Global Smart Manufacturing Market
Due to the rapid growth in the introduction of automated systems in industrial processes, the global smart manufacturing market is expected to grow from USD 175 billion in 2020 to USD 303 billion by 2026 with an average annual growth rate (CAGR) of 6.4 %. grow between 2019 and 2026.
While COVID-19 has slowed market growth somewhat, the market is expected to grow "significantly" in Q2 to Q3 2023.
Key Players: Schneider Electric, General Electric, Siemens, Honeywell International Inc., Rockwell Automation Inc., FANUC Corporation, and Emerson Electric Co.
Industrial automation market
The global demand for automated technologies like robotics, especially in science and technology, makes people's lives easier and makes their jobs more accurate and effective. It drives the increase in the value of the global market.
By 2027, the global industrial automation market is projected to reach $ 326.14 billion by 2027, with an annual growth rate of 8.9% between 2020 and 2027.
Major Players: ABB, Siemens, General Electric, Schneider, Endress + Hauser, Yokogawa, Honeywell, WIKA, Azbil, Fuji Electric, 3D Systems, and HP.
Smart factory market
The smart factory market with a CAGR of 11% between 2021 and 2026 is projected to grow from $ 80.1 billion in 2021 to $ 134.9 billion by 2026.
Other drivers are resource optimization, reduced production costs, increased demand for industrial robotics, increased demand for technologies, and the growing importance of energy efficiency.
Major Industry Players: Emerson Electric Co., General Electric, Rockwell Automation, Inc., Schneider Electric SE, ABB Ltd., Siemens AG, Mitsubishi Electric Corp., Honeywell International Inc., Endress + Hauser AG, and Yokogawa Electric Corp.
Artificial intelligence (AI) in the manufacturing market
"There is no denying that the manufacturing industry is at the forefront of AI implementation," says Analytics Insights. "Manufacturers use AI-based analytics to improve performance, product quality and employee protection, from significantly reducing unplanned downtime to better-made products."
As manufacturers look to see the potential benefits of Artificial Intelligence (AI) in their processes, AI in the manufacturing market is predicted to grow to $ 11 billion by 2025, with an annual growth rate of 54.6 %.