Global Smart Manufacturing Market
Global Smart Manufacturing Market 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, Others), By End-User (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas, Others) And By Geography – Covid-19 Impact Analysis, Post Covid Analysis, Opportunities, Trends And Forecast From 2021 to 2034
The global Smart Manufacturing market was valued at $305.6 Billion in 2023 and is anticipated to grow at a CAGR of 14.64% from 2024 to 2034. This growth is attributed to several macro and microeconomic factors such as
Technological Advancements
Technological advancements are a primary driver of the global smart manufacturing market. The integration of technologies like Artificial Intelligence (AI), Internet of Things (IoT), robotics, and cloud computing is revolutionizing manufacturing processes. AI and machine learning enable predictive maintenance, optimize production schedules, and improve quality control. IoT connects devices and systems, allowing for real-time data collection and analysis, leading to better decision-making and increased efficiency. Robotics automate tasks, enhancing productivity and reducing labor costs. Cloud computing provides the necessary infrastructure for data storage, processing, and analysis, enabling scalable and flexible solutions. These technological advancements are driving the demand for smart manufacturing solutions across various industries, as companies seek to improve competitiveness, reduce costs, and enhance product quality.
Further several factors restraining the market growth includeHigh Implementation Costs
The high implementation costs associated with smart manufacturing technologies pose a significant restraint on market growth. Implementing smart manufacturing solutions requires substantial investments in hardware, software, and infrastructure. This includes the purchase of advanced machinery, sensors, and other equipment, as well as the integration of complex software systems. Additionally, companies need to invest in training their workforce to operate and maintain these new technologies. These high upfront costs can be a major barrier for small and medium-sized enterprises (SMEs), which may have limited budgets and resources. Furthermore, the ongoing maintenance and upgrades of smart manufacturing systems can also incur significant costs, further hindering their adoption.
Leveraging Artificial Intelligence (AI) for Predictive Analytics in Smart Manufacturing and collaborations and alliances in the Smart Manufacturing market are expected to generate higher avenues during the forecast period.In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Smart Manufacturing market. The pandemic has caused a decline in new orders and a corresponding decrease in Technologyion.
This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Smart Manufacturing.
In terms of COVID-19 impact, the Smart Manufacturing market report also includes the following data points:Impact on Smart Manufacturing market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Outdoor Policies
Key Players' Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in the Smart Manufacturing market
Key Insight in the report:The global Smart Manufacturing market report covers an executive summary, market dynamics, COVID impact & post-COVID scenario, market size and forecast, competitive intelligence, market positioning, and Technologys.
Our report covers extensive competitive intelligence which includes the following data points:Business Overview
Business Segment Data
Financial Data
Technology Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis
Smart Manufacturing Market Segmentation: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
Other
End-User
Automotive
Aerospace & Defense
Chemicals & Materials
Healthcare
Industrial Equipment
Electronics
Food & Agriculture
Oil & Gas
Others
Region/ Countries Covered:North America
US
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
BeNeLux
Russia
Rest of Europe
Asia Pacific
China
Japan
Australia
India
South Korea
Thailand
Indonesia
Malaysia
Philippines
Singapore
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of Middle East & Africa
Key Players Analyzed in the Report:ABB
Siemens
General Electric
Rockwell Automation
Schneider Electric
Honeywell International Inc.
Emerson Electric Co.
Fanuc
Yokogawa Electric Corporation
3D Systems Inc.