Smart manufacturing market to reach $638.28 billion by 2028 | So Good News


SkyQuest Technology Consulting Pvt.  Ltd.

SkyQuest Technology Consulting Pvt. Ltd.

The global smart manufacturing market size was valued at US$ 272.12 billion in 2021 and it is expected to reach a value of US$ 638.28 billion by 2028 at a CAGR of 15.3% over the forecast period (2022-2028).

Westford, USA October 31 2022 (GLOBE NEWSWIRE) — The trend of manufacturing industries using smart technologies is on the rise. This is a trend in the world. Smart manufacturing market In the automotive and electronics industries in particular, smart manufacturing is seen as key to improving efficiency and quality.

One company that has made efforts to use smart technology is Panasonic. Another major player in the smart manufacturing space is GE. The company currently offers a number of solutions that can be implemented in factories, including its Predix platform, which provides real-time insights into plant operations and the health of machinery. In addition, GE provides software development kits (SDKs) that allow developers to create their own applications using GE’s data management and analytics capabilities.

SkyQuest increases productivity; The rapid growth of the global smart manufacturing market is attributed to the many benefits of using smart technology in manufacturing, such as cost reduction and quality improvement. In addition, Using smart technologies can help manufacturers avoid potential safety hazards. for example, Using sensors to monitor the environment can help identify potential fires or fires before catastrophes occur. In addition, Monitoring processes through analytics can help manufacturers identify problems early and make necessary fixes or improvements before they become irreversible.

However, SkyQuest In order to reap all these benefits from the smart manufacturing market, businesses need to adopt a comprehensive and systematic approach. At its core, This strategy includes managing data streams from various sources (eg, devices and systems); deployment and configuration of sensors (including accurate data transmission across networks); Automation systems for process monitoring and regulation (including feedback, tricks for corrective actions) as well as integration with other business applications. Appropriate modeling and simulation tools can also help design such an approach early in the development cycle.

The trend towards the smart manufacturing market is likely to continue in the future, especially as automation becomes more widespread across all industries. As businesses become insight-driven and data-rich, they will need technologies that enable them to make better decisions, faster. By adopting smart technology in their manufacturing operations, companies can not only improve their own efficiency, but also develop new products that offer unprecedented levels of value to consumers.

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There is a growing interest in Intelligent Engineering Systems.

Currently, we are moving towards smart manufacturing. This tendency can be found in various industries such as transportation and healthcare. A number of factors are driving this trend in the smart manufacturing market: the growth of big data and analytics; Increasing demand for automation and falling costs of sensors and communication technologies. These reasons have led to an increasing interest in using intelligent engineering systems (IES) for manufacturing processes.

IESs are software applications that allow manufacturers to manage their processes more efficiently and improve quality control. They can automate tasks; It can reduce labor costs and improve procurement activities. One of the key benefits of IES in the smart manufacturing market is the ability to streamline their manufacturing processes. for example, They can automatically order parts from suppliers; assigning tasks to employees; Monitor production performance and make changes to improve performance. In addition, IESs can help manufacturers reduce environmental impacts by automating waste management and improving safety procedures.

Despite these benefits, There are still some challenges to overcome before IES can be widely adopted in the global smart manufacturing market. for example, Improper configuration or incorrect application of IES can cause performance degradation or even process failures. In addition, Some workers may resist changes that require them to learn new skills or work with new technologies. However, SkyQuest believes that these challenges will be resolved over time.

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SkyQuest Analysis: Challenges and Opportunity in the Smart Manufacturing Market

Our research suggests that the smart manufacturing industry is poised for strong growth due to rising demand for more efficient and customized manufacturing. Gartner projects that global smart manufacturing spending will grow to $638.58 billion by 2028, up from $272.12 billion in 2021.

The main benefits of using smart technologies in manufacturing are improved efficiency and quality. Inefficient factories can waste a lot of resources, and poor quality products can lead to customer dissatisfaction and lost sales. By using digital technologies to manage processes and data flows, factories can become more automated, streamlined, run more efficiently, and create high-quality products faster.

One of the main challenges facing the smart manufacturing market is implementation time – the time required to deploy new technologies along the production line. To speed up this process; Many manufacturers are turning to cloud-based solutions that provide real-time feedback on processes and data sharing between devices. By automating tasks currently performed by humans, companies can reduce their labor costs while still achieving the same or better quality standards.

In general, SkyQuest sees three key areas where the smart manufacturing market will continue to grow: advanced analytics and decision support; Industrial Internet of Things (IIoT); and new applications of digital technologies such as intelligent devices and mobile apps. In 2028, Nearly 60% of all intelligent machines will be deployed within manufacturing organizations. Additionally, one-third of all economic value creation from IIoT applications is in transportation (30%); It will come from non-manufacturing sectors such as utilities (25%) and healthcare (20%).

Many companies in the global smart manufacturing market are already taking advantage of these opportunities to improve their manufacturing processes. for example, Siemens has developed an innovative Bruno machine that uses lasers to quickly and precisely cut parts from large sheets of metal. Toyota welding; It also introduced a new type of robot called the Lexus INNOVIS Advanced Manufacturing System, which automates common tasks such as sewing and tailoring. In addition, Other companies are investing in emerging technologies such as blockchain or artificial intelligence to stay ahead of the competition.

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Key Findings of the Global Smart Manufacturing Market Report

  • By 2030, Nearly two-thirds (63%) of global factory value will come from products with triple-digit percentage growth in performance or better than current levels.

  • To achieve this level of performance in the global smart manufacturing market, current global industrial systems procurement, product design; It needs to be revamped with new approaches in quality assurance and production.

  • Embedding analytics and software into physical production systems and business processes is critical to unlocking these benefits.

  • As the skills and technology gap narrows across countries, collaboration among industry players to leverage broad participation and shared resources is even more important.

  • Strategies that target specific countries or regions that focus on skills development or infrastructure investments are more likely to yield results.

Leading Players in Global Smart Manufacturing Market

  • HP Development Company; LP (USA);

  • ABB (Switzerland)

  • Emerson Electric Co. (US)

  • General Electric (USA)

  • Honeywell International, Inc. (US)

  • Mitsubishi Electric Corporation (Japan);

  • Robert Bosch GmbH (Germany)

  • Rockwell Automation, Inc. (US)

  • Schneider Electric (Europe)

  • Siemens AG (Germany)

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