Sarasota, FL -- (SBWIRE) -- 07/12/2018 -- Zion Market Research has published a new report titled "Smart Manufacturing Market by Technology (PLC, DCS, HMI, MES, PLM, SCADA, and Machine Vision), by Component (Hardware, Software, and Services) for Electronics, Healthcare, Automotive, Oil & Gas, Aerospace & Defense, Food & Agriculture, Industrial Equipment, Chemicals & Materials, and Others by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2023''. According to the report, the global smart manufacturing market was valued at around USD 152.3 billion in 2017 and is expected to reach approximately USD 479.01 billion in 2023, growing at a CAGR of slightly above 15.4% between 2018 and 2023.

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The global manufacturing sector has been plagued by numerous factors including uncertainties in the supply of raw materials, increasing operational cost, the intense competition offered by local and regional players and many others. Due to these factors, various industry players are looking for ways which can reduce costs, improve product quality and make manufacturing more efficient. The continuously rising investments in production and manufacturing activities and the need for modernization of control systems has become necessary to compete at international standards, all these factors are fueling the growth of smart manufacturing technology in the global market.

The adoption of smart manufacturing technologies by global players will provide opportunities for automating operations and use data analytics to improve manufacturing performance. The sound technological knowledge and solutions offered by this technology to the small and medium enterprises is also an important driving factor for this market. Also, the enhanced productivity and reduced cost of manufacturing are fueling the smart manufacturing technology in the global market. However, the high initial cost required for the installation of systems and services are acting as the main restraining factor for the smart manufacturing market.

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The global manufacturing sector has been tormented by several factors including uncertainties in the supply of raw materials, rising operational costs, intense competition by local players and many others. As a result, various industry players are looking for options and ways through which they can reduce costs, improve product quality and make manufacturing more efficient. So the improved productivity and reduced cost structure of manufacturing is propelling the growth of smart manufacturing market globally. Smart manufacturing technologies have witnessed a significant growth in market as it offers ample technological solutions to small and medium sized enterprises and connected supply chains to its users. Whereas factors such as high initial cost of set up, and the probability of cyber-attacks to breach the security are hampering the growth of this market. Frequent investments by global players in the research and development activities related to smart manufacturing in order to come up with innovative products is expected to drive the growth of this market.

The study provides a decisive view on the smart manufacturing market by segmenting the market based on technology, component, end use, and region. The technology segment includes PLC, DCS, HMI, MES, PLM, SCADA, and machine vision. The component segment is further divided into hardware, software, and services. The end use segment is further sub-divided into electronics, healthcare, automotive, oil & gas, aerospace & defense, food & agriculture, industrial equipment, chemicals & materials, and others. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2023. The regional segmentation includes the current and forecast demand for North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa with further country wise bifurcation include U.S., UK, France, Germany, China, Japan, India, and Brazil.

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The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global smart manufacturing market are Siemens AG, ABB Ltd., Emerson Electric Company, Schneider Electric, General Electric Company, Honeywell International Inc., Mitsubishi Electric, Yokogawa Electric Corporation, FANUC Corporation and Rockwell Automation Inc. among others.