“Smart Manufacturing” Market to Hit $548B by 2024

November 9, 2016

2 Min Read
“Smart Manufacturing” Market to Hit $548B by 2024
A rendering of a "smart factory" powered by technology produced by Siemens, named as one of the key players in the smart manufacturing technology market through 2024. Image courtesy Siemens

Increases in regulatory oversight and evolving industrial practices are anticipated to fuel the global market for smart manufacturing technologies through 2024, when its value is expected to reach $548.14 billion, according new research from Albany, NY-based Transparency Market Research.

“The stringent rules and regulations enforcing the installation of smart manufacturing technologies in various sectors in anticipated to boost the market. This trend is being predominantly seen in North America and Asia Pacific, where economies are recovering and strengthening, thereby fueling the growth of the overall manufacturing sector,” a press release announcing the research said, adding, “The evolution of the industrial sector that has persistently had an analytical attitude has also been responsible for the prolific growth of the overall market in the last few years.”

The market research firm said the market for smart manufacturing technology will grow from $159.05 billion in 2015 at a compound annual growth rate (CAGR) of 13.2% through the forecast period.

Of the various technologies that make up the “Smart Manufacturing” category, researchers project significant growth in the machine vision segment, with a CAGR of 14.3% through 2024. Asia Pacific, growing at a CAGR of 13.6% through the forecast period, is expected to lead growth.

“The growth of [the] Asia Pacific smart manufacturing market will be due to the growing awareness of better manufacturing technologies amongst producers, growing investments in manufacturing activities, changing lifestyles, and efficient retailing,” Transparency said.

Transparency identified Honeywell International Inc., Siemens AG, ABB Ltd, Johnson Controls Inc., and Emerson Electric company as key leaders driving market growth during the forecast period.

Researchers said that providers of smart manufacturing technology will have “lucrative prospects” serving small- and medium-sized businesses, as well as companies in developing nations.

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