The report "Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2025", is expected to be worth USD 214.7 billion in 2020 and USD 384.8 billion by 2025, growing at a CAGR of 12.4% from 2020 to 2025. Factors that drive the growth of the market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, rising 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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Aerospace & defense industry to exhibit high growth in smart manufacturing market during forecast period
The market for the aerospace and defense industry is expected to grow at the highest CAGR among discrete industries from 2020 to 2025. The aerospace & defense industry has to tackle unplanned downtime that might have a significant impact on its operations. To this end, manufacturers are increasingly spending on smart manufacturing solutions to enable real-time monitoring of assets. Manufacturers mainly emphasize on controlling component supplies, improving product quality, shortening the production cycle, and employing efficient manufacturing processes.
Smart manufacturing market in APAC to grow at highest CAGR from 2020 to 2025
The smart manufacturing market in APAC is expected to grow at the highest CAGR globally from 2020 to 2025. China is one of the fastest-growing economies in the world and a global manufacturing hub for semiconductor and automotive industries. This is leading to the increasing adoption of advanced manufacturing technologies such as HMI, MES, AI, condition monitoring, AGV, and WMS. Smart manufacturing technologies are used in these industries to enhance the overall performance of manufacturing plants and improve production output. In addition, the growing economy and technological developments in various industries encourage the application of these technologies for monitoring and controlling production processes.
A few other companies involved in the development of smart manufacturing solutions include 3D Systems (US ), CISCO (US), General Electric (US), Honeywell (US), IBM (Europe), Mitsubishi Corporation (Japan), Schneider (Europe), Siemens (Europe), Oracle (US), SAP (Europe), Yokogawa (Japan) and Stratasys (US).
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