The North America Smart Manufacturing Market would witness market growth of 11.5% CAGR during the forecast period (2023-2029).
Smart manufacturing makes use of computer-integrated manufacturing, highly adaptable and quick modifications to designs, digital information technology, as well as more adaptable technical staff training. Occasionally, additional objectives include quick adjustments in production levels in response to demand, supply chain optimization, effective production, and recyclability. Interoperable systems, intelligent automation, multiscale dynamic modeling and simulation, and networked sensors are all features of the smart manufacturing concept.
Big data processing, industrial connectivity, advanced robotics, and other technologies are some of the foundational elements of the smart manufacturing movement. Intelligent machines, another name for advanced industrial robots, may interact directly with manufacturing systems and operate autonomously. For co-assembly jobs, they can collaborate with people in some situations of advanced manufacturing. These machines can solve issues and reach judgments without human intervention by analyzing sensory data and differentiating between various product configurations.
The backbone of the American economy and national security is manufacturing. From biopharmaceuticals to aerospace and beyond, it is essential to practically every area of the American economy. New technologies and innovations empower next-generation offerings, support the ability to solve climate catastrophe, and assist the creation of high-quality, new, and higher-paying employment, all contributing to the economy's ability to grow continually. Manufacturing advancements also support these goals. 11% of the US economy's gross domestic product is accounted for by one of the main economic sectors: manufacturing.
The requirement for compliance as well as government backing for digitization, the expansion of the Internet of Things, and the rising demand for automation to attain efficiency and quality are some of the key factors influencing the market growth.
The US market dominated the North America Smart Manufacturing Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $118,973.6 million by 2029. The Canada market is registering a CAGR of 14% during (2023 - 2029). Additionally, The Mexico market would experience a CAGR of 13% during (2023 - 2029).
Based on Application, the market is segmented into Product Lifecycle Management, Machine Execution System, Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Machine Vision & Machine Condition Monitoring, Human-Machine Interface (HMI), Discrete Control Systems, 3D Printing, Plant Asset Management, Enterprise Resource Planning and Others. Based on Component, the market is segmented into Hardware, Software and Services. Based on Industry, the market is segmented into Automotive, Chemical & Petrochemical, Electrical & Electronics, Food & Agriculture, Healthcare, Industrial Equipment, Aerospace & Defense and Oil & Gas, & Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Smart Manufacturing Market is Projected to reach USD 576.3 Billion by 2029, at a CAGR of 12.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Ltd, Siemens AG, General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Honeywell International, Inc., Emerson Electric Co., FANUC Corporation, IBM Corporation, and Stratasys, Ltd.
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