The global smart manufacturing market is expected to reach $573 billion by 2027, growing at a compound annual growth rate (CAGR) of around 13 percent during the 2020–2027 forecast period, according to Acumen Research and Consulting.
Smart manufacturing is a method to automate manufacture of products and transaction processes. Intelligent manufacturing requires the use of automation devices and the purpose of this phase is to use information technology (IT) to support the global economy. This output reduces the workload and makes the process more efficient.
The smart manufacturing network enables the usage of integrated equipment for automated processing of the manufacturing company. These development markets are growing due to various sectors, like automobile or process manufacturers, such as chemicals and oil and gas. Smart manufacturing reduces depletion and increases manufacturing performance significantly—thus increasing productivity and resulting in long-term cost advantages.
The key driving factor in the growth of the smart manufacturing market is the advances in technology and the development of more innovative technologies and products, including cloud computing, sensors, robots, 3D printing, and Industrial Internet of Things (IIoT), among others.
Another major factor that is having a significant effect on market growth is the significant developments undertaken by technology suppliers as well as businesses to introduce innovative technologies to maximize productivity minimize manufacturing errors and automate processes.
Some of the most important factors for smart manufacturing development are the positive influence of policy programs and investments in supporting smart manufacturing. It is anticipated it will continue to boost growth in both developed and developing economies. For instance, the China 2025 Made in China Plan will spend more than $3 trillion in advanced manufacturing.
Another significant factor that is projected to fuel the demand growth of smart manufacturing is the increasing emphasis among manufacturers on real-time data analysis. This is to increase visibility in terms of predictive system maintenance, in order to prevent repairs during operations.
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