Dubai, UAE, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Smart Manufacturing Market Report Forecast till 2028:
As per the recent research report published by Extrapolate, the global Smart Manufacturing Market was valued at USD 87.4 billion in 2021. The market is projected to grow to USD 238.8 billion by 2028, at a CAGR of 15.40% during the forecast period.
The smart manufacturing market is a quickly expanding and evolving part of the global economy. It uses sophisticated information technology such as Artificial Intelligence (AI), the Internet of Things (IoT), Big Data, Augmented Reality (AR), and Machine Learning (ML) to enhance and optimize the production process. These technologies improve efficiency and productivity, reduce costs, and enable companies to make better use of their resources while maintaining high-quality standards.
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This new way of manufacturing enables factories to be more efficient, cost-effective, and sustainable. There are several key factors driving demand for Smart Manufacturing such as increasing pressure to automate production processes and reduce costs, demand for faster response times, better quality control, and improved safety. Additionally, there is an increased demand for personalized products, shorter product life cycles, and rapid innovation in the global smart manufacturing market.
The Asia Pacific (APAC) region is expected to be the fastest-growing region in the global market, as it accounts for more than 27% of the total revenue. This is mainly attributable to the rising demand for smart manufacturing solutions among leading economies in the APAC region, such as China, Japan, and India. Moreover, rising urbanization, investments in industrial automation, and technological advancements are contributing significantly to the growth of the smart manufacturing market in the region.
Top 5 factors Driving Growth of the Smart Manufacturing Market
1. Increasing demand for industrial robots
2. Growing emphasis on energy efficiency
3. Resource Optimization: Smart factories leverage data-driven approaches to maximize the output of resources such as raw materials and energy. By optimizing resources, companies can save money on inputs and increase their overall profits.
4. Cost reduction in production operations
5. Rising demand for IoT and artificial intelligence in the production process
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Top Players in the Global Smart Manufacturing Market
- ABB Ltd. (Zürich, Switzerland)
- Siemens AG (Munich, Germany)
- General Electric (Massachusetts, U.S.)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Robert Bosch GmBH (Gerlingen, Germany)
- Rockwell Automation Inc. (Wisconsin, U.S.)
- Schneider Electric (Rueil-Malmaison, France)
- Honeywell International Inc. (North Carolina, U.S.)
- Emerson Electric Co. (Missouri, U.S.)
- Fanuc Corporation (Yamanashi, Japan)
- Yokogawa Electric Corporation (Tokyo, Japan)
- Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
Software Segment to Generate Over 51% of Market Revenue
The smart manufacturing market is set to see substantial growth due to the demand for efficient and cost-effective automation solutions across various industries. The software segment is poised to be the largest contributor, accounting for over 51% of total revenue. Demand for smart software solutions is on the rise, as they reduce labor costs and improve production rates and product quality.
These solutions automate design, production planning, inventory management, process control, and machine maintenance, resulting in improved efficiency and cost savings. Integration with existing infrastructure provides enhanced flexibility and scalability. Additionally, industry 4.0 is driving demand for software solutions in smart manufacturing. Connected production processes utilizing IoT, sensors, machine learning, intelligence platforms, and data analytics automate processes and increase efficiency, offering manufacturers opportunities for increased productivity and cost savings.
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Large Enterprise to Lead the Global Smart Manufacturing Market
Large businesses are poised to dominate the revenue generated by the smart manufacturing industry due to their advantage in several areas. Firstly, they have ample financial resources to invest in the latest technology and processes, essential components of successful smart manufacturing. This allows them to stay ahead of the curve and maintain a competitive edge. Furthermore, they have access to specialized and experienced personnel, adding to their technical expertise and helping to drive innovation.
In addition to these advantages, large businesses also benefit from their ability to scale up production through automation and data analysis. By streamlining operations, they can reduce costs, increase efficiency, and ultimately increase profits. Furthermore, by leveraging smart manufacturing, these businesses can also gain insights into their operations, allowing them to make data-driven decisions, enhance their products and services, and create new business opportunities.
North America to Remain One of the Key Regions in the Global Smart Manufacturing Market
North America is expected to hold second largest revenue share in the global smart manufacturing market after Asia Pacific. North America is estimated to account for 26% of the global smart manufacturing market’s revenue by 2028. The United States and Canada are the major contributors to the regional market due to various factors such as technological advancements, increasing investments in research & development activities, a large number of IT service providers, and the presence of well-established manufacturing companies.
The US smart manufacturing market is expected to grow at a CAGR of 12.5% from 2022 to 2028 and remain the key contributor to regional market growth due to rapid technological advancements, increasing adoption of automation technology, and the presence of various smart factory hubs. Additionally, the US is investing heavily in research & development activities and has favourable government policies, which are contributing to the growth of the smart manufacturing market.
Canada holds a significant share of the North American smart manufacturing market owing to the presence of a large number of automotive manufacturers and metalworking companies. The increase in public-private investments and the expansion of the aerospace sector are some of the factors that are driving the growth of the smart manufacturing market in Canada. Hence, with its continuous technological advancements, the presence of well-established manufacturing companies, government support, and increasing investments in R&D activities, North America is likely to make its market position stronger in the years to come.
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Section II: Industrial Automation Market Report, Forecast till 2028
The global Industrial Automation Market was valued at USD 191.89 billion in 2021 and is expected to increase to USD 395.09 billion by 2028 at a CAGR of 9.8% during the forecast period of 2022-2028.
