Global Smart Manufacturing Market, By Component (Hardware, Software, Services), Technology (Machine Execution Systems, Programmable Logic Controller, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine Interface, Machine Vision, 3D Printing, Product Lifecycle Management, Plant Asset Management), End-User (Automotive, Aerospace and Defense, Chemicals and Materials, Healthcare, Industrial Equipment, Electronics, Food and Agriculture, Oil and Gas, Others) - Industry Trends and Forecast to 2030.
Smart Manufacturing Market Analysis and Size
Growing adoption of industry is a crucial factor accelerating the market growth, also rising government involvement in supporting industrial automation, rising emphasis on regulatory compliances, rising complexities in supply chains, increasing demand for software systems that reduce time and cost, increased adoption of automated machinery in a number of manufacturing industries, rising amount of government investments currently taking place in support of smart manufacturing, rising popularity of enhanced factory technologies in MEA, increased labor cost in North America and Rise in SMEs and their growing demand for automation in Europe and Asia Pacific are the major factors among others boosting the smart manufacturing market. Moreover, increased adoption of IoT and cloud platforms, rising integration of different solutions to provide improved performance and rapid industrial growth in emerging economies will further create new opportunities for smart manufacturing market in the forecast period mentioned above.
Global smart manufacturing market was valued at USD 25.85 billion in 2022 and is expected to reach USD 81.23 billion by 2030, registering a CAGR of 14.8% during the forecast period from 2023 to 2030. Software are dominating the market segment for smart manufacturing market. Software solutions provide the foundation for implementing advanced technologies such as artificial intelligence (AI), machine learning, and data analytics. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Smart Manufacturing Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware, Software, Services), Technology (Machine Execution Systems, Programmable Logic Controller, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine Interface, Machine Vision, 3D Printing, Product Lifecycle Management, Plant Asset Management), End-User (Automotive, Aerospace and Defense, Chemicals and Materials, Healthcare, Industrial Equipment, Electronics, Food and Agriculture, Oil and Gas, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Siemens (Germany), GENERAL ELECTRIC (U.S.), ABB (Switzerland), Rockwell Automation, Inc. (U.S.), Schneider Electric (France), Honeywell International Inc. (U.S.), FANUC CORPORATION (Japan), Mitsubishi Electric Corporation (Japan), Emerson Electric Co. (U.S.), Yokogawa India Ltd. (India), Bosch Limited (India), Stratasys Ltd. (Israel), TE Connectivity Ltd (Switzerland), Texas Instruments Incorporated (U.S.), KUKA AG (Germany), SAP ERP (Germany), HP Development Company, L.P. (U.S.), OMRON Corporation (Japan), Dassault Systèmes (France)
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Market Opportunities
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Market Definition
Smart manufacturing is a type of method of manufacturing which aims at optimizing the concept, product manufacturing and transaction process. Smart manufacturing involves the use of automation machinery and the goal to be achieved through this process is the use of information technology to use it for the advantage of reaching a global market. This manufacturing decreases the workload and makes for more flexibility in the entire process.
Global Smart Manufacturing Market Dynamics
Drivers
- Increase in the Requirement for Smart Manufacturing Sensor-Rich Applications
Sensor advancements that consistently provide precise and accurate measurements have been crucial in increasing demand in novel applications, which will further accelerate the growth of the market. The smart manufacturing market are the rising attention on the energy absorption, manufacturing effectiveness, and the growing practice for a developed base for the manufacturing
- Rise in the Usage of IoT Solutions
Industry 4.0 and the Industrial internet of things (IoT) have increased demand for diagnostics and mobile-based access, which will propel the industry forward. The existence of the multinational corporations funding in the research and development for industrial technologies, industrial Internet of Things (IoT) and as well as the cloud technology are the factors that will further boost the growth of the smart manufacturing market
Opportunity
- Technological Advancements and Innovation
The continuous advancements in robotics technology, including developments in artificial intelligence, machine learning, and sensor technologies, present significant opportunities for the global smart manufacturing market. These innovations enable robots to become more intelligent, versatile, and capable of handling complex tasks, expanding their application possibilities across various industries
Restraint/Challenge
- Workforce Skill Enhancement and Retraining
The increasing adoption of Smart manufacturing requires companies to invest in retraining and upskilling their workforce to adapt to the changing work environment. Employees need to acquire new skills to collaborate effectively with robots, manage robotic systems, and perform tasks that complement and support robotic operations. Retraining programs and initiatives are crucial to ensure a smooth transition and maximize the benefits of industrial automation while safeguarding employment opportunities
This global smart manufacturing market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart manufacturing market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth
Recent Development
- In June 2021, Stratasys Ltd. announced two new PolyJet 3D printers, the Stratasys J35 Pro and the Stratasys J55 Prime, along with new software solutions for research and packaging prototyping. Also, it introduced a medical 3D printer that sets a new standard for healthcare providers and medical device companies by combining multiple applications in one system
- In November 2022, GENERAL ELECTRIC (GE), a global leader in industrial innovation, unveiled its latest suite of smart manufacturing solutions designed to revolutionize manufacturing processes and drive operational excellence. These advanced solutions leverage cutting-edge technologies to enhance productivity, efficiency, and flexibility in factories
Global Smart Manufacturing Market Scope
The global smart manufacturing market is segmented on the basis of component, technology and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications
Component
- Software
- Hardware
- Service
Technology
- Machine Execution Systems
- Programmable Logic Controller
- Enterprise Resource Planning
- SCADA
- Discrete Control Systems
- Human Machine Interface
- Machine Vision
- 3D Printing
- Product Lifecycle Management
- Plant Asset Management
End-User
- Automotive
- Aerospace and Defense
- Chemicals and Materials
- Healthcare
- Industrial Equipment
- Electronics
- Food and Agriculture
- Oil and Gas
- Others
Global Smart Manufacturing Market Regional Analysis/Insights
The smart manufacturing market is analysed and market size, volume information is provided by component, technology and end-user as referenced above.
The countries covered in the smart manufacturing market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA)
Asia-Pacific dominates the smart manufacturing market due to the rising presence of a large number of smart manufacturing companies stimulated by the need to compete at international levels, increasing emphasis on regulatory compliances, hiking complexities in supply chains and increasing demand for software systems that reduce time and cost in this region.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Smart Manufacturing Market Share Analysis
The Smart manufacturing market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the company’s focus related to Global smart manufacturing market.
Some of the major players operating in the Global smart manufacturing market are:
- Siemens (Germany)
- GENERAL ELECTRIC (U.S.)
- ABB (Switzerland)
- Rockwell Automation, Inc. (U.S.)
- Schneider Electric (France)
- Honeywell International Inc. (U.S.)
- FANUC CORPORATION (Japan)
- Mitsubishi Electric Corporation (Japan)
- Emerson Electric Co. (U.S.)
- Yokogawa India Ltd. (India)
- Bosch Limited (India)
- Stratasys Ltd. (Israel)
- TE Connectivity Ltd (Switzerland)
- Texas Instruments Incorporated (U.S.)
- KUKA AG (Germany)
- SAP ERP (Germany)
- HP Development Company, L.P. (U.S.)
- OMRON Corporation (Japan)
- Dassault Systèmes (France)
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