Global Smart Manufacturing Market

Smart Manufacturing Market Size, Share, Growth Analysis, By Component, Information Technology(HMI, PAM, MES, WMS), Enabling Technology(3D Printing, Robotics, Sensors, AI, Condition Monitoring, Machine Vision, Cybersecurity, Digital Twin, AGV, AR/VR), Industry, and Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2185 | Region: Global | Published Date: August, 2024
Pages: 165 | Tables: 94 | Figures: 76

Smart Manufacturing Market Insights

Global Smart Manufacturing Market size was valued at USD 225.99 Billion in 2022 and is poised to grow from USD 260.56 Billion in 2023 to USD 813.86 Billion by 2031, growing at a CAGR of 15.3 % in the forecast period (2024-2031). 

The smart manufacturing market is expanding rapidly due to factors like increasing Industry 4.0 adoption, more government engagement in supporting industrial automation. Furthermore, increasing focus on industrial automation in manufacturing processes, and rising demand for software systems that save time and expenses is also positively influencing the growth of the market. Furthermore, COVID-19 pandemic had also immensely impacted every industry and elements involved in industrial automation. The global supply chains and operational logistics were suddenly affected during the initial worldwide lockdown. Therefore, the market started emphasizing more on manufacturing essential products to survive during the pandemic as demand for non-essential products reduced. However, the market was able to grow during the pandemic as enterprises needed to provide their services and products safely and quickly. The growth of the market was evident during this situation as a direct result of demand, government financial assistance, and technical support. Information technology and automobile industries are the two most prevalent industries for industry 4.0. The market has helped automotive manufacturers build automated assembly lines not only for parts but also to manufacture the entire car.  

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Global Smart Manufacturing Market size was valued at USD 225.99 Billion in 2022 and is poised to grow from USD 260.56 Billion in 2023 to USD 813.86 Billion by 2031, growing at a CAGR of 15.3 % in the forecast period (2024-2031). 

The global smart manufacturing market is highly competitive, with a significant number of small and medium-sized players vying for market share against established manufacturers. The majority of small-scale players are located in the Asia Pacific region, where the market is still developing. With the evolution of technology, products that are being manufactured are also becoming more innovative. Industrial automation is streamlining the process, allowing the market to grow alongside these advancements. The North American and European markets are dominated by large and medium-sized companies. Despite high competition, technological advancements are enabling companies to save time and costs while increasing efficiency and effectiveness.  'Siemens AG (Germany)   ', 'General Electric Company (US)   ', 'Schneider Electric SE (France)   ', 'IBM Corporation (US)    ', 'Cisco Systems, Inc. (US)   ', 'Rockwell Automation, Inc. (US)   ', 'ABB Ltd (Switzerland)   ', 'Honeywell International Inc. (US)   ', 'Mitsubishi Electric Corporation (Japan)   ', 'Fanuc Corporation (Japan)   ', 'Bosch Rexroth AG (Germany)   ', 'Yokogawa Electric Corporation (Japan)   '

Sensor advancements that consistently provide precise and accurate measurements have been crucial in increasing demand in novel applications, which will further accelerate the growth of the market. The smart manufacturing market are the rising attention on the energy absorption, manufacturing effectiveness, and the growing practice for a developed base for the manufacturing 

The continuous advancements in robotics technology, including developments in artificial intelligence, machine learning, and sensor technologies, present significant opportunities for the global smart manufacturing market. These innovations enable robots to become more intelligent, versatile, and capable of handling complex tasks, expanding their application possibilities across various industries 

North America is leading the market. Canada and the United States are investing more in modern industrial technologies. The introduction of the smart manufacturing concept has been accelerated by technological advancements, the availability of substitute printing materials, and lower equipment prices.  The North American aerospace & defense, health, industrial, and automotive industries are all seeing significant investment efforts expected to grow significantly in the future. Many government facilities like NASA, have identified the importance of 3D Printing R&D investments that can contribute substantially to space applications and produce new technologies to fuel market expansion. 

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Global Smart Manufacturing Market

Report ID: SQMIG45I2185

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