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Smart Manufacturing Market Size, Share And Growth Analysis For 2021-2031
Market Dynamics and Growth Trends
The global smart manufacturing market is propelled by a convergence of factors including increasing adoption of Industry 4.0 technologies, rising demand for consistent and efficient data, and government initiatives promoting industrial automation. The market's growth potential is underscored by the imperative to reduce carbon footprint, driving investments in energy-efficient solutions. However, challenges such as a shortage of skilled workers in the IoT industry and continuous software improvements pose hurdles to market expansion.
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Market Size and Projections
Transparency Market Research forecasts a stellar CAGR of 13.2% for the global smart manufacturing market between 2016 and 2024, with market value projected to reach US$548.14 billion by 2024, up from US$159.05 billion in 2015. The Defense and aerospace sector emerges as a key contributor to market demand, driven by the need for customizable and quality-controlled equipment, while enterprise resource planning and supervisory control and data acquisition technologies witness robust growth.
Key Players and Competitive Landscape
Key players in the global smart manufacturing market include industry giants such as ABB Ltd., Emerson Electric Company, Johnson Controls, Inc., Honeywell International, Inc., and Siemens AG. The market landscape is characterized by a focus on product differentiation and technological innovation, with strategic alliances, acquisitions, and product launches playing pivotal roles in market positioning and expansion.
Consumer Behavior and Emerging Technologies
Consumer preferences within the smart manufacturing market are shifting towards integrated and collaborative manufacturing systems that respond in real-time to changing demands. Emerging technologies such as IIoT, AI, and AR are driving innovation and reshaping manufacturing processes, enabling enhanced agility, quality, and speed.
Regulatory Environment and Future Outlook
Government initiatives and industry standards play a crucial role in shaping the regulatory environment for smart manufacturing. The Smart Manufacturing Leadership Coalition (SMLC) in the United States is spearheading efforts to define the future of production, while initiatives such as Industry 4.0 in Europe are driving global adoption of smart manufacturing practices. Looking ahead, digital transformations across industrial, residential, and commercial sectors are expected to fuel market growth, with the COVID-19 pandemic accelerating adoption due to increased emphasis on reducing employee contact in manufacturing units.
Actionable Recommendations
For stakeholders seeking to enter, expand, or optimize their presence in the smart manufacturing market, the following recommendations are proposed:
Invest in Research and Development: Allocate resources towards innovation and development of advanced technologies to stay ahead of market trends and meet evolving consumer demands.
Foster Strategic Partnerships: Collaborate with industry leaders and technology providers to leverage complementary expertise and broaden market reach.
Focus on Talent Development: Address the shortage of skilled workers in the IoT industry through workforce training and talent acquisition strategies.
Embrace Regulatory Compliance: Stay abreast of evolving regulatory requirements and ensure compliance to foster trust and credibility among consumers.
Leverage Emerging Technologies: Embrace emerging technologies such as AI, IIoT, and AR to enhance operational efficiency, agility, and competitiveness.
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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