Smart Manufacturing Market Forecasts to 2028 – Global Analysis By Enabling Technology (Industrial 3D Printing, AI in Manufacturing and Other Enabling Technologies), Industry (Process Industry and Discrete Industry), Component (Software, Hardware and Servi

Smart Manufacturing Market Forecasts to 2028 – Global Analysis By Enabling Technology (Industrial 3D Printing, AI in Manufacturing and Other Enabling Technologies), Industry (Process Industry and Discrete Industry), Component (Software, Hardware and Services), Information Technology, Deployment and By Geography

According to Stratistics MRC, the Global Smart Manufacturing Market is accounted for $299.61 billion in 2022 and is expected to reach $707.61 billion by 2028 growing at a CAGR of 15.4% during the forecast period. The purpose of SM is to investigate potential uses of data analytics for automating processes and enhancing industrial performance. One specific application of SM is in the Industrial Internet of Things (IIoT). Industrial machinery has sensors built in to gather information about how well they are doing and how they are operating at all times. Traditionally, the data was frequently kept in local databases on specific devices and only used to identify the root cause of equipment failure after it had already happened. As smart manufacturing spreads and more devices are connected to the IoT, they will be able to communicate more effectively and potentially enable more automation.

According to Chinese government subsidies provided to the robotics industry have grown more than threefold from 4.6 billion RMB ($670.4 million) in 2015 to 15.4 billion RMB ($2.24 billion) in 2019. In 2020, China reached the robotics density (a metric used to measure a country’s level of industrial automation) of 246 units per 10,000 employees, which is almost twice the global average of approximately 120.

Market Dynamics:

Driver:

Increasing government involvement

Governments all over the world are supporting and funding R&D for technologies like the IIoT and industrial 3D printing as they become more aware of the enormous potential of smart manufacturing technologies. The governments of various nations are encouraging the development of the IoT because they see themselves as future users of the technology. To create and manage smart cities in the future, they are financially sponsoring fresh IoT research initiatives. To further investigate the potential of 3D printing technology, governments all over the world are taking efforts and sponsoring educational institutions, research centres, and research and technology organisations.

Restraint:

High investments and costs involved in implementing smart manufacturing

Global market expansion is constrained by the need for significant investments to implement smart manufacturing technologies. Smart manufacturing technologies including Automated Guided Vehicles (AGVs), Enterprise Manufacturing Intelligence (EMI), HMI, Warehouse Management System (WMS), and PAM demand a significant amount of cash to set up and deploy. This may deter businesses from implementing smart manufacturing. For instance, EMI is utilised in a company to enable real-time planning, control, and execution of activities to boost productivity and operational efficiency, but this comes at an additional expense. The need for consulting, purchase, and implementation of these systems and services accounts for the high installation costs of information and enabling technology systems.

Opportunity:

Rapid industrial growth in emerging economies

Due to the cheaper labour costs and real estate prices in emerging economies, businesses from industrialised economies are trying to expand their operations there. Additionally, the rising industrialization of emerging nations has led to major expenditures in infrastructure growth, which in turn is luring multinational corporations to locate manufacturing facilities in these economies. In order to integrate and manage supply chains, it is now necessary to have sophisticated warehouse facilities. Additionally, the use of 5G industrial IoT in manufacturing operations is expanding thanks to the development of smart devices and sophisticated data analytics methods. Hundreds of manufacturers have connected thousands of machines throughout their global factories to IoT platforms thanks to the development of 5G, which enables manufacturers to better utilise their capacity and eventually win more business to stay globally competitive.

Threat:

Threats related to cyber security

A significant problem for the market for smart manufacturing is the rise in cyber security concerns, which are brought on by an increase in viruses and hacking. Malicious computer viruses have the potential to alter crucial data, which can result in a significant loss. Inadequate security precautions used by communication software systems could cause the entire information flow to be disrupted. The usage of off-the-shelf IT solutions is widespread across businesses, and web-based communication is becoming more and more essential. As a result, malware aimed at industrial systems is more likely to affect these businesses.

Covid-19 Impact

Global business businesses and the global economy were significantly impacted by COVID-19. Lockdowns were enacted by governments all around the world to stop the virus from spreading. The complete global lockdown during the early stages of the outbreak had a substantial negative impact on people's livelihoods and quality of life in many different countries. As a result, supply chains all across the world experienced difficulties. The economies of the world have been impacted by a dramatic fall in product demand. The pandemic caused a general slowdown in industry, which made primary materials scarce. The main reasons for the decrease in production were a breakdown in the supply chain and a decline in exports. The main concern of enterprises at this time was to survive, and intelligent manufacturing was essential in helping businesses run effectively.

