Smart Manufacturing Market Analysis By Component (Hardware, Software, Services), By Technology Outlook (Machine Execution Systems, Programmable Logic Controller, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine Interface, Machine Vision, 3D Printing, Product Lifecycle Management, Plant Asset Management), By End-Use Outlook (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas) and by Region: Global Forecast, 2024 - 2034.
- PUBLISHED ON
- 2022-04-20
- NO OF PAGES
- 263
- CATEGORY
- Information Communication & Technology
Market Overview
The Smart Manufacturing market is predicted
to develop at a compound annual growth rate (CAGR) of 13.3% from 2024 to 2034,
when it is projected to reach USD 1090.42 Billion, based on an average growth pattern.
The market is estimated to reach a value of USD 312.82 Billion in 2024.
SOURCE: We Market Research
Smart Manufacturing uses advanced technologies like IoT, AI, and robotics to enhance production efficiency and flexibility. It integrates cyber-physical systems and digital twins for real-time monitoring and optimization. The approach enables predictive maintenance, reduces waste, and supports sustainable practices. It also enhances supply chain management through real-time data sharing and just-in-time production. Automated quality control and human-machine collaboration, such as with collaborative robots (cobots) and augmented reality (AR), further improve productivity and safety. Overall, Smart Manufacturing creates a highly efficient, adaptable, and sustainable production environment, responding swiftly to market demands and opportunities.
The Global Smart
Manufacturing Market is driven by technological advancements like IoT, AI, and
robotics, which enhance efficiency and flexibility. The adoption of Industry
4.0 frameworks and the need for operational efficiency and cost reduction also
propel the market. Real-time data sharing improves supply chain integration,
while the demand for customized products supports flexible manufacturing.
Sustainability goals and government initiatives further boost the market.
Additionally, automation helps address skilled workforce shortages, ensuring
consistent productivity. Together, these factors drive the growth and adoption
of smart manufacturing solutions globally.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2024 |
USD 312.82 Billion |
|
Market Forecast in 2034 |
USD 1090.42 Billion |
|
CAGR % 2024-2034 |
13.3% |
|
Base Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast Period |
2024-2034 |
|
Report USP
|
Production, Consumption, company share, company
heatmap, company production capacity, growth factors and more |
|
Segments Covered |
By Component, By Technology ,By End-Use and By Region |
|
Regional Scope |
North America, Europe, APAC, South America and
Middle East and Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic
Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia;
Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa;
Nigeria |
Smart Manufacturing Industry: Dynamics & Restrains
Market opportunity:
We Market
Research: Smart Manufacturing Dashboard
Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.
Smart Manufacturing Segmentation
Market- By Component Analysis
By Component, the Smart Manufacturing Market is Categories into Hardware, Software, Services. The Software segment accounts for the largest share of around 56% in 2024.
The software segment in the global smart
manufacturing market is driven by the increasing adoption of Industrial
Internet of Things (IIoT), demand for real-time data analytics, and the need
for enhancing operational efficiency and productivity. Advanced software
solutions enable predictive maintenance, process optimization, and seamless
integration of manufacturing processes.
The
following segments are part of an in-depth analysis of the global Smart
Manufacturing market:
|
Market Segments |
|
|
By Technology
Outlook |
·
Machine Execution Systems ·
Programmable Logic Controller ·
Enterprise Resource Planning ·
SCADA ·
Discrete Control Systems ·
Human Machine Interface ·
Machine Vision ·
3D Printing ·
Product Lifecycle Management ·
Plant Asset Management |
|
By End-Use
Outlook |
·
Automotive ·
Aerospace & Defense ·
Chemicals & Materials ·
Healthcare ·
Industrial Equipment ·
Electronics ·
Food & Agriculture ·
Oil & Gas |
Smart Manufacturing Industry: Regional Analysis
North America
Market Forecast
North America dominate the Smart
Manufacturing Market with the highest revenue generating market with share of
more than 48%. The Smart Manufacturing market dominates the region due to leads
in smart manufacturing adoption, driven by strong investments in Industry
advance technologies by key players in the US. The presence of advanced
manufacturing industries and supportive government initiatives propel market
growth.
Europe Market Statistics
Europe's Smart
Manufacturing market is second largest region due to countries like Germany,
France, and the UK are at the forefront due to established manufacturing
sectors and robust infrastructure for digital transformation. Regulations
favoring sustainable manufacturing practices also drive adoption.
