The global smart manufacturing market is expected to exhibit strong growth, reaching USD 235.1 billion by 2028. As per the report titled "Smart Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Information Technology (Human-machine Interface, Plant asset management, Manufacturing execution system and Warehouse management system Dual Frequency), By Enabling Technology (Industrial 3D Printing, AI in Manufacturing, Industrial Cybersecurity, Industrial Machine Vision, Industrial Sensors, Digital Twins, Robots,, Automated Guided Vehicles, Machine Condition Monitoring, Artificial Reality & Virtual Reality and 5G Industrial IoT), By Industry (Process Industry, Oil & Gas, Food & Beverages, Pharmaceuticals, Chemicals, Energy & Power, Metals & Mining, Pulp & Paper, Others), Discrete Industry (Automotive, Aerospace & Defense, Semiconductor &, Electronics, Medical Devices, Machine, Manufacturing, Others), Mining, Construction, Oil & Gas and Others) and Regional Forecasts, 2022-2028," observes that the market size in 2021 stood at USD 86.2 billion and USD 235.1 billion in 2028. The market is expected to exhibit a CAGR of 18.20% during the forecast period.

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Rockwell Automation, Inc. collaborated with Comau to Boost Production Capabilities

In April 2021, to maximize industrial capabilities through unified robotic control solutions, Rockwell Automation, Inc. teamed with Comau. Through this agreement, manufacturing operations across industries will be carried out more simpler, more efficiently, and more effectively.
 
5g Connectivity Technology Advancement And Spending On The New Network Infrastructure To Support Market Expansion

The current IoT-based applications used in smart manufacturing will probably change as the 5G era continues. Future IoT ecosystem architecture could be completely changed by 5G, notably in terms of scalability, latency, reliability, security, and the degree of individual control over connectivity parameters. More complex use cases necessitating improved network capabilities are also emerging as the IoT application domains expand. With speeds measured in the multiple gigabits per second range, millisecond latency, and the ability to accommodate 1,000 times more usage than current network technologies, 5G is capable of providing.
 
Smart manufacturing solutions with a high initial investment will stifle market expansion.

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The most significant worldwide barrier to market expansion is high initial capital requirements. The survey claims that cost is the biggest barrier, followed by a lack of knowledge regarding the best technologies to invest in. The cost has become a serious worry for many businesses since the COVID-19 epidemic broke out, leading to investment reductions and other losses. Large upfront capital expenditures will, therefore, probably hinder the market growth.

Major Players Develop Acquisition Plans to Boost Brand Image

The leading businesses in the smart manufacturing market plan acquisitions to improve their brand recognition globally. For instance, in August 2021, the introduction of Connectix, a line of user-friendly software programs and professional services, was announced by General Electric Company. The service is intended for use in applications for smart manufacturing. The services assist in utilizing data analytics to improve day-to-day manufacturing operations, increase decision-making speed,And increase energy efficiency.

Notable Industry Development

• September 2021: To reduce the number of labor-intensive tasks, Honeywell International, Inc. invented robotic technology called "Smart Flexible Depalletizer." This innovation is boosting warehouse productivity and lowering workplace accidents.

List of Key Players Profiled in the Report

• Amazon Web Services, Inc. (U.S.)

• Robert Bosch Manufacturing Solutions GmbH (Germany)

• Cisco Systems, Inc. (U.S.)

• 3D Systems Corporation (U.S.)

• Plex Systems, Inc. (U.S.)

• Cognex Corporation (U.S.)

• PTC Inc. (U.S.)

• FANUC CORPORATION (Japan)

• SAP SE (Germany)

• Mitsubishi Electric Automation, Inc. (U.S.)

• Emerson Electric Co. (U.S.)

• Siemens AG (Germany)

• Schneider Electric SE (France)

• ABB Ltd (Switzerland)

• Hitachi, Ltd. (Japan)

• Intel Corporation (U.S.)

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Further Report Findings

• The market in North America is expected to gain a huge portion of the global smart manufacturing market share in the coming years. The primary engine for regional prosperity is a growing emphasis on automating domestic manufacturing services and reducing dependency on other regions.

• Additionally, the implementation of smart manufacturing solutions causes manufacturers to increase their focus on supply chain reform to improve worker safety and lower operational costs in the production process.

• In Asia Pacific, the growth in this region is primarily driven by rising numbers of government initiatives to promote technology and rising spending by major companies to develop smart manufacturing.

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