Pune, July 24, 2024 (GLOBE NEWSWIRE) -- Smart Manufacturing Market Size Analysis:
“According to SNS Insider Research, The Smart Manufacturing Market Size was esteemed at US$ 291.87 billion in 2023 and is supposed to arrive at US$ 880.42 billion by 2032 and develop at a CAGR of 14.8% over the forecast period 2024-2032.”
Growing Demand for Efficiency and Sustainability Drives Market Expansion
The Smart manufacturing is a process that pursues to integrate a wide variety of procedures and tools in a bid to facilitate real-time access and automatic analysis of data in the manufacturing processes. It transforms connected conventional manufacturing lines into intelligent spaces characterised by seamless operations and broader data-based precision combined with systemic smart integration and advanced data analytics for planning and optimisation of manufacturing operations. The most popular technologies used in the associated processes include automation, Internet of Things, machine analytics, artificial intelligence, advanced materials manufacturing, and much more. Overall, smart manufacturing ensures optimum operational efficiency and constant observance of all standards ensuring sustainability of manufacturing processes.
Industrial automation enjoys increasing applicability in numerous industries, and the diversity of smart manufacturing solutions serves as substantial evidence of the smart manufacturing market’s potential. Every domain, from environmental concerns to medical issues, may find advantages in this industry’s offerings. Besides, information technology forms both the industry’s significant agent and the foundation on which various modern solutions, namely augmented reality, virtual reality, machine learning, and artificial intelligence, rest. It, therefore, allows specialists to embed these technologies into the production chain. This research focuses on smart manufacturing solutions primarily to analyze their segmentation characteristics and regional development.
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Major Platers Analysis Listed in this Report are:
- 3D System, Inc.
- ABB
- Cisco System, Inc.
- Emerson Electric
- General Electric
- Honeywell International Inc.
- IBM
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Schneider Electric
- Siemens
- Oracle
- SAP
- Stratasys
- Yokogawa Electric Corporation
- Other Players
Smart Manufacturing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 291.87 Billion |
| Market Size by 2032 | US$ 880.42 Billion |
| CAGR | CAGR of 14.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | Forecast Period |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The surging demand for software systems that reduce time and cost is driven by businesses seeking to enhance operational efficiency and maximize profitability. • The growing adoption of advanced technologies like big data, cloud computing, and 5G is driving smart manufacturing by enabling secure data management, faster machine communication, and real-time process monitoring. |
Segmentation Analysis
By Component: The software is estimated to have the leading position and account for no less than 49.9% of the market share by 2023. It becomes the most substantial piece of market pie due to the industry’s increasing dependence on automation. This technology is to serve the purpose of operation, controlling robots via software, and facilitating drones and other machinery.
By Technology: Discrete control systems are projected to maintain their leading position 16.5% market share in 2023, due to their ability to provide background control and monitoring functionalities to administrators. This technology offers a comprehensive overview of various processes at both basic and advanced levels, ensuring easy accessibility and control over industrial automation systems.
By End-use: The automotive industry dominates this pie piece and is the largest revenue source by 24.6% 2023 market share. Manufacturers work under tremendous pressure to decrease waste, eliminate costs and enhance profit, and smart manufacturing solutions enable automotive companies to achieve such changes while still maintaining a high level of spin product standardization.
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Smart Manufacturing Market Key Segmentation:
By Component
- Hardware
- Software
- Services
By 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
By End-Use
- Automotive
- Aerospace & Defence
- Chemicals & Materials
- Healthcare
- Industrial Equipment
- Electronics
- Food & Agriculture
- Oil & Gas
- Others
Regional Developments
The Asia Pacific dominates the market and is to have a similar prominence figure throughout the forecast period. The Asia Pacific’s hold on dominance, with 37.2% in 2023, is ensured by the growing rates of automation in developing countries such as India and China.
North America is expected to play a significant role in the expansion of the smart manufacturing market. The North America smart manufacturing market is expected to grow due to various factors, including the region’s established status as a hub for industrial automation. North America is also prominent for adopting leading technologies and creative manufacturing processes throughout the region. North America has a favourable business climate particularly in the U.S.
Future Growth
The future of the Smart Manufacturing Market looks promising, with continuous advancements in technology and increasing investments in research and development. The integration of AI and machine learning is expected to revolutionize predictive maintenance, enabling manufacturers to identify potential issues before they occur and reduce downtime. Additionally, the development of digital twins and the adoption of AR and VR technologies will further enhance efficiency and productivity in manufacturing processes.
Recent Developments
In May 2023: Rockwell Automation Inc. collaborated with autonox Robotics, for the expansion and invention of robot mechanics. This partnership is expected to bring Kinetix motors and drives of Rockwell along with the autonox’s robot mechanics to achieve new manufacturing possibilities.
In April 2023: ABB is expected to invest USD 170 million in the U.S. market to create highly skilled jobs in manufacturing, innovation, and distribution operations. This investment is expected to create more demand for electrification and automation products.
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Key Takeaways
- Clients gain a concise breakdown of market dynamics to make strategic plans and informed decisions.
- The report provides an overview, analysis, and other vital factors affecting the market.
- Clients gain information into market trends and offers a detailed report on potential growth prospects.
- The report provides a thorough analysis of the key players and an understanding of their scenario.
- Clients receive powerful information and knowledge of the newest technological advances.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Smart Manufacturing Market Segmentation, By Component
8. Smart Manufacturing Market Segmentation, By Technology
9. Smart Manufacturing Market Segmentation, By End-Use
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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