Global Smart Manufacturing Market Analysis & Trends - Industry Forecast to 2030
Smart Manufacturing: Market Size
From $150.43 billion in 2024, the global Smart Manufacturing market is projected to reach $416.53 billion by 2030. Based on our analysis the market is expected to grow at a CAGR of 18.5% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include growing adoption of cloud solutions, increase in adoption of IIoT, and integration of different solutions to provide improved performance.
Global Smart Manufacturing Market: Market Dynamics
The smart manufacturing market is driven by the factors such as increasing government involvement in supporting smart manufacturing, growing emphasis on regulatory compliances, and rising demand for software systems that reduce time and cost. The emergence of new applications for 3D printing has also attracted industrialists and governments across the world toward the technology.
On the other hand, the high initial investment is likely to obstruct the profit boundaries. In addition, rapid industrial growth in emerging economies will further boost for the Smart Manufacturing market.
Impact of COVID-19 on Smart Manufacturing
Due to the spread of Covid-19, economies across the world have declined as there is a major decline in the demand for products. The production across industries has been limited due to the pandemic resulting in the shortage of raw material. The decline in exports and the disruptions in the supply chain are the major factors contributing to the decline in production. During this period, the main objective of the companies was to sustain their businesses, where smart manufacturing played a critical role in companies performing efficiently with limited available resources and workforce.
By End User
Discrete Industry Segment Dominate the Market in 2024
The discrete industry segment made huge revenue in 2024 and growing its prominence during the forecast period. Technological innovations have resulted in the increased adoption of smart manufacturing in various discrete industries.
By Geography
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific region is likely to have a huge demand in the forecast period owing to the rising demand for smart tools due to increasing automation in industries. Government support in various Asia Pacific countries to drive industrialization is one of the important factors that will boost the demand for smart manufacturing in the coming years.
List of the Key Players Profiled in the Market Include:
• Schneider Electric SE • ABB Ltd • General Electric Company • SAP SE • Robert Bosch GMBH • Yokogawa Electric Corporation • Fanuc Corporation • Honeywell International Inc. • Emerson Electric Co. • Mitsubishi Electric Corporation • Texas Instruments Incorporated • Intel Corp. • Rockwell Automation Inc. • IBM Corporation • Siemens AG
List of the Regions/Countries Profiled in the Market Include:
North America • US • Canada • Mexico Europe • Germany • U.K • Italy • France • Spain • Rest of Europe Asia Pacific • China • Japan • India • Australia • New Zealand • Rest of Asia Pacific Middle East • Saudi Arabia • UAE • Rest of Middle East Latin America • Argentina • Brazil • Rest of Latin America Rest of the World (RoW) • South Africa • Others
1 Market Outline
1.1 Definition
1.2 Market Segmentation & Scope
1.3 Market Trends
1.4 Regulatory Factors
1.5 Product Analysis
1.6 Technology Analysis
1.7 End User Analysis
1.8 Strategic Benchmarking
1.9 Opportunity Analysis
2 Executive Summary
3 Research Methodology and Data Source
3.1 Methodology/Research Approach
3.1.1 Research Programs/Design
3.1.2 Market Size Estimation
3.2 Data Source and Assumptions
3.2.1 Purchased Database
3.2.2 Company Repository
3.2.3 Secondary Sources
3.2.4 Primary Research
3.2.5 List of Assumptions
4 Market Overview
4.1 Current Trends
4.1.1 Growing Adoption of Cloud Solutions
4.1.2 Increase in Adoption of IIoT
4.1.3 Integration of Different Solutions to Provide Improved Performance