Asia Pacific Market Forecasts
Asia Pacific is
expected to be the fastest-growing regional segment of the Smart Manufacturing
market during the forecast period. In the Asia Pacific, rapid industrialization
in countries like China, Japan, and South Korea fuels the smart manufacturing
market. Increasing adoption of IoT and AI technologies in manufacturing
processes and growing investments in automation contribute to market growth.
The Smart Manufacturing Market is dominated by a few
large companies, such as
·
HP Development Company, L.P.
·
ABB
·
Emerson Electric Co.
·
General Electric
·
Honeywell International, Inc.
·
Mitsubishi Electric Corporation
·
Robert Bosch GmbH (Germany)
·
Rockwell Automation, Inc.
·
Schneider Electric
·
Siemens AG
· Others
1.
Global
Smart Manufacturing Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global Smart Manufacturing
Market Scope and Market Estimation
1.2.1.Global Smart Manufacturing Overall
Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2034)
1.2.2.Global Smart Manufacturing
Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
1.3. Market Segmentation
1.3.1.Component of Global Smart
Manufacturing Market
1.3.2.Technology of Global Smart
Manufacturing Market
1.3.3.End-use of Global Smart
Manufacturing Market
1.3.4.Region of Global Smart
Manufacturing Market
2.
Executive Summary
2.1. Market Dynamics
2.1.1.Drivers
2.1.2.Limitations
2.1.3.Opportunities
2.1.4.Impact Analysis of Drivers and
Restraints
2.2. Pricing Trends Analysis &
Average Selling Prices (ASPs)
2.3. Key Mergers & Acquisitions,
Expansions, JVs, Funding / VCs, etc.
2.4. Porter’s Five Forces Analysis
2.4.1.Bargaining Power of Suppliers
2.4.2.Bargaining Power of Buyers
2.4.3.Threat of Substitutes
2.4.4.Threat of New Entrants
2.4.5.Competitive Rivalry
2.5. Value Chain / Ecosystem Analysis
2.6. Russia-Ukraine War Impacts
Analysis
2.7. Economic Downturn Analysis
2.8. Market Investment Opportunity
Analysis (Top Investment Pockets), By Segments & By Region
3.
Global Smart Manufacturing
Market Estimates & Historical Trend Analysis
(2019 - 2023)
4.
Global Smart Manufacturing
Market Estimates & Forecast Trend
Analysis, by TYPE
4.1. Global Smart Manufacturing
Market Revenue (US$ Mn) Estimates and Forecasts, by TYPE, 2019 to 2034
4.1.1.Hardware
4.1.2.Software
4.1.3.Services
5.
Global Smart Manufacturing
Market Estimates & Forecast Trend
Analysis, by Technology
5.1. Global Smart Manufacturing
Market Revenue (US$ Mn) Estimates and Forecasts, by Technology, 2019 to 2034
5.1.1.Machine Execution Systems
5.1.2.Programmable Logic Controller
5.1.3.Enterprise Resource Planning
5.1.4.SCADA
5.1.5.Discrete Control Systems
5.1.6.Human Machine Interface
5.1.7.Machine Vision
5.1.8.3D Printing
5.1.9.Product Lifecycle Management
5.1.10. Plant Asset Management
6.
Global Smart Manufacturing
Market Estimates & Forecast Trend
Analysis, by End-use
6.1. Global Smart Manufacturing
Market Revenue (US$ Mn) Estimates and Forecasts, by End-user,
2019 to 2034
6.1.1.Automotive
6.1.2.Aerospace & Defense
6.1.3.Chemicals & Materials
6.1.4.Healthcare
6.1.5.Industrial Equipment
6.1.6.Electronics
6.1.7.Food & Agriculture
6.1.8.Oil & Gas
7.
Global Smart Manufacturing
Market Estimates & Forecast Trend
Analysis, by Region
7.1. Global Smart Manufacturing
Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2034
7.1.1.North America
7.1.2.Europe
7.1.3.Asia Pacific
7.1.4.Middle East & Africa
7.1.5.South America
8.
North
America Smart Manufacturing Market: Estimates & Forecast Trend Analysis
8.1.
North
America Smart Manufacturing Market Assessments & Key Findings
8.1.1.North America Smart
Manufacturing Market Introduction
8.1.2.North America Smart
Manufacturing Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
8.1.2.1. By TYPE
8.1.2.2. By Technology
8.1.2.3. By End-use
8.1.2.4. By Country
8.1.2.4.1. The U.S.
8.1.2.4.2. Canada
8.1.2.4.3. Mexico
9.
