Smart Manufacturing Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030

The report on the global smart manufacturing market provides qualitative and quantitative analysis for the period from 2021-2030. The global smart manufacturing market was valued at USD 267.91 billion in 2022 and is expected to reach USD 884.73 billion in 2030, with a CAGR of 13.78% during the forecast period 2023-2030. The study on smart manufacturing market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

Smart manufacturing enables all information about the manufacturing process to be available when and where it is needed across entire manufacturing supply chains and product lifecycles. Smart manufacturing is a system that is fully integrated, combined manufacturing systems that respond in real-time to meet changing demands and conditions in the factory and in customer needs. Smart manufacturing mainly focuses on advanced manufacturing technologies and tools that are driven or enhanced by integrated information technology. The biggest benefit of smart manufacturing is to increase operational efficiency. Therefore, the manufacturers are turning to centralized data centers that gather and report on the operations of everything from procurement to field service.

The widespread adoption of Industry 4.0 technologies, such as IoT, AI, and automation, is fueling the expansion of the smart manufacturing market. These innovations enhance operational efficiency, product quality, and cost-effectiveness, making smart manufacturing solutions highly sought after by industries seeking to stay competitive and responsive to changing market demands. Additionally, the rising need for software solutions that streamline processes, minimize production time and reduce costs is a primary driver behind the growth of the smart manufacturing market. Industries are increasingly turning to these technologies to enhance their competitiveness and optimize resource utilization in a fast-paced business landscape. However, the smart manufacturing market growth may face obstacles due to its significant initial setup costs and concerns about cybersecurity vulnerabilities. Industries may be hesitant to invest in these technologies, fearing potential breaches that could compromise sensitive data and operations. These challenges could slow down the adoption rate of smart manufacturing solutions. However, the smart manufacturing market is finding growth opportunities through increased demand from the defense and aerospace sectors. These industries are increasingly adopting smart manufacturing technologies to enhance production efficiency, precision, and quality, positioning smart manufacturing as a key player in addressing their complex and demanding requirements.

The largest market share region in the smart manufacturing market is North America, primarily driven by the United States. North America's dominance can be attributed to its robust industrial base, early adoption of Industry 4.0 technologies, and a strong focus on innovation. The presence of key players, research institutions, and government initiatives in the region has further contributed to its leadership in the smart manufacturing space. Moreover, the fastest-growing region in the smart manufacturing market is the Asia-Pacific region. Countries such as China, Japan, South Korea, and India are experiencing rapid growth in smart manufacturing adoption. Factors such as a large manufacturing sector, increasing investments in automation, and the digital transformation of industries contributed to the region's growth. Additionally, government policies promoting Industry 4.0 and the growing need for operational efficiency in various sectors fueled the smart manufacturing market's expansion in Asia-Pacific.

Report Findings

1) Drivers

• The increasing popularity of Industry 4.0 is the major factor driving the growth of the smart manufacturing market.

2) Restraints

• The high initial cost of setting up and the probability of cyber-attacks breaching the security may restrain the market growth.

3) Opportunities

• Increasing demand from the defense and aerospace sectors is provide growth opportunities to the market.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents.

The primary respondents approached include:

1. Key Opinion Leaders
2. Internal and External subject matter experts
3. Professionals and participants from the industry

The primary research respondents typically include:

1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/country managers
5. Vice President level executives.

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include:

1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies

Segments Covered

The global smart manufacturing market is segmented on the basis of technology, component, and end user.

The Global Smart Manufacturing Market by Technology

• Programmable Logic Controller
• Manufacturing Execution System
• Discrete Control Systems
• Product Lifecycle Management
• Enterprise Resource Planning
• Machine vision
• Others

The Global Smart Manufacturing Market by Component

• Hardware
• Services
• Software

The Global Smart Manufacturing Market by End User

• Semiconductor
• Oil and Gas
• Automotive
• Food and Beverage
• Pharmaceutical
• Aerospace and Defence
• Others

Company Profiles

The companies covered in the report include:

• ABB Ltd.
• FANUC America Corporation
• Honeywell International Inc.
• Texas Instruments Incorporated
• Mitsubishi Electric India Pvt. Ltd.
• Rockwell Automation
• Yokogawa India Ltd.
• Siemens
• Emerson Electric Co.
• Schneider Electric

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the smart manufacturing market.

2. Complete coverage of all the segments in the smart manufacturing market to analyze the trends, developments in the global market and forecast of market size up to 2030.

3. Comprehensive analysis of the companies operating in the global smart manufacturing market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.

4. The Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.

This product will be delivered within 1-3 business days.