The digital twins segment is expected to be the largest during the forecast period

The digital twins segment is estimated to have a lucrative growth, due to the use of digital twins, information about a physical product's behaviour in the real world may be linked to a 3D digital representation, which is frequently utilised in engineering and other business-related processes. By way of illustration, Dassault Systems (France) pioneered the virtual twin concept, which enables design and engineering teams to virtually visualise and analyse products or systems and provide insights resembling physical behaviours, such as stress and vibration, as well as behaviours connected to software and control systems.

The food & beverages segment is expected to have the highest CAGR during the forecast period

The food & beverages segment is anticipated to witness the fastest CAGR growth during the forecast period. The manufacturing procedures in the food and beverage business are evolving as a result of the newest technological innovations, such as 3D printing of food and machine vision. The primary objective of the parties involved in the chain of production and distribution of this is to provide high-quality products while minimising the expenses of production, upkeep, and distribution. The automation technologies applied in the food and beverage sector provide flexible design options, creative and integrated safety solutions, and cutting-edge software tools for machine control. Food producers are making huge investments to upgrade their outdated manufacturing facilities. As a result, the food and beverage industry is adopting smart manufacturing technologies and innovative manufacturing equipment at a rapid rate.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Developing nations are pursuing complete automation in smart manufacturing since there are so many untapped prospects in these markets. These nations spend extensively in industry 4.0 because they also want to be autonomous in terms of manufacturing and output.

Region with highest CAGR:

South America is projected to have the highest CAGR over the forecast period. Smart manufacturing is becoming more commonplace as a result of aggressive penetration of the South American market for innovation and automation. Opportunities in smart manufacturing are growing as a result of South America's recent start in the modern technological revolution. Additionally, the region is close to and easily accessible to a variety of raw resources, which promotes smart production and the expansion of the market.

Key players in the market

Some of the key players profiled in the Smart Manufacturing Market include General Electric, Siemens, Rockwell Automation Inc., Schneider Electric, Honeywell International Inc., Emerson Electric, Fanuc UK Limited, Robert Bosch GmbH, Mitsubishi Electric Corporation, ABB and HP Development Company

Key Developments:

In September 2021, Honeywell International, Inc. created the 'Smart Flexible Depalletizer,' a robotic device that reduces labor-intensive work. This technology enhances warehouse productivity while lowering worker injuries.

In March 2021, Connectix is a new line of intuitive software products and expert services from General Electric. The service is intended for use in smart manufacturing. The services enable manufacturers to use data analytics to improve energy efficiency, make faster choices, and improve day-to-day operations.

In February 2021, ABB has developed a cobot portfolio in the GoFa and SWIFTI cobot families. These cobots will complement YuMi and Single Arm YuMi in ABB's cobot portfolio, increasing payload capacity and faster robot mobility.

In January 2021, Rockwell Automation, Inc. has released the QuickStick HT, an improved intelligent conveyor system. The innovative QuickStick HT 5700 inverter has been installed in the newly introduced conveyor system. The revised plan has improved functional safety while reducing plant floor space and controlling cabinet size.

In May 2020, MELFA ASSISTA is a robot family developed by Mitsubishi Electric Corporation. MELFA ASSISTA works with people to perform safety functions such as collision avoidance. The robot also complies with international safety standards and regulations such as ISO 10218-1 and ISO / TS15066. MELFA ASSISTA and RT VisualBox are being used by businesses to improve efficiency.

Technologies Covered:
• Industrial 3D Printing
• AI in Manufacturing
• Digital Twins
• Industrial Machine Vision
• Industrial Sensors
• Industrial Cyber security
• Robots
• Automated Guided Vehicles
• Machine Condition Monitoring
• Programmable Logic Controller
• Enterprise Resource Planning
• Discrete Control Systems
• Artificial Reality & Virtual Reality
• 5G Industrial IoT
• Product Lifecycle Management
• Supervisory Controller and Data Acquisition (SCADA)
• Other Technologies

Industries Covered:
• Process Industry
• Discrete Industry
• Other Industries

Components Covered:
• Software
• Hardware
• Services

Information Technologies Covered:
• Human-Machine Interface
• Plant Asset Management
• Manufacturing Execution System
• Warehouse Management System Dual Frequency
• Other Information Technologies

Deployments Covered:
• Cloud
• On-Premises

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements