Smart Manufacturing Market by Technology (3D Printing, Discrete Control Systems, Enterprise Resource Planning), Component (Hardware, Services, Software), End User - Global Forecast 2024-2030

Smart Manufacturing Market by Technology (3D Printing, Discrete Control Systems, Enterprise Resource Planning), Component (Hardware, Services, Software), End User - Global Forecast 2024-2030

The Smart Manufacturing Market size was estimated at USD 207.02 billion in 2023 and expected to reach USD 226.50 billion in 2024, at a CAGR 13.14% to reach USD 491.40 billion by 2030.

Smart manufacturing refers to an advanced approach to production that utilizes integrated, data-driven intelligence to improve manufacturing efficiency, productivity, and flexibility. At its core, smart manufacturing is the combination of operational technology (OT) and information technology (IT) within an Internet of Things (IoT) framework. This convergence enables a highly interconnected manufacturing ecosystem where machinery and equipment can self-optimize through real-time data exchange and analytics. Rising demand for software systems that reduce time and cost and supportive regulations and policies that encourage modernization of the manufacturing process foster market growth. However, high initial investment costs for adopting smart technologies and security risks associated with IoT and cloud-based systems may impede market growth. Nevertheless, rising emphasis on supply chain optimization and the adoption of digital twins, where virtual replicas of physical devices are used for simulation and analysis, is anticipated to create potential opportunities for the smart manufacturing market growth.

Regional Insights

In the Americas, smart manufacturing is driven by the quest for efficiency and productivity, significant investments in industrial automation, artificial intelligence, and the Industrial Internet of Things (IIoT). Recent patents have shown innovation in predictive maintenance, cyber-physical systems, and robotics. Major research initiatives, such as those by the National Institute of Standards and Technology (NIST), continue to underpin the development of industry standards and best practices. Government initiatives, such as the Investing in Canada Plan, are expected to fund new smart manufacturing technologies that could enhance competitiveness and reduce environmental footprints. In the EU, customer needs are highly sophisticated, strongly emphasizing compliance with strict regulatory standards and sustainability. Smart manufacturing is a crucial enabler for greater resource efficiency and customization capabilities. The Middle East and Africa have shown increasing interest in diversifying away from oil dependence, with smart manufacturing seen as pivotal in this transition. There is a growing focus on developing sectors such as aerospace, defense, and automotive manufacturing, with initiatives including Saudi Arabia's Vision 2030 incorporating smart factories to enhance productivity and create high-value jobs. Initiatives such as the African Union's Agenda 2063 envision a transformed continent with robust and sustainable industries. The customer purchasing behavior focuses on basic technology adoption and process improvements. However, infrastructure and skills development investments are critical for the region to harness the full potential of smart manufacturing. The Asia-Pacific region is distinguished by its rapid adoption of smart manufacturing technologies, led by countries such as China, Japan, and India, demonstrating unique consumer needs and purchasing behaviors. Countries in the Asia-Pacific possess enormous manufacturing sectors that are rapidly transforming through government initiatives, including Made in China 2025, Society 5.0, and Make in India campaigns. With a pressing need to overcome labor shortages and enhance product quality, manufacturers heavily invest in robotics, AI, and 5G technologies.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Smart Manufacturing Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Growing Adoption of Industry 4.0 in Economies Worldwide
    • Increasing Government Support Industrial Automation
    • Rising Integration of Robotic Process Automation (RPA)
    • Market Restraints
      • Complexities Associated with Deployment Smart Manufacturing Technologies
      • Market Opportunities
        • Emerging Technologies for Management of Manufacturing Operations and Introduction of Cobots
        • Surging Investments in Smart Factory Projects
        • Market Challenges
          • Privacy and Security Concerns Associated with Smart Manufacturing Technologies
          • Market Segmentation Analysis
            • Technology: Burgeoning utilization of discrete control systems to manage and control individual parts production
            • End User: Evolving adoption of smart manufacturing in automotive industry
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Smart Manufacturing Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Smart Manufacturing Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • RIC Technology Launches New Automated Robotic Arm Construction 3D Printer
              
              RIC Technology unveiled its advancement in smart manufacturing, the RIC-M1 PRO, at the World of Concrete 2024. Engineered to address the critical global housing shortage, this compact modular robotic arm printer stands out for its expanded capabilities and intelligent design. Distinguished by its larger operational footprint, sophisticated automation, and innovative material delivery system, the RIC-M1 PRO offers a significant reduction in both cost and labor, setting a new standard in efficiency.
              
