Pune, India, July 19, 2023 (GLOBE NEWSWIRE) -- The global smart manufacturing market size was valued at USD 277.81 billion in 2021. According to Fortune Business Insights, the market is projected to grow from its value USD 310.92 billion in 2023 to USD 754.1 billion by 2030, at CAGR of 13.5% during 2023 to 2030 forecast period. This growth is attributed to factors such as, new technologies like machine learning, Big Data, cloud computing, and artificial intelligence, are expected to accelerate the market growth.
Moreover, the Machine-to-Machine (M2M) and Wireless Sensor Networks (WSN) ideas and Big Data in terms of the content outputs generated are all strongly tied to the Internet of Things (IoT). Data created and exchanged between machines (M2M) as well as between machines and people (M2P) is included in the Internet of Things. It is anticipated that these technologies will increase the market share.
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List of Key Players Profiled in the Report:
- HP Development Company, L.P. (U.S.)
- ABB (Switzerland)
- Emerson Electric Co. (U.S.)
- General Electric (U.S.)
- Honeywell International, Inc. (U.S.)
- Mitsubishi Electric Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Rockwell Automation, Inc. (U.S.)
- Schneider Electric (Europe)
- Siemens AG (Germany)
Global Market Drivers and Restraints:
Investment in New Network Facilities and the Development of 5G Connectivity Technologies to Support Market Expansion
The present IoT-based applications used in smart manufacturing are probably going to change as the 5G era comes into being. Future IoT ecosystem design could be completely changed by 5G, particularly in terms of scalability, latency, reliability, security, and the degree of individual control over connectivity parameters. More complex use cases necessitating improved network capabilities are also emerging as the IoT application regions expand.
On the contrary, high initial capital expenditure is the main obstacle to the smart manufacturing market growth in international markets.
Regional Analysis of Market:
Asia Pacific Dominates the Market Due to a Strong Economy
Due to Asia Pacific ‘s robust ecosystem, which spans around Japan, India, and Australia, Asia Pacific currently owns the biggest smart manufacturing market share and is predicted to expand quickly over the forecast period. SMEs are anticipated to drive the adoption of smart manufacturing solutions.
However, it is anticipated that large businesses engaged in specific industries will lead the industry in terms of revenue. The push for cloud adoption across the region is being driven by the growing acceptance of disruptive technologies such as Industry 4.0, artificial intelligence, augmented reality, the Internet of Things (IoT), and others. Therefore, it is expected that demand for cloud-based solutions will increase throughout the region.
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Segmentation of Report:
Growing Demand for Industrial 3D Printing to Fuel Smart Manufacturing Development
Based on component, the market is categorized into solutions and services.
The solution segment is further broken down into industrial 3D printing, programmable logic controllers, product lifecycle management, factory execution systems, robotic process automation, remote monitoring software, supervisory controllers and data acquisition, and other categories (energy management systems, fleet management solutions).
Throughout the projection period, the solution segment is anticipated to significantly increase its market share. The development of industrial 3D printing is attributable to the rising demand for IoT in manufacturing industries for sophisticated automated processes. The need for 3D printing in the market will primarily come from heavy manufacturing, followed by the electronics and automotive sectors.
Scalability and Flexibility of the Cloud to Drive Market Growth
Based on deployment, the market is categorized into cloud and on-premises.
The highest revenue share is anticipated to belong to the cloud segment. Due to the pandemic, companies now have scalable infrastructure and remote workforces for their product and service offerings. Cloud-based software is therefore anticipated to experience the highest CAGR growth over the forecast period. This trend is most likely to continue as the shift to virtual work highlights the need for off-premises technology services that are dependable, secure, scalable, and flexible.
Extensive Geographic Operations of Large Enterprises to Expand the Market
Based on enterprise size, the market is segmented into large enterprises and small & medium enterprises.
Large enterprises segment is anticipated to gain the largest revenue share during the forecast time due to its widespread geographic coverage and strong influence. The main goal of Honeywell, GE Electric, Rockwell Automation, and others is to expand their geographic operations globally. To meet the demands of a sizable customer base, these companies have adopted cutting-edge factory automation components. These companies are creating industrial components such as robots, servos, and others that are combined with cutting-edge technologies such as Industry 4.0, 5G networks, industrial IoT, and others.
Growing Usage of Advanced Hardware Significantly Increases the Process Industry Segment Share
Based on industry, the market is segmented into discrete industry and process industry.
The process industry segment is subdivided into pharmaceuticals, mining & metals, chemicals, pulp and paper, and others (cable). The process industry segment is anticipated to expand at a sizable CAGR during the forecast period due to the increased need for cutting-edge technology in mining and metals, chemicals, and pharmaceuticals, among others.
The market has been analyzed across five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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COVID-19 Impact:
Government Spending Has Increased in Response to the Pandemic to Speed up the Use of Smart Manufacturing
Every sector of the global economy is being impacted by the pandemic. The virus has caused significant gaps to form between the supply chain and manufacturing facilities. Organizations are redesigning their business continuity plans, making investments in modern manufacturing and supply chain models, and looking for automation options to lessen the impact of COVID-19 on production lines in the next few years as a way to combat the pandemic. Electronics and the healthcare sectors in Germany, Italy, the U.K., India, Japan, South Korea, China, and others are major drivers of this investment.
Competitive Landscape:
Strategic Purchases and Collaborations by Important Companies to Diversify their Product Portfolio
Industry giants, including General Electric, Emerson Electric Co., Honeywell International, Inc., and Rockwell Automation, Inc. are focusing on growing their businesses by offering innovative and cutting-edge solutions. Several major players are making investments in the creation of manufacturing technologies.
Rockwell Automation, Inc. and Comau teamed up in April 2021 to optimize production capacity through integrated robotic control systems. With this agreement, manufacturing operations across industries will be carried out in a simpler, more efficient, and more effective manner.
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Key Industry Development:
Emerson Electric Co. launched a portfolio of RXi industrial display panel PC products. These solutions are deployed in applications such as industrial monitoring, visualizing, and augmenting routine manufacturing procedures in sectors including metals and mining, life sciences, manufacturing and machinery, power, and water.
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Smart Manufacturing Key Players Market Share/Ranking, 2022
- Global Smart Manufacturing Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Solution
- Industrial 3D Printing
- Programmable Logic Controller (PLC)
- Product Lifecycle Management (PLM)
- Manufacturing Execution System (MES)
- Robotic Process Automation (RPA)
- Remote Monitoring software
- Supervisory Controller and Data Acquisition (SCADA)
- Others (Energy Management Systems, Fleet Management Solutions, etc.)
- Services
- Professional Services
- Managed Services
- Solution
- By Deployment (USD)
- Cloud
- On-Premises
- By Enterprise Size (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Industry (USD)
- Discrete Industry
- Automotive
- Transportation
- Industrial machinery
- Medical devices
- Semiconductor and Electronics/High-Tech
- Others (Aerospace and Defense, etc.)
- Process Industry
- Pharmaceuticals
- Mining and Metals
- Chemicals
- Pulp and Paper
- Others (Cable, etc.)
- Discrete Industry
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
Continued…
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