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Smart Manufacturing Market Understanding Consumer Motivations, The Role of Ethnography Techniques | HP Development Company, L.P., ABB Ltd, Emerson Electric Co., General Electric

Smart Manufacturing Market Understanding Consumer Motivations, The Role of Ethnography Techniques | HP Development Company, L.P., ABB Ltd, Emerson Electric Co., General Electric

Report Ocean is a comprehensive analysis of the “Smart Manufacturing Market”  that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.

Global Smart Manufacturing Market Valued at USD 277.81 Billion in 2022, Predicts 13.5% Growth till 2030

Refreshed Content:

The Global Smart Manufacturing Market, valued at approximately USD 277.81 billion in 2022, is expected to witness a robust growth rate of over 13.5% throughout the forecast period from 2023 to 2030. Also recognized as Industry 4.0 or the Fourth Industrial Revolution, Smart Manufacturing integrates advanced technologies and data-driven systems into manufacturing processes, aiming to enhance efficiency, productivity, and flexibility. This transformation involves automation, digitalization, and connectivity, creating intelligent, interconnected systems within the manufacturing environment. Key technologies such as the Internet of Things (IoT), artificial intelligence (AI), big data analytics, cloud computing, robotics, and additive manufacturing drive this evolution, revolutionizing traditional manufacturing into a more efficient and intelligent process.

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Market Dynamics:

The proliferation of IoT devices and connectivity has revolutionized the manufacturing industry. IoT enables real-time monitoring, data collection, and analysis of various components and processes within a manufacturing environment. The integrating IoT devices and sensors, enabled the manufacturers to achieve greater visibility, predictive maintenance, and improved decision-making capabilities. According to Statista, Number of Internet of Things (IoT) connected devices worldwide in year 2019 stood at 8.6 billion devices which increased to 13.14 billion in year 2022 and it is projected to reach at 29.42 billion devices by year 2030.

Digital transformation technologies enable manufacturers to automate processes, streamline operations, and optimize resource utilization. By leveraging real-time data and advanced analytics, manufacturers can identify bottlenecks, reduce downtime, and make data-driven decisions, leading to improved operational efficiency. Further, from the same source it has been found that Spending on digital transformation technologies and services worldwide in year 2019 stood at USD 1.18 Trillion which increased to USD 1.85 trillion in year 2022 and it is projected to reach at USD 3.4 trillion by year 2026. Thus rising proliferation of IoT devices and increasing spending on digital transformation technologies is driving the market growth. In addition, advancement in connectivity technologies and investment in new network infrastructure are creating new opportunities to the market growth. However, cybersecurity concerns and lack of standards and regulations stifles market growth throughout the forecast period of 2023-2030.

Key Regions:

In 2022, Asia Pacific dominated the market, driven by factors such as government support, new manufacturing facilities, investments in digital technologies, adoption of IoT devices, and increased government investment in the industry. Europe is expected to experience significant growth, with increased investment in smart manufacturing units, adoption of digital technologies, and favorable government support.

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Major Market Players:

Key players in the market include HP Development Company, L.P., ABB Ltd, Emerson Electric Co., General Electric, Honeywell International, Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation, Inc., Schneider Electric, and Siemens AG.

Recent Developments:

  1. In September 2021, Honeywell International, Inc. developed the “Smart Flexible Depalletizer” robot to reduce labor-intensive jobs, increasing warehouse productivity, and decreasing workplace accidents.
  2. In March 2021, General Electric Company introduced Connectix, a portfolio of user-friendly software applications and expert services designed for smart manufacturing applications. These services leverage data analytics to boost energy efficiency, optimize daily operations, and accelerate decision-making.

Objective of the Study:

The study aims to define market sizes of different segments & countries in recent years and forecast values to the coming years. The report incorporates both qualitative and quantitative aspects of the industry within countries involved in the study.

The report provides detailed information about crucial aspects such as driving factors, challenges, potential opportunities in micro markets, competitive landscape analysis, and product offerings of key players. The detailed segments and sub-segments of the market are explained below:

By Component:

  • Hardware
  • Software
  • Services

By Technology:

  • Machine Execution Systems
  • Programmable Logic Controller
  • Enterprise Resource Planning
  • Discrete Control Systems
  • Human Machine Interface
  • Machine Vision
  • 3D Printing
  • Product Lifecycle Management
  • Plant Asset Management

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By End-use:

  • Automotive
  • Aerospace & Defense
  • Chemicals & Materials
  • Healthcare
  • Industrial Equipment
  • Electronics
  • Food & Agriculture
  • Oil & Gas
  • Others

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • ROE
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • RoAPAC
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

Report Scope:

  • Historical Data: 2020 – 2021
  • Base Year for Estimation: 2022
  • Forecast Period: 2023-2030
  • Report Coverage: Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
  • Segments Covered: Component, Technology, End-use, Region
  • Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

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Advantages of Opting for Our Market Research Report:

Strategic Decision-Making:

Our market research reports provide invaluable insights for strategic decision-making. By analyzing industry trends, market dynamics, and emerging opportunities, businesses can make informed choices that align with their long-term goals and objectives.

Market Understanding:

A comprehensive understanding of the market is crucial for success. Our reports delve deeply into market size, segmentation, and growth drivers, ensuring businesses have a nuanced comprehension of the landscape they operate in, aiding in effective planning and execution.

Competitive Intelligence:

Staying ahead of the competition is paramount. Our reports offer detailed competitive intelligence, highlighting key players, their market share, strategies, and strengths. This enables businesses to identify opportunities for differentiation and develop robust strategies for sustainable growth.

Customer Insights:

Understanding customer behavior is fundamental to success. Our research provides in-depth customer insights, including preferences, buying patterns, and needs. This information is instrumental in tailoring products and services to meet customer expectations and enhance overall satisfaction.

Risk Mitigation:

Every business venture involves risks, and our reports are designed to identify and assess potential risks within the industry. This proactive approach empowers businesses to develop risk mitigation strategies, ensuring resilience in the face of challenges and uncertainties.

Investment and Funding Decisions:

For investors and stakeholders, our reports offer a reliable foundation for investment decisions. Through thorough analysis of market trends and growth projections, we provide essential information to support sound investment and funding choices, maximizing returns on investment.

Validation and Credibility:

Our market research reports undergo rigorous analysis and validation processes, ensuring the credibility of the information presented. Businesses can rely on our reports as trustworthy sources, fostering confidence in decision-making processes and strategic planning.

Long-term Business Planning:

Successful businesses thrive on effective long-term planning. Our reports provide a forward-looking perspective, forecasting industry trends and potential challenges. This foresight is indispensable for crafting robust business plans that stand the test of time and dynamic market conditions.

Key Questions Answered by the Report:

  • What are the driving factors for market growth?
  • What challenges and limitations does the market face?
  • What emerging opportunities exist in the market?
  • What potential threats and risks could impact the market?
  • What is the current market size and growth rate?
  • What are the market segments and their sizes?
  • Which regions are projected to experience the highest growth and market share?
  • What variables affect different geographical areas?
  • Who are the major players in the market and their rankings?
  • What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
  • What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
  • What is the present market outlook, considering recent changes and growth possibilities?
  • What are the drivers, obstacles, and restrictions in both developing and emerging regions?
  • How does the market analysis utilize Porter’s five forces analysis?
  • How does the Value Chain provide insights into market dynamics?

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About Report Ocean:

Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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