According to the latest report from Extrapolate, the market growth is driven by several factors, such as the increasing adoption of smart technologies and growing demand for industrial robots and automated control systems. The report highlights the increasing demand for automation solutions in the manufacturing and processing industries. Manufacturers are deploying automation solutions such as robotic process automation (RPA), machine vision, and artificial intelligence (AI) to reduce manual labor costs, improve product quality, and increase production efficiency. As a result, there has been a rise in investments in the automation industry, which has further fueled the growth of the industrial automation market.
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The demand for industrial robots and automated control systems is surging in various industries such as automotive, pharmaceuticals, and food & beverage. These systems improve production processes by reducing cycle time, increasing safety and accuracy, and lowering labor costs. The use of IoT in smart factories is driving the growth of the industrial automation market, as it allows for real-time data analysis and quicker decision making for improved efficiency and reduced downtime.
Competitive Landscape
The global industrial automation industry is dominated by a few key players, including Yaskawa Electric, Omron Corp., Yokogawa Electric, Nidec Corp., and Mitsubishi Electric. These leading companies offer a wide range of products and services related to industrial automation, including robots, control systems, and vision systems that can be used to automate production processes and improve efficiency. Additionally, these industry giants are constantly investing in research and development to stay ahead of the competition and provide innovative solutions for their customers.
Some of the major players in the Industrial Automation Market are:
- ABB (Switzerland)
- Emerson Electric Co. (U.S.)
- General Electric Company (U.S.)
- Honeywell International Inc. (U.S.)
- Mitsubishi Electric Corporation. (Japan)
- Omron Corporation (Japan)
- Rockwell Automation Inc. (U.S.)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Yokogawa Electric Corporation (Japan)
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Distributed Control Systems to Generate Over 35% of Market Revenue
The global industrial automation market is experiencing rapid growth due to increasing demand from industries such as mining, automotive, and manufacturing. Distributed Control Systems (DCS) are expected to drive a significant portion of the industrial automation market revenue with an estimated 35% of the total revenue generated in the next few years. DCS offers enhanced features and capabilities compared to traditional automation systems. They are capable of acquiring data from multiple points, such as machines, process parameters, and environmental conditions, which helps in monitoring, controlling, and optimizing the production process. Additionally, they also provide a centralized platform to control various components of the production line, allowing production managers to have complete control over the process.
DC systems are becoming more popular amongst manufacturers due to their flexibility, scalability, and ease of integration with other systems. They allow the manufacturers to configure the system according to their requirements and quickly implement changes if needed. Moreover, their distributed architecture ensures reliability and allows for easy maintenance. In conclusion, the need for automation in various industries has resulted in a large demand for distributed control systems. These systems offer enhanced features and flexibility for manufacturers and are expected to generate over 35% of the total revenue of the global industrial automation market in the coming years.
Hardware Segment to Contribute the Most to Global Industrial Automation Market Revenue
The global industrial automation market is poised for high growth as automation solutions become more widely adopted across industries. The hardware segment is expected to be the largest contributor. Demand for industrial automation hardware components is rising as they play a critical role in automation processes. The need for efficient and cost-effective solutions has spurred the development of new technologies like robotics and control systems, which reduce labor costs, improve production rates and product quality.
The hardware segment is forecast to see steady growth due to increasing demand for automation solutions. The popularity of Industry 4.0 and connected production processes will further drive demand for industrial automation hardware. Companies are focused on developing intelligent systems that can be integrated with existing infrastructure to automate production processes, offering manufacturers opportunities for improved flexibility, productivity, and cost-efficiency.
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North America to Lead Global Industrial Automation Market
North America is projected to remain the largest consumer of industrial automation, accounting for a market share of 29.4% in 2022 and expected to grow even further with a CAGR of 8.6% during the forecast period. This is mainly due to the presence of leading industrial automation players in the region and the development of advanced automation technologies. The US holds the largest share of the North American automation market and is expected to account for more than 80% of the total market by 2028. The country has been making significant investments in automation and digitalization technologies to uplift its manufacturing sector. The US government has also announced initiatives such as the National Network for Manufacturing Innovation (NNMI) and the Smart Manufacturing Leadership Coalition (SMLC) to promote innovation and digitalization in manufacturing.
In addition, the US Department of Defense has recently released an updated policy on Industrial Control Systems (ICS) security to improve the security of automation systems across critical infrastructures in the country. Moreover, the increasing adoption of AI, machine learning, and other analytics techniques has enabled the automation of processes in various industries. According to a study by Extrapolate, the likelihood of using AI applications is estimated to increase up to 85% by 2030. Automation is also expected to help increase sales by 20% through automating offers based on past customer data.
Some Major Points from Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Industrial Automation Market
Chapter 5. Global Industrial Automation Market Overview, By Component, 2015 - 2028(USD Million)
Chapter 6. Global Industrial Automation Market Overview, By Control and Safety System, 2015 - 2028(USD Million)
Chapter 7. Global Industrial Automation Market Overview, By Industry, 2015 - 2028(USD Million)
Chapter 8. Global Industrial Automation Market Overview, By Geography, 2015 - 2028(USD Million)
Chapter 9. North America Industrial Automation Market Overview, By Countries, 2015 - 2028(USD Million)
TOC Continued...
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