Europe
Smart Manufacturing Market: Estimates & Forecast Trend Analysis
9.1. Europe Smart Manufacturing
Market Assessments & Key Findings
9.1.1.Europe Smart Manufacturing
Market Introduction
9.1.2.Europe Smart Manufacturing
Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
9.1.2.1. By TYPE
9.1.2.2. By Technology
9.1.2.3. By End-use
9.1.2.4.
By
Country
9.1.2.4.1. Germany
9.1.2.4.2. U.K.
9.1.2.4.3. France
9.1.2.4.4. Italy
9.1.2.4.5. Spain
9.1.2.4.6. Russia
9.1.2.4.7. Rest of Europe
10. Asia Pacific Smart
Manufacturing Market: Estimates &
Forecast Trend Analysis
10.1. Asia Pacific Market Assessments
& Key Findings
10.1.1. Asia Pacific Smart Manufacturing
Market Introduction
10.1.2. Asia Pacific Smart Manufacturing
Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
10.1.2.1. By TYPE
10.1.2.2. By Technology
10.1.2.3. By End-use
10.1.2.4. By Country
10.1.2.4.1. China
10.1.2.4.2. Japan
10.1.2.4.3. India
10.1.2.4.4. Australia
10.1.2.4.5. South Korea
10.1.2.4.6. ASEAN
10.1.2.4.7. Rest of Asia Pacific
11. Middle East & Africa Smart
Manufacturing Market: Estimates &
Forecast Trend Analysis
11.1. Middle East & Africa Market
Assessments & Key Findings
11.1.1. Middle
East & Africa Smart
Manufacturing Market Introduction
11.1.2. Middle
East & Africa Smart
Manufacturing Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
11.1.2.1. By TYPE
11.1.2.2. By Technology
11.1.2.3. By End-use
11.1.2.4. By Country
11.1.2.4.1. U.A.E.
11.1.2.4.2. Saudi Arabia
11.1.2.4.3. Egypt
11.1.2.4.4. South Africa
11.1.2.4.5. Rest of Middle East & Africa
12. South America
Smart Manufacturing Market: Estimates
& Forecast Trend Analysis
12.1. South America Market Assessments
& Key Findings
12.1.1. South America Smart
Manufacturing Market Introduction
12.1.2. South America Smart
Manufacturing Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
12.1.2.1. By TYPE
12.1.2.2. By Technology
12.1.2.3. By End-use
12.1.2.4. By Country
12.1.2.4.1. Brazil
12.1.2.4.2. Argentina
12.1.2.4.3. Colombia
12.1.2.4.4. Rest of South America
13. Competition Landscape
13.1. Global Smart Manufacturing
Market Competition Matrix & Benchmarking, by Leading Players / Innovators /
Emerging Players / New Entrants
13.2. Global Smart Manufacturing
Market Competition White Space Analysis, By End-user
13.3. Global Smart Manufacturing
Market Competition Heat Map Analysis, By End-user
13.4. Global Smart Manufacturing
Market Concentration & Company Market Shares (%) Analysis, 2022
14. Company Profiles
14.1.
HP Development Company.
14.1.1. Company Overview & Key Stats
14.1.2. Financial Performance & KPIs
14.1.3. Product Portfolio
14.1.4. Business Strategy & Recent
Developments
* Similar details would be provided
for all the players mentioned below
14.2. ABB
14.3. Emerson
Electric Co.
14.4. General
Electric
14.5. Honeywell
International, Inc.
14.6. Mitsubishi
Electric Corporation
14.7. Robert Bosch
GmbH
14.8. Rockwell
Automation, Inc.
14.9. Schneider
Electric
14.10. Siemens AG
14.11. Others
15. Research
Methodology
15.1. External Transportations /
Databases
15.2. Internal Proprietary Database
15.3. Primary Research
15.4. Secondary Research
15.5. Assumptions
15.6. Limitations
15.7. Report FAQs
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size of Smart Manufacturing Market in 2024?
Smart Manufacturing Market was valued at USD 312.82 Billion in 2024.
What is the growth rate for the Smart Manufacturing Market?
Smart Manufacturing Market size will increase at approximate CAGR of 13.3% during the forecasted period.
Which are the top companies operating within the market?
Major companies operating within the Smart Manufacturing Market Are HP Development Company, L.P., ABB, Emerson Electric Co., General Electric, Honeywell International, Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation, Inc., Schneider Electric, Siemens AG and Others.
Which region dominates the Smart Manufacturing Market?
North America dominates the market with an active share of 48%.
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