Published Date: 31-May-2023
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According to a new report, published by KBV research, The Global Smart Manufacturing Market size is expected to reach $576.3 billion by 2029, rising at a market growth of 12.2% CAGR during the forecast period.
The Product Lifecycle Management market is exhibiting a CAGR of 9.6 % during the forecast period. Software solutions used to manage all facets of the lifecycle of a product, from engineering and design to production, servicing, and end-of-life disposal, are included in product lifecycle management (PLM). PLM software facilitates communication and collaboration across various stakeholders and departments throughout the product lifecycle, ensuring that every step of the product development process is effectively integrated and maximized.
The Hardware market acquired the maximum revenue share in the Global Smart Manufacturing Market by Component in 2022 thereby, achieving a market value of $236 billion by 2029. The segment covers various tools and machinery used in production, including robots, 3D printers, sensors, and controllers. By supplying the essential data gathering, automation, and control capabilities, these hardware elements serve as the foundation of the smart manufacturing ecosystem. The hardware segment's most important element is the sensor, which provides real-time data on anything from temperature or pressure to vibration and motion.
The Electrical & Electronics market has shown the high growth rate of 13.2% during (2023 - 2029). Smart manufacturing covers every aspect of the manufacturing process in the electronics industry, from factory floor optimization and PCB design to improving the movement of materials from the warehouse to the shop floor. It also incorporates feedback from customers to inform the development of new designs. Smart manufacturing lets everything operate flawlessly together from design through production, creating improved efficiency across the manufacturing process.
The Asia Pacific market dominated the Global Smart Manufacturing Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $213.9 billion by 2029. The Europe market is experiencing a CAGR of 11.7% during (2023 - 2029). Additionally, The North America market would grow at a CAGR of 11.5% during (2023 - 2029).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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