The Latin America, Middle East and Africa Smart Manufacturing Market would witness market growth of 15.2% CAGR during the forecast period (2023-2029).
The advancement of sensor technology has led to the creation of a vast array of measurement instruments, all of which are capable of being incorporated into autonomous feedback control networks in various capacities. These tools include machine vision, electrical field techniques, laser beam scanning, and very susceptible electromechanical probes. The aforementioned factors are anticipated to be the most significant trends dominating the market.
Although it is still in its very early stages, blockchain is a novel technology frequently looked after in manufacturing environments. Nowadays, it is being used in banking systems, but businesses are looking into how it might be used in manufacturing. Considering the potential of blockchain, the aviation, food and beverage, and medical sectors are among those that stand to gain the most. Due to very strict rules and regulations, these sectors must thoroughly examine all their suppliers along the value chain. Starting with improving raw materials, blockchain could aid in maintaining quality control. Currently, blockchain technology for supply chain management across manufacturing ecosystems is receiving the majority of focus.
The demand for automation and innovation in Latin America is being actively penetrated, which has led to the standardization of smart manufacturing. The potential for smart manufacturing is increasing because modern technological advancement has only started in Latin America. A key factor in smart manufacturing and the market's expansion is the region's proximity to and accessibility to raw resources.
Recent years have seen an explosion of AI-related entrepreneurship in Brazil, which has permeated the financial industry, industry, education, agribusiness, and healthcare, as well as universities. According to opinions, 60% of Brazil's 210 million population considers themselves early adopters and receptive to new technology. The Brazilian economy might gain more than $400 billion in value over the next 15 years because of artificial intelligence. Therefore, unprecedented market opportunities in this region are anticipated in the near future because of the rapidly expanding economy.
The Brazil market dominated the LAMEA Smart Manufacturing Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $10,561.1 million by 2029. The Argentina market is anticipated to grow at a CAGR of 15.8% during (2023 - 2029). Additionally, The UAE market would witness a CAGR of 14.9% during (2023 - 2029).
Based on Application, the market is segmented into Product Lifecycle Management, Machine Execution System, Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Machine Vision & Machine Condition Monitoring, Human-Machine Interface (HMI), Discrete Control Systems, 3D Printing, Plant Asset Management, Enterprise Resource Planning and Others. Based on Component, the market is segmented into Hardware, Software and Services. Based on Industry, the market is segmented into Automotive, Chemical & Petrochemical, Electrical & Electronics, Food & Agriculture, Healthcare, Industrial Equipment, Aerospace & Defense and Oil & Gas, & Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Smart Manufacturing Market is Projected to reach USD 576.3 Billion by 2029, at a CAGR of 12.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Ltd, Siemens AG, General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Honeywell International, Inc., Emerson Electric Co., FANUC Corporation, IBM Corporation, and Stratasys, Ltd.
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