Smart Manufacturing Market Size Worth $514.3 Billion By 2027: Grand View Research, Inc.

Smart Manufacturing Market Size Worth $514.3 Billion By 2027: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, May 7, 2020

SAN FRANCISCO, May 7, 2020 /PRNewswire/ -- The global smart manufacturing market size is estimated to reach USD 514.3 billion by 2027, registering a CAGR of 11.8% over the forecast period, according to a new study by Grand View Research, Inc. The growing adoption of digital technologies such as industrial IoT, autonomous robots, and big data analytics, to enable the fourth industrial revolution are the prime driving factors for the market growth. Moreover, growing emphasis on increasing production efficiency and gaining visibility across the entire value chain will also boost the prospects of smart manufacturing. In addition, availability of advanced technologies such as 3D printing, manufacturing execution systems (MES), and plant asset management solutions to small and medium enterprises is further accelerating the market growth.

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Key suggestions from the report:

Read 163 page research report with ToC on "Smart Manufacturing Market Size, Share & Trends Analysis Report By Technology (MES, PLC, 3D Printing, HMI, DCS), By Component (Hardware, Software), By End Use, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/smart-manufacturing-market

The positive impact of government initiatives and investments to promote smart manufacturing adoption has been one of the most influential factors driving the market. The fact that both industrialized countries and developing economies are aggressively pursuing this avenue is expected to further propel the growth. For example, China is reportedly investing over USD 3 billion for advanced manufacturing under the Made in China 2025 program. Similarly, SAMARTH Udyog Bharat, Industry 4.0, initiative is being promoted by Indian government to transform the manufacturing industry in the country.

Automotive and aerospace and defense industries are the leading growth avenues for solution providers with industries such as oil and gas and industrial equipment manufacturing rapidly scaling their digitalization efforts. Moreover, by implementing smart technologies such as 3D printing, American auto manufacturer General Motors (GM) claims to save more than USD 300,000 in 2019. To drive this technology, GM has entered into a partnership with Autodesk Inc. to produce economical and lighter vehicle parts using 3D printers. With the proliferation of 3D printing, simulation, and modeling in manufacturing and design, these industries are expected to continue to maintain a significant growth rate over the forecast period. Though numerous solutions are available in the market, digital twin and real-time analytics are anticipated to spearhead the penetration of digitalization in these industries.

Grand View Research has segmented the global smart manufacturing market based on components, technologies, end use, and region:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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