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The Smart Manufacturing Industry was valued at USD 262.45 billion in 2022 and is projected to reach USD 759.23 billion by 2030, growing at a compound annual growth rate (CAGR) of 14.2% during the forecast period from 2023 to 2030.
The Smart Manufacturing Industry has experienced significant growth in recent years, with its value reaching an impressive USD 262.45 billion in 2022. This upward trend is expected to continue, as experts predict that the industry will reach a staggering USD 759.23 billion by 2030. Such growth is attributed to the industry's ability to adapt and leverage advanced technologies, resulting in increased efficiency and productivity.
Furthermore, the Smart Manufacturing Industry is projected to grow at a compound annual growth rate (CAGR) of 14.2% over the forecast period from 2023 to 2030. This steady growth rate indicates the industry's resilience and potential for sustained success in the coming years.
The rise of smart manufacturing can be attributed to several factors, including the increasing adoption of automation, artificial intelligence, and the Internet of Things (IoT) in manufacturing processes. These technologies enable manufacturers to optimize their operations, streamline production, and enhance product quality. As a result, companies across various sectors are embracing smart manufacturing solutions to stay competitive in today's rapidly evolving market.
In conclusion, the Smart Manufacturing Industry's remarkable growth trajectory is set to continue, with its value expected to reach USD 759.23 billion by 2030. This growth, driven by advancements in technology and the industry's ability to adapt, highlights the immense potential and opportunities that lie ahead. As companies embrace smart manufacturing solutions, they can unlock new levels of efficiency, productivity, and competitiveness in the evolving global marketplace.
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Driving Factors:
Expanding government contribution in supporting shrewd assembling.
The developing reception of Industry 4.0
Opportunities:
Quick modern development in arising economies.
Expanded reception of IoT and cloud stages.
KEY MARKET SEGMENTATION
By Component
By Technology
By End-Use
Key Players
The Major Players are ABB, Siemens, General Electric, Rockwell Automation, Inc., Schneider Electric, Honeywell International Inc., Emerson Electric, Fanuc, and other players
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Table of Contents
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