USD 272.12 billion
Global Smart Manufacturing Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Technology(Machine Execution Systems, Programmable Logic Controller) - Industry Forecast 2022-2028
Report ID: SQSG45A2007 | Region: Global | Published Date: October, 2022 | Pages: 165
Global Smart Manufacturing Market Insights
Global Smart Manufacturing Market size was valued at USD 272.12 billion in 2021, and it is expected to reach a value of USD 638.28 billion by 2028, at a CAGR of 15.3% over the forecast period (2022 - 2028).
The term "smart manufacturing" (SM) relates to the digitization of industrial manufacturing at all stages, including supply chain management, design process, production, distribution, and marketing. Companies can stay adaptable and make a quick shift in business models by using automation, AI, and linked robotics to analyze data from all stages of the procedure.
The implementation of public initiatives to support automation systems, the large influx of investment opportunities in Industry 4.0, the rise in trend for compliance with safety regulations, and the rising price of labor in emerging nations are all factors that have contributed to the growth of the smart manufacturing market.
Nevertheless, some of the main issues hindering the growth of this market include excessive capital and operating expenses and a lack of standardization for technology solutions. Smart manufacturing is predicted to proliferate in emerging nations and use 5G connectivity, which will present participants in this market with significant potential opportunities. The absence of a workforce with the necessary skills to integrate and run technologies and personal data protection issues are two of the main obstacles to the expansion of the smart manufacturing business, though.
Market snapshot
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
15.3% CAGR
Global Smart Manufacturing Market 2022-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
Global Smart Manufacturing Market Size By Components 2022-2028 ($ Bn)
Global Smart Manufacturing Market Size By Components 2022-2028 (%)
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Global Smart Manufacturing Market Segmental Analysis
The global smart manufacturing market segmentation is based on component, technology, and region. Based on component the market is segmented into hardware, software, and services. Based on technology the market is segmented into machine execution systems, programmable logic controller, enterprise resource planning, SCADA, discrete control systems, human machine interface, machine vision, 3D printing, product lifecycle management, and plant asset management. Based on region the global smart manufacturing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Component
The software segment, which had the largest revenue share of 49.3 % in 2021, is expected to rule the market during the projected period. The industry's foundation is its software component, which is driving it toward automatization. Robotics, drones, and other equipment will be operated by sophisticated software without the need for human intervention, lowering the likelihood of any errors. The software enables the market to advance significantly in terms of both research and development of fresher, more adaptable solutions.
From 2022 to 2028, the hardware segment market is expected to expand at a noteworthy rate. High-level and suitable hardware is necessary for the software applications to function. New hardware is necessary for the software applications to function. Production lines use hardware that is nimble, uses less electricity and can operate without human intervention. In order to aid the industry in becoming more standardized, contemporary gear must also be IoT compatible.
Analysis by Technology
With a 16.1% market share in 2021, the discrete control system category is expected to dominate the market in the coming years. The administrator can regulate and monitor processes using the discrete control system technology, which operates in the background. The market provides technology management and oversight of every process at both entry-level and sophisticated levels. The market is reachable from a distance thanks to modern technology and industrial automation.
With a market share of 12.9% in 2021, the 3D printing sector is predicted to grow at the quickest rate. Smart producers may now print any kind of tiny or large item by simply designing it in a 3D program. A smart manufacturing facility can quickly design and print 3D models, saving time and money. The market is a sizable investor in and buyer of software and hardware for 3D printing.
Global Smart Manufacturing Market By Components, 2021 (%)
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Global Smart Manufacturing Market Regional Insights
In 2021, due to the favorable ecology seen in countries like Japan, India, and Australia, the Asia Pacific region accounted for the largest share of the smart manufacturing market and is predicted to expand quickly during the projection period.
The second-largest market share for smart manufacturing was held by North America. The expansion of this region is attributed to rising expenditures on advanced manufacturing technologies in nations like Canada and the US. The adoption of the "smart manufacturing" concept has been further accelerated by technological advancements, the availability of replaceable printing media, and falling equipment costs.
