Market Research Report
Smart Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Smart Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: November 10, 2021
IMARC Services Private Limited
Content info: 146 Pages
Delivery time: 2-3 business days
The global smart manufacturing market exhibited strong growth during 2015-2020. Smart manufacturing (SM) is a technology-driven approach that relies on internet-connected machinery for monitoring the production process. It also identifies opportunities for automating operations and using data analytics to improve the overall manufacturing performance. SM solutions help manufacturing engineers and data analysts identify failures in specific parts and undertake preventive maintenance to avoid unplanned downtime on devices. As a result, these solutions find extensive application in the manufacturing, automotive, and defense and aerospace industries around the world.
Significant growth in the manufacturing sector on account of automation and digitization represents one of the key factors favorably impacting the market. Besides this, a considerable rise in the demand for knowledge-based manufacturing and connected supply chains that are equipped with sensing, advanced control, modeling, and simulation capabilities is also contributing to the market growth. Apart from this, SM solutions offer a wide range of benefits, such as dynamic production and real-time optimization. These solutions also reduce accidents, cycle times, and maintenance costs. In line with this, the growing concerns about uncertainties in the supply of raw materials and energy, intense competition and rising operational costs have resulted in the increasing investment in SM solutions to boost the productivity and efficiency of enterprises. Furthermore, the increasing adoption of cloud platforms and the Internet of Things (IoT), coupled with the rapid industrial growth in emerging economies, is anticipated to create lucrative opportunities for market players across the globe. Looking forward, IMARC Group expects the global smart manufacturing market to grow at a CAGR of 12.3% during the forecast period (2021-2026).