CHICAGO, Jan. 26, 2022 /PRNewswire/ -- According to the new research report the "Smart Manufacturing Market with COVID-19 Impact by Information Technology, Enabling Technology, Industry (Process and Discrete) and Geography (North America, Europe, Asia Pacific, Rest of World) - Global Forecast to 2027", published by MarketsandMarkets™, 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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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. For instance, Dassault Systems (France) introduced the virtual twin concept that enables design and engineering teams to visualize and analyze products or systems virtually and provide insights similar to physical behaviors, including stress and vibration, as well as behaviors associated with software and control systems.
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. Manufacturing them requires advanced technological methods and processes. Technological innovations such as electric- and gas-powered vehicles lead to infrastructural changes in the automotive industry; also, the latest machines and equipment replace the need for human operators for most of the crucial processes in the automotive industry, resulting in the adoption of smart manufacturing technologies.
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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. For instance, China's "Made in China 2025," Japan's "Industrial Value Chain Initiative (IVI)," South Korea's "The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)," and India's "Samarth Udyog Bharat 4.0," are likely to play major roles in industrial advancement and consequently create growth opportunities for the smart manufacturing market.
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).
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