Due to the proliferation of the internet of things (IoT) in countries like Germany, Italy, Spain, and others that balance the growth of the smart manufacturing market throughout the region, Europe is expected to rise steadily during the projection timeframe.
Global Smart Manufacturing Market By Geography, 2022-2028
- Largest
- Fastest
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Global Smart Manufacturing Market Dynamics
Driver
- Governments all over the world are backing and financing Research and development for developments like the IoT and commercial 3D printing as they become more aware of the huge opportunities 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 digital infrastructure in the future, they are financially sponsoring fresh IoT research initiatives.
- Due to the cheaper wage costs and real estate market in developing countries, businesses from industrialized economies are trying to expand their operations there. Furthermore, rapid industrialization in rising nations like India, China, Africa, Brazil, Mexico, and Indonesia has led to major infrastructural investment, which is luring multinational corporations to locate manufacturing facilities in these nations. In order to incorporate and manage supply chains, it is now necessary to have advanced warehouses.
Restraint
- Global market expansion is constrained by the need for substantial improvements 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.
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Global Smart Manufacturing Market Competitive Landscape
There are several significant participants in the reasonably competitive market for smart manufacturing. The major firms that hold significant market shares are concentrating on growing their clientele abroad. The businesses are utilizing tactical joint ventures to raise their market share and profitability. To improve the functionality of their products, industry participants are also buying up start-ups developing automated robotic technologies. For instance, to reduce the amount of employment work, Honeywell International, Inc. released robotic technology called "Smart Flexible Depalletizer" in September 2021. This innovation is boosting warehouse productivity and lowering workplace accidents.
Top Players Company Profiles
- HP Development Company, L.P. (US)
- ABB (Switzerland)
- Emerson Electric Co. (US)
- General Electric (US)
- Honeywell International, Inc. (US)
- Mitsubishi Electric Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Rockwell Automation, Inc. (US)
- Schneider Electric (Europe)
- Siemens AG (Germany)
Recent Development
- In March 2022, the Fourth Industrial Revolution technologies are being used by 103 of the global highest production facilities and value chains to improve operational performance and environmental sustainability. The World Economic Forum recently announced the addition of 13 new sites to this network.
- In December 2021, a major player in the electronics sector, LG Energy Solution, announced a partnership with Siemens to implement advanced manufacturing techniques at its electric vehicle (EV) battery manufacturing facilities globally.
- In June 2021, two new PolyJet 3D printers, the Stratasys J35 Pro and the Stratasys J55 Prime, as well as new software for research and packaging prototyping was introduced by Stratasys Ltd. Additionally, it unveiled a medical 3D printer that, by integrating several applications into one system, creates a new benchmark for healthcare organizations and manufacturers of medical devices.
Global Smart Manufacturing Key Market Trends
- One of their main uses, big data, is regarded as one of the newest market growth trends. Big data applications are in high demand due to the substantial, continuously growing volume of organized and unstructured data and information. Likewise, the IoT is the most important trend for the market (IoT). Smart cars, monitoring devices, digital phones, and other connected components are all part of the Internet of Things (IoT), which is a platform supported by AI. All of these gadgets produce enormous amounts of data, which are then processed by artificial intelligence programs. Self-driving/autonomous automobiles, smart houses, intelligent thermostats, pacemakers, smart city solutions, etc. are a few examples of the applications.
Global Smart Manufacturing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the software segment, which had the highest revenue share of 49.3% in 2021, is expected to dominate. The discrete control system category is expected to rule the market in the following years, with a 16.1% market share in 2021. The smart manufacturing market has the highest share in the Asia Pacific area as of 2021, and it is expected that this market will grow significantly over the forecast period. North America represented the second-largest market share for smart manufacturing.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 272.12 billion |
| Market size value in 2028 | USD 638.28 billion |
| Growth Rate | 15.3% |
| Base year | 2021 |
| Forecast period | 2022 - 2028 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Smart Manufacturing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Smart Manufacturing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Smart Manufacturing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Manufacturing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Manufacturing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Manufacturing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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