According to our latest market study on "Smart Manufacturing Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by End User and Components," the market is expected to grow from US$ 258.72 billion in 2022 to US$ 365.22 billion by 2028; it is estimated to grow at a CAGR of 6.0% from 2022 to 2028.
The adoption of real-time location systems (RTLS) is rapidly increasing and becoming a crucial aspect of Industry 4.0. These location tracking technologies are essential for tracking mining and construction equipment in various industries such as architecture, engineering, and construction. By utilizing location tracking tools, worker safety and manufacturing efficiencies can be significantly improved through the optimization of machinery usage, monitoring of production efficiency, and the prevention of risky collisions between machinery and personnel. As a result, RTLS is gaining popularity in industries such as automotive, construction, manufacturing, logistics, healthcare, and more. These location tracking technologies also enable better product traceability for digital engineering and assist management teams in organizing inventory tracking while enhancing manufacturing processes and standardizing production output.
The RTLS, which stands for real-time location system, is the location tracking technology utilized in smart factories as part of Industry 4.0. In construction sites, the RTLS plays a critical role in warning workers when entering hazardous zones and dangerous job areas. The system can automatically detect workers wearing protective safety gear as they enter a job site. Similarly, medical sensors can be attached to workers and integrated into the location tracking technology to monitor their vital signs in risky work environments. This enables the system to alert nearby or standby workers in case of emergencies. Additionally, many companies are utilizing the RTLS technology to keep track of industrial assets. For example, Bosch Thermotechnology uses an ultra-wideband radio technology-based location tracking network to locate and control logistics vehicles in their water heater centers.
The smart manufacturing market report provides detailed insights to help key players strategize the market growth in the coming years. It also forecasts the upcoming trends and developments in the market.
Key Findings of Study:
The smart manufacturing market is categorized into end-user and component segments. In terms of end-users, the discrete industries segment held the largest share in 2020 due to the increasing production of medical devices, defense equipment, semiconductors, cars, and machines, which has led to the adoption of advanced technologies. With regard to components, the hardware segment held the dominant share in the market. This is attributed to the integration and implementation of real-time location systems (RTLS), robots, and sensors in manufacturing plants, which has resulted in hardware being the most widely used component in smart manufacturing. Geographically, the smart manufacturing market is segmented into North America (including the US, Canada, and Mexico), Europe (including Austria, Italy, Poland, Switzerland, Sweden, Norway, Denmark, the Netherlands, Finland, Spain, the Baltics, and the rest of Europe), and Asia Pacific (including Australia, Japan, South Korea, Taiwan, and the rest of APAC).
The integration of vision-guided robotics systems is revolutionizing smart manufacturing. Industrial robots are increasingly being employed for automation in the automotive and consumer electronics industries, which has led to the need for the integration of machine vision systems with vision-guided robot controllers. Machine vision laser systems have improved the efficiency of robots by enhancing their visibility into processes and enabling them to respond to their environments. Robotics automation systems are utilized in various industries, such as automotive, pharmaceuticals, packaging, and food and beverages, among others. Several techniques have been introduced to automate the process of gripping parts of an industrial robot, which has replaced the existing manual part procurement practices. As machine vision technology continues to advance, vision sensors are playing an important role in 3D robot positioning systems. As the use of robotics in manufacturing industries continues to grow, the scope of smart manufacturing will expand in the coming years.
Smart factories and digital transformation are revolutionizing the industrial sector. In response to the COVID-19 pandemic, manufacturers have implemented innovative technologies to ensure uninterrupted production processes while adhering to mandatory safety protocols. Manufacturing and processing enterprises are increasingly adopting smart factory setups, driven by factors such as the proliferation of information and scaling of IoT in enterprises, the shift to cloud IT infrastructure, the use of predictive maintenance, the adoption of hybrid workplaces and intelligent technologies, and the expansion of distributed manufacturing. Additionally, the growing integration of augmented intelligence tools with AL and ML in hybrid workplaces is also expanding the penetration of smart manufacturing across multiple countries.
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