              Mitsubishi Corporation Invests in ThinkIQ to Drive Digital Transformation for the Manufacturing Industry
              
              ThinkIQ secured an investment from Mitsubishi Corporation, marking a significant collaboration to propel the growth of ThinkIQ's innovative digital manufacturing platform in Japan. This partnership underscores Mitsubishi Corporation's commitment to enhancing digital transformation across its extensive industrial supply chains through ThinkIQ's advanced solutions. Developed in alignment with U.S. and European smart manufacturing initiatives and global standards, ThinkIQ's platform stands out for its open design and robust capability to streamline complex manufacturing supply chains.
              
              Smart Robotic Automation Solutions From ABB To Support Sustainability Targets For Volvo Cars
              
              ABB announced an enhanced partnership with Volvo Cars, planning to supply over 1,300 robots and functional packages to produce the next-generation electric vehicles. This collaboration underscores a shared commitment to sustainable manufacturing. Leveraging ABB's innovative, energy-efficient robotics, including their new large robot family and OmniCoreTM controllers, Volvo Cars aims to achieve up to 20% energy savings across its production sites, aligning with its sustainability ambitions.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Smart Manufacturing Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Smart Manufacturing Market, highlighting leading vendors and their innovative profiles. These include 3D Systems Corporation, ABB Ltd., Altair Engineering, Inc., Andea Solutions Sp. z o.o., Augury Inc., Bright Machines, Inc., Cisco Systems, Inc., Cognex Corporation, Emerson Electric Co., Epicor Software Corporation, Fanuc Corporation, Fruitcore Robotics GmbH, Fujitsu Limited, General Electric Company, General Vision Inc., Honeywell International Inc., International Business Machines Corporation, Mitsubishi Electric Corporation, Nvidia Corporation, Oracle Corporation, Path Robotics, Inc., Progress Software Corporation, Rockwell Automation, Inc., SAP SE, Schneider Electric SE, Siemens AG, SparkCognition, Inc., Stratasys Ltd., Telefonaktiebolaget LM Ericsson, Texas Instruments Incorporated, Xometry Europe GmbH, and Yokogawa Electric Corporation.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Smart Manufacturing Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Technology
              • 3D Printing
              • Discrete Control Systems
              • Enterprise Resource Planning
              • Human Machine Interface
              • Machine Execution Systems
              • Machine Vision
              • Plant Asset Management
              • Product Lifecycle Management
              • Programmable Logic Controller
              • SCADA
              • Component
                • Hardware
                • Services
                • Software
                • End User
                  • Aerospace & Defence
                  • Agriculture
                  • Automotive
                  • Chemical & Materials
                  • Food & Beverage
                  • Mining
                  • Oil & Gas
                  • Pharmaceutical
                  • Semiconductor
                  • Region
                    • Americas
                      • Argentina
                      • Brazil
                      • Canada
                      • Mexico
                      • United States
                        • California
                        • Florida
                        • Illinois
                        • New York
                        • Ohio
                        • Pennsylvania
                        • Texas
                        • Asia-Pacific
                          • Australia
                          • China
                          • India
                          • Indonesia
                          • Japan
                          • Malaysia
                          • Philippines
                          • Singapore
                          • South Korea
                          • Taiwan
                          • Thailand
                          • Vietnam
                          • Europe, Middle East & Africa
                            • Denmark
                            • Egypt
                            • Finland
                            • France
                            • Germany
                            • Israel
                            • Italy
                            • Netherlands
                            • Nigeria
                            • Norway
                            • Poland
                            • Qatar
                            • Russia
                            • Saudi Arabia
                            • South Africa
                            • Spain
                            • Sweden
                            • Switzerland
                            • Turkey
                            • United Arab Emirates
                            • United Kingdom
                            
                            
                            Please Note: PDF & Excel + Online Access - 1 Year