Dublin, Nov. 12, 2024 (GLOBE NEWSWIRE) -- The "Smart Manufacturing Market - Edge Computing, Industrial 3D Printing, Robots, Sensor, Machine Vision, Artificial intelligence, Cybersecurity, Digital Twin, Private 5G, AGV, AMR, AR & VR, CAD, CAM, PLM, HMI, IPC, MES, WMS, and ERP - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global smart manufacturing market was valued at USD 233.33 billion in 2024 and is projected to reach USD 479.17 billion by 2029; it is expected to register a CAGR of 15.5% during the forecast period.
Increasing government expenditure on 3D printing technologies is driving the growth of the smart manufacturing market. Whereas high initial capital investment is restraining the growth of the smart manufacturing market. 
Industrial Robotics segment is expected to grow at the second highest CAGR during the forecast period
The industrial robotics segment is expected to exhibit the second highest CAGR during the forecast period. The development of industrial robotics has taken off remarkably due to the notable improvements in productivity, quality, cost, safety and others that have been observed. The introduction of robots to perform simple and repetitive functions allows for a 24 hour service with minimal chances of human errors. Development of technology such as artificial intelligence (AI) and collaborative robots has also stimulated the use of robotics in areas such as manufacturing, warehousing, logistics and so on.
Oil & Gas segment is likely to hold the second largest market in 2024
Oil & Gas segment to is expected to hold the second largest share in smart manufacturing market in 2024. The chief reason the oil and gas industry takes the lead in the smart manufacturing market is primarily due to challenges and necessities, this sector specifically needs. Due to the specific emphasis on safety, efficiency, remote locations, data-driven decisions, and strict regulations followed in this sector has lead it to hold the second largest market share. Predictive maintenance, automation, and robots are some of the critical smart technologies that help the industry lower costs, improve safety, and increase efficiency.
The North America segment is likely to grow at the second highest CAGR during the forecast period
The market in North America is expected to gow the second highest CAGR during the forecast period. The good business ecosystem in the US - with reformative initiatives in tax codes, significant package announcements for manufacturing and infrastructure companies, and availability of major technology providers - augur well for smart manufacturing technology adoption in the region. In addition, the intense focus on optimum asset utilization, the enforcement of stringent government regulations for workplace and personal safety, and the high awareness of the need to control and assure output quality in oil & gas, chemicals, and food & beverages industries drive the demand for machine condition monitoring systems and plant asset management (PAM) solutions in the region.
The smart manufacturing market is dominated by a few globally established players such as 3D System, ABB, Cisco System, Emerson Electric Co., General Electric, Honeywell, IBM, Mitsubishi Electric, Rockwell Automation, Schneider Electric, Siemens, Oracle, SAP, Stratasys and Yokogawa Electric. The study includes an in-depth competitive analysis of these key players in the smart manufacturing market, with their company profiles, recent developments, and key market strategies.
Research Coverage:
The report segments the smart manufacturing market and forecasts its size by technology, industry, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions - North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the smart manufacturing ecosystem.
Key Benefits to Buy the Report:
- Analysis of key drivers (emphasis on boosting manufacturing efficiency through automated production, rising government expenditure on 3D printing technologies and rising demand for innovative technologies to minimize manufacturing downtime and production waste). Restraint (Requirement of high initial capital; investment and lack of standardization of industrial services), Opportunity (Accelerated developments in IIoT and cloud computing, growing investment in infrastructure development), Challenges (Security issues in smart manufacturing and complexities in integration of new technology equipment with existing ones).
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the smart manufacturing market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the smart manufacturing market across varied regions
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the smart manufacturing market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players 3D System, Inc. (US), ABB (Switzerland), Cisco System, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), IBM (US), Mitsubishi Electric Corporation (Japan) among others in the smart manufacturing market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 375 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $233.33 Billion |
| Forecasted Market Value (USD) by 2029 | $479.17 Billion |
| Compound Annual Growth Rate | 15.5% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Smart Manufacturing Market
- Smart Manufacturing Market, by Technology
- Smart Manufacturing Market, by Industry
- Smart Manufacturing Market, by Country
- Smart Manufacturing Market, by Region
Market Dynamics
Drivers
- Increasing Reliance on Automation Technologies to Improve Manufacturing Efficiency
- Rising Government Investment in 3D Printing Technologies
- Increasing Need to Maintain Regulatory Compliance of Industrial Solutions
- Growing Emphasis on Minimizing Manufacturing Downtime and Production Waste
Restraints
- High Initial Capital Investments
- Lack of Standardization of Industrial Equipment
Opportunities
- Rapid Advances in IIoT and Cloud Computing Technologies
- Increasing Adoption of Automation Technologies in Industrial Sector
- Growing Investment in Infrastructure Development Projects in Emerging Economies
Challenges
- Security Issues
- Complexities Associated with Meeting Modern Communication Standards
Case Study Analysis
- HTC Corporation Supports Flaim Trainer VR Simulation to Reduce Costs of Training Firefighters
- Co2Meter Enables Long-Range Data Collection and Leak Detection of Co2 with Isense Alarm (Cm-0052)
- SKF Deploys Online Condition Monitoring System to Prevent Catastrophic Bearing Failure
- Elmwood Reclaimed Timber Uses Siemens' Opcenter Advanced Scheduling Solution to Synchronize Manufacturing and Enhance Delivery
- DHL Leverages Manhattan Active Warehouse Management Solution to Enable Scalable and Agile Warehouse Management
Company Profiles
Key Players
- ABB
- Emerson Electric Co.
- General Electric Company
- Honeywell International
- Rockwell Automation
- Schneider Electric
- Siemens
- Yokogawa Electric
- 3D Systems
- Cisco Systems
- IBM
- Mitsubishi Electric
- Oracle
- SAP
- Stratasys
Other Players
- Cognex
- Intel
- Keyence
- Nvidia
- PTC
- Samsung
- Sony Corporation
- Universal Robots
- Omron
For more information about this report visit https://www.researchandmarkets.com/r/kgp7ut
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