The global smart manufacturing market is predicted to grow with 9.04% CAGR during the forecast period 2019-2027. The market for smart manufacturing accounts for the adoption of products with systems which are fully-integrated, collaborative manufacturing systems that respond in real time to meet changing demands and conditions in the factory, in the supply network as well as fluctuating customer needs. The market has been valued at $ xx billion at its base year of 2018 and is expected to be valued at $ xx billion at the end of the forecast year of 2027.
Rising demands of industrial automation and the rapid adoption of internet of things in the global manufacturing sector are mainly driving the growth for the smart manufacturing market. Smart manufacturing is also expected to help in the cost reduction and turnaround time decrement in the forecast years by providing higher numbers of substitute products. The global smart manufacturing market has been segmented by technology, component, end user and geography.
The global market for smart manufacturing is geographically segmented into four regions, namely, North America, Asia Pacific, Europe and countries from the Rest of the World. The Asia Pacific smart manufacturing market was valued the largest globally at $ xx billion in 2018, and is projected to reach $ xx billion by 2027 at a CAGR of 10.50% from 2019 to 2027. This can be reasoned due to rapid digitization across various industries such as automotive and industrial manufacturing in this region.
The dominating market players who are contributing maximum revenues to the market are ABB Ltd., Emerson Electric Co., Fanuc Corporation, General Electric Company, Honeywell international Inc., Mitsubishi Electric Corporation, Robert Bosch GMBH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and Yokogawa Electric Corporation.