share because to its versatility in procedures such as controlling, monitoring, and reporting. DCS also provides control and redundancy features that improve system reliability.

The automotive end-use segment generates more revenue and is expected to create value throughout the projected period. Among the main tractions for smart manufacturing solutions in the automobile sector are factory automation, testing and simulation, and consumer connectivity. The automotive sector is investing more and setting higher ambitions for digital production. Microsoft has announced a partnership with L&T Technology Services Limited (LTTS) to supply its Energy & Sustainability Manager Solution as an IIoT-Based Smart Manufacturing Solution to digitally transform and build future factories.

On account of technological innovation and increased adoption of  technologies across industries such as automotive, food and beverages, and manufacturing, Asia-Pacific is expected to continue to lead the smart manufacturing market.automation

This is due to increased adoption of intelligent manufacturing and supply chain technology across industries like retail, oil & gas, metal & mining, and healthcare, North America is likely to expand in the market over the period.

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