Smart Manufacturing Market Growth, Analysis and Forecast 2027

1
MarketsandMarkets Presents
The Global Smart Manufacturing Market was valued
at USD 88.7 billion in 2021 and is projected to
reach USD 228.2 billion by 2027 it is expected
to grow at a CAGR of 18.5 from 2022 to 2027. The
major drivers of the Smart Manufacturing Market
include the growing adoption of Industry 4.0,
rising emphasis on industrial automation in
manufacturing processes, increasing government
involvement in supporting industrial automation,
growing emphasis on regulatory compliances,
increasing complexities in the supply chain, and
surging demand for software systems that reduce
time and cost.
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MarketsandMarkets Presents
Market for digital twins expected to grow at the
fastest rate during the forecast period The Smart
Manufacturing Market by enabling technologies for
digital twins is expected to grow at a CAGR of
68.9 from 2022 to 2027, reaching USD 43.6
billion by 2027, from USD 2.1 billion in 2021.
Digital twins are being increasingly used as a
means of connecting information about a physical
product and its behavior in the real world with a
3D digital representation, which is commonly
employed during engineering and other areas of
business. Download PDF Brochure _at_
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MarketsandMarkets Presents
Automotive Industry to hold largest share of
Smart Manufacturing Market in 2027 The Automotive
Industry dominates the Smart Manufacturing Market
with the highest market share and is expected to
grow at the rate of 29.1 during the forecast
period owing to changing consumer preferences and
the inefficiency of traditional processes.
Changing consumer preferences, technological
advancements, and the introduction of regulations
associated with the automotive industry are
responsible for the high complexity of automobile
products. Automobiles are extremely complex and
technologically sophisticated products. Speak To
Analyst _at_ https//www.marketsandmarkets.com/speakt
oanalystNew.asp?id105448439
4
MarketsandMarkets Presents
Smart Manufacturing Market in APAC to grow at the
highest CAGR The major factors driving the
growth of the Smart Manufacturing Market in APAC
are the rising demand for smart tools due to
increasing automation in industries growing
adoption of technologies such as Industry 4.0,
smart factory, IoT, and IIoT and increasing need
to optimize productivity and reduce operational
and maintenance costs. Government support in
various APAC countries to drive industrialization
is one of the important factors that will boost
the demand for smart manufacturing in the coming
years. Various initiatives have been taken by the
governments in the region.
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MarketsandMarkets Presents
Key Players 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). Browse For More Details -
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mart-manufacturing-market-105448439.html
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MarketsandMarkets Presents
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