Smart Manufacturing Market Progresses for Huge Profits During 2024
The
global smart manufacturing market is highly segmented. The
competition in the market is dictated by increasing developments in
technology and huge infrastructural investments. Some of the
prominent players in the global smart manufacturing market include
names such as ABB Ltd., Siemens AG, Honeywell International Inc.,
Emerson Electric Company, and Johnson Controls Inc. The leading
companies in the market are adopting new strategies and tactics such
as take overs, mergers, and partnerships to bolster their market
presence. For instance, Microsoft has teamed up with Johnson Controls
to manufacture a thermostat. The software giants revealed their brand
new GLAS thermostat through a video put up on YouTube. The thermostat
is built by Johnson Controls who were the first makers of electric
room thermostat. It is expected that GLAS thermostat will have a
display with translucent touchscreen and will allow the owners to
change the temperature in the room, monitor air quality and energy
consumption, and check calendar information.
Report
Overview :
The
global smart manufacturing market stood at a valuation of US$159.05
bn in 2025. The market valuation is estimated to grow to US$548.14 bn
by 2024. This growth is expected to be achieved at a healthy CAGR of
13.2% during the given forecast period of 2016 to 2024.
Geographically, Asia Pacific is expected to show a CAGR of 13.6%
during the mentioned forecast period. This growth is mainly down to
the increasing awareness about better production technologies among
the manufacturers, changing lifestyles, increasing investments in
production activities, and efficient marketing of the products.
Cost
Efficiency and Improved Productivity Drive Global Market for Smart
Manufacturing Technologies
The
strict rules and norms that enforce the setting up of smart
manufacturing technologies in different sectors is expected to
bolster the market growth. This trend is normally observed in the
regions where the economies are strengthening and recovering, thus
propelling overall market growth of the production sector. The
evolution in industrial sector that has constantly had an analytical
edge has also contributed significantly in the overall growth of the
global smart manufacturing market over the past few years. The market
has also presented lucrative opportunities for the players who
offered sound technological solutions to medium and small sized
businesses. The innovative solutions are gaining a positive response
as they are specially designed to defeat the modern-day manufacturing
challenges.
Smart
manufacturing technologies have seen a significant growth in the
market because of its unique selling points of ensuring efficient
resource utilization and maximum efficiency. Thus, rising number of
manufacturers are making use of these technologies for setting norms
for maintenance, logistic, control, effective tradeoff decisions,
operation, business, and risk assessment. The advantages such as
cost-efficiency and enhanced productivity have led to considerable
adoption of the smart manufacturing technologies across the world.
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