Global Smart Manufacturing Market Size, Share & Trends Analysis Report, By industry, By component, By deployment, By enterprise size, By Region Forecasts, 2024-2032

Global Smart Manufacturing Market Size, Share & Trends Analysis Report, By industry, By component, By deployment, By enterprise size, By Region Forecasts, 2024-2032

Global Smart Manufacturing Market was valued at US $ 277.81 billion in 2023 and is expected to reach US $ 754.1 billion by 2032 growing at a CAGR of 13.5% during the forecast period 2024 – 2032.

Increased industry 4.0 adoption, greater government support for industrial automation, an increasing emphasis on industrial automation within the manufacturing process, a rise in the need for software systems used for time and cost savings, growing supply chain complexity, and an increase in regulatory compliance efforts are some of the factors driving this rapid growth. The COVID-19 epidemic caused operational shutdown in every industry, including the industrial automation sector. Remarkably, during the first global shutdown, operational logistics and global supply chains were impacted.

Throughout this projected period, new technologies including artificial intelligence (AI), cloud computing, big data, and machine learning, among others, will emerge and propel the expansion of the smart manufacturing sector. Furthermore, the Internet of Things is linked to big data in networking terms as well as machine-to-machine and wireless sensor networks. The information that M2M and M2P exchange with one another is another essential component. These are the technologies that this market is expected to witness.

Second, the information technology industry is leading in terms of market development and existence. The market has become more standardised as a result of the IoT's recent installation and standards. Global entry level manufacturing, applications, and markets have become mainstream procedures because of the Internet of things. These cutting-edge techniques, which include machine learning, augmented reality, artificial intelligence, and virtual reality, among others, make the IT industry one of the world's top industries for finding solutions to today's problems and demands. Qualcomm launched its next generation 5G technology, utilising the Internet of Things to enable smart manufacturing in July 2021.

“Discrete segment, by industry, to be fastest growing market from 2023 to 2030.”

Discrete industries are anticipated to increase faster than overall industries. Demand for intelligent manufacturing solutions in discrete automation is mostly created in the industrial manufacturing, electronics, and automotive industries. These industries aim to increase the productivity of the production process.

“Solutions segment, by component, to be dominating market from 2023 to 2030.”

The market is made up of services and solutions. In addition, fleet management and energy management technologies are used in these solutions. The industrial 3D printing, product lifecycle management, robotic process automation, supervisory controller, manufacturing execution system, programmable logic controller, and data acquisition are all included in the solutions section. A considerable increase in this section's market share throughout the projection timeframe. The increasing requirement for automated processes backed by the Internet of Things (IoT) has fuelled the expanding acceptance of industrial 3D printing in the manufacturing sectors.

“Cloud segment, by deployment, to be dominating market from 2023 to 2030.”

It is anticipated that the cloud segment would generate the most revenue. Their products and services are supported by scalable infrastructures built on remote workforces inspired by pandemics. Thus, cloud-based software is anticipated to gain traction with the greatest CAGR during the forecast period. As a result, in such a fleeting process, the necessity for dependable, secure, flexible, and remote technical services becomes apparent; this is the trend that is meant to last. This guarantees that these components are what power the cloud-based software.

“Large enterprises segment, by enterprise size, to be dominating market from 2023 to 2030.”

Large enterprises are anticipated to have the biggest revenue share during the forecast period. Its large geographic reach contributes to its ubiquitous presence. For multinational companies like Honeywell, GE Electric, Rockwell Automation, etc., expanding their geographic operations internationally is their primary objective. These parties are integrating sophisticated automation facilities to serve a large number of clients. These companies are creating industrial components like robotics and servos by using the newest technologies like 5G networks, Industry 4.0, and industrial IoT (IoT).The small and medium-sized business segment is anticipated to expand rapidly due to decreased infrastructure requirements and optimised maintenance costs, which are anticipated to persist during the forecast period.

“Asia Pacific to be fastest growing region in smart manufacturing market.”

Asia-Pacific's smart manufacturing market, which includes numerous nations like Japan, Australia, and India among others, already enjoys a significant revenue. During the forecast period, they are expected to grow at a very rapid rate. It is anticipated that SMEs will spur the adoption of smart manufacturing. Large businesses in the highly specialised sector, however, are expected to provide the majority of the revenue on the other side. The growing adoption of disruptive innovations in the industry, like Industry 4.0, IoT, and augmented reality, is driving the regional trend towards cloud adoption. This could lead to an increase in demand for cloud-based smart manufacturing solutions in many of the region's countries.

Smart Manufacturing Competitive Landscape

The competitive landscape of the Smart Manufacturing market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Smart Manufacturing technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Smart Manufacturing market is highly competitive, with numerous companies vying for market share. Prominent companies in the Smart Manufacturing Market include:

Major Players:

HP Development Company, L.P. (U.S.), Siemens AG (Germany), ABB (Switzerland), Schneider Electric (Europe), Emerson Electric Co. (U.S.), Rockwell Automation, Inc. (U.S.), General Electric (U.S.), Robert Bosch GmbH (Germany), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan)

Recent Developments:

In December 2022, Emerson will work with Petronas to further reinforce cybersecurity, improve remote operating capabilities, and promote decarbonization and digital transformation.

In September 2021, Honeywell International, Inc. introduced the ""Smart Flexible Depalletizer,"" a robotic device designed to reduce labor-intensive tasks. Both labor injuries and warehouse productivity are rising because to this technology.

General Electric Company announced in March 2021 the release of Connectix, a line of user-friendly software programs and professional services. Applications in smart manufacturing are the focus of the service. The services assist in utilizing data analytics to improve daily operations in manufacturing, increase energy efficiency, and speed up decision-making.

In January 2021, QuickStick HT, an upgraded intelligent conveyor system, was released by Rockwell Automation, Inc. The state-of-the-art QuickStick HT 5700 inverter has been installed in the recently released conveyor system. In addition to saving plant floor area and reducing the size of the control cabinet, the revised system has ensured functional safety.

Mitsubishi Electric Corporation introduced the MELFA ASSISTA robot family in May 2020. MELFA ASSISTA collaborates with humans to perform safety tasks, such as preventing collisions. Additionally, the robot operates in complete compliance with robotic standards ISO/TS15066 and ISO 10218-1 as well as international safety guidelines. Industries use RT VisualBox and MELFA ASSISTA to create more productive systems.