Smart Manufacturing Market to grow by USD 20,265.52 million from 2022 to 2027| Need for simplification of complex manufacturing activities boosts the market - Technavio
Smart Manufacturing Market to grow by USD 20,265.52 million from 2022 to 2027| Need for simplification of complex manufacturing activities boosts the market - Technavio
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01 Aug, 2023, 19:00 ET
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NEW YORK, Aug. 1, 2023 /PRNewswire/ -- The smart manufacturing market size is estimated to grow by USD 20,265.52 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 13.95%. The growth momentum will progress during the forecast period. APAC is estimated to account for 38% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing adoption of IoT, cloud computing, and automation in the manufacturing sector is accountable for the APAC region being the largest regional smart manufacturing market. Specifically, the oil and gas industry, which requires smart solutions for various new chemical and petrochemical projects in the region in the future, is the major factor driving the demand. For instance, the Sunshine Project by Formosa Petrochemical Corp in 2021 involved the construction of an ethane cracker for cracking ethane into approximately 1.2 million tons per annum of ethylene, 600,000 tons per annum of propylene, and 400,000 tons per annum of polyethene. Thus, the rising influence of automation in the industry is likely to have a favorable influence on the demand for the smart manufacturing market, resulting in market growth during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
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Smart Manufacturing Market - Segmentation Assessment