Smart Manufacturing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Smart Manufacturing Market
The Smart Manufacturing market size was valued at 277.81 billion in 2023, and the market is now projected to grow from 310.92 billion in 2024 to USD 754.1 billion by 2032, exhibiting a CAGR of 13.5% during the forecast period of 2023-2030.
The novel coronavirus pandemic is affecting the global economic device in each organization. The pandemic has advanced critical gaps amongst production and supply chain gadgets. To triumph over the pandemic, companies are reconstructing their commercial enterprise continuity models, making an investment in superior production and supply chain fashions, and coming across automation possibilities to lessen the effect of COVID-19 on manufacturing strains in the imminent years.
The emergence of the 5G era is possibly to reform the modern-day IoT-primarily based applications leveraged in smart manufacturing. 5G has the ability to make a progressive impact on how future IoT ecosystems are designed, specifically within the areas of scalability, latency, reliability, safety, and the extent of character control of connectivity parameters. As the IoT software program areas are broadening, greater superior use cases requiring more appropriate community capabilities also are emerging. Examples of such skills embody assist for covered sensors, extra accurate device positioning, and tool mobility at excessive pace. This results in Smart Manufacturing market growth.
Big facts is one of the key programs among them and is taken into consideration one of the rising developments for marketplace boom. The sturdy, growing volume of established and unstructured statistics and information creates a massive call for for massive facts programs. Similarly, the most vital trend for the marketplace is the Internet of Things (IoT). IoT includes smart devices, cars, sensors, and other related additives on a unmarried platform sponsored with the aid of synthetic intelligence.
Comprehensive Analysis of Smart Manufacturing Market
The Smart Manufacturing market is rising exponentially due to its marketplace segmentation. Based on the component, the market is categorized into services and solution. Based on deployment, the market is categorized into on-premises and cloud. Based on enterprise size, the market is segmented into large enterprises and small & medium enterprises. Based on industry, the market is segmented into process industry and discrete industry
Asia Pacific has the largest Smart Manufacturing market share. Asia Pacific holds the biggest smart production market share and is probable to grow hastily all through the forecast length because of the colourful surroundings across international locations consisting of Japan, India, and Australia; SMEs are anticipated to power the adoption of smart kind of manufacturing answers. However, huge establishments running in discrete industries are projected to generate the highest revenue inside the marketplace. Growing adoption of disruptive technology inclusive of Industry four.Zero, artificial intelligence, augmented fact, Internet of Things (IoT), and others are using the push towards cloud adoption across the area. Hence, cloud-primarily based clever production answers are probable to get extra call for throughout the countries in the place.
The top players in the market play a crucial role in the Smart Manufacturing industry assuring industrial prospectus growth and setting market standards. These players include, Siemens AG (Germany), HP Development Company, L.P. (U.S.), ABB (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (U.S.), Emerson Electric Co. (U.S.), Rockwell Automation, Inc. (U.S.), General Electric (U.S.), Robert Bosch GmbH (Germany), Schneider Electric (Europe), and Mitsubishi Electric Corporation (Japan).
In December 2022, Emerson to collaborate with Petronas with an goal to pressure decarbonization and virtual transformation in addition to enhance their faraway operation skills and further strengthen their cybersecurity.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 13.5% from 2023-2030
Unit Value (USD Billion)
Segmentation By Component, Deployment, Enterprise Size, Industry, and Region
By Component Solution
- Industrial 3D Printing
- Programmable Logic Controller (PLC)
- Product Lifecycle Management (PLM)
- Manufacturing Execution System (MES)
- Robotic Process Automation (RPA)
- Remote Monitoring software
- Supervisory Controller and Data Acquisition (SCADA)
- Others (Energy Management Systems, Fleet Management Solutions)
Services
- Professional Services
- Managed Services
By Deployment Cloud
On-Premises
By Enterprise Size Large Enterprises
Small & Medium Enterprises
By Industry Discrete Industry
- Automotive
- Transportation
- Industrial Machinery
- Medical Devices
- Semiconductor and Electronics/High-Tech
- Others (Aerospace and Defense)
Process Industry
- Pharmaceuticals
- Mining and Metals
- Chemicals
- Pulp and Paper
- Others (Cable)
By Region North America (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
- U.S. (By Solution)
- Canada (By Solution)
Europe (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
- U.K. (By Solution)
- Germany (By Solution)
- France (By Solution)
- Italy (By Solution)
- Spain (By Solution)
- Rest of Europe
Asia Pacific (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
- China (By Solution)
- Japan (By Solution)
- India (By Solution)
- Southeast Asia (By Solution)
- Rest of Asia Pacific
Middle East & Africa (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
- GCC (By Solution)
- South Africa (By Solution)
- Rest of the Middle East & Africa
Latin America (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
- Brazil (By Solution)
- Mexico (By Solution)
- Rest of Latin America
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