Smart Manufacturing Market

Market Synopsis:

The Global Smart Manufacturing Market is valued at USD 87.5 Billion in the year 2021 and is projected to reach a value of USD 237.4 Billion by the year 2028. The Global Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 18.10% over the forecast period.

Smart Manufacturing (SM) is a technology-driven approach to production process monitoring that relies on internet-connected gear. It also identifies ways to increase overall production performance by automating procedures and utilising data analytics. The global market is largely driven by the increasing demand for Smart Manufacturing technologies as a result of the fast expansion of end user industries. The rising emphasis on real-time data analysis and predictive maintenance to accelerate the adoption of Smart Manufacturing might be contributed to the market's growth.

In the next five years, market participants will benefit from partnerships and the availability of a broad variety of applications for Smart Manufacturing technology. Increasing government participation in supporting industrial automation, expanding emphasis on regulatory compliances, increasing complexity in the supply chain, and soaring demand for software solutions that decrease time and cost are among the primary drivers of the Smart Manufacturing industry.

Market Segmentation:

The Smart Manufacturing Market is segmented on the basis of Industry, Information technology and enabling technology. Based on information technology, the market is segmented as Human-machine interface, Plant asset management, Manufacturing execution system and Warehouse management system Dual Frequency. Based on Enabling technology, the market is segmented Industrial 3D Printing, AI in Manufacturing, Industrial Cybersecurity, Industrial Machine Vision, Industrial Sensors, Digital Twins, Robots, Automated Guided Vehicles, Machine Condition Monitoring, Artificial Reality & Virtual Reality and 5G Industrial IoT. Based on Industry, the market is segmented as Process Industry and Discrete Industry

Based on Information technology:

Based on Information technology, the market is divided into Human-machine interface (HMI), Plant asset management (PAM), Manufacturing execution system and Warehouse management system Dual Frequency. Smart technology usage is also expected to assist firms in simplifying their supply chains in order to improve competitiveness. PAM boosts market development by reducing downtime and waste in industrial operations. It also aids in the improvement of business process operational efficiency. Production assets such as monitoring, rotating, and reciprocating machinery are in high demand for PAM solutions.

Based on enabling technology:

Based on Enabling technology, the market is divided into Industrial 3D Printing, AI in Manufacturing, Industrial Cybersecurity, Industrial Machine Vision, Industrial Sensors, Digital Twins, Robots, Automated Guided Vehicles, Machine Condition Monitoring, Artificial Reality & Virtual Reality and 5G Industrial IoT. To drive industry expansion, industrial 3D printing is seeing a spike in acceptance for simplifying manufacture of parts with complicated designs. The industrial 3d printing market is expected to increase due to rising demand from a variety of sectors. The industrial 3D printing market is fuelled by government funding and vigorous R&D efforts by industry specialists. The expanding usage of parallel robots in high-speed applications, on the other hand, is helping to drive market expansion. Collaborative industrial robots are in high demand because to their safety features, convenience of use, and cost.

North America is expected to acquire the largest market share during the year 2021:

North America stood as the largest market with 39.50% market share attributed to the rising expenditure on advanced manufacturing technologies. The introduction of the Smart Manufacturing idea has been aided by technological advancements, the availability of replacement printing materials, and lower equipment prices. In the North American health, aerospace and military, industrial, and automotive sectors, the area is seeing a slew of investment efforts that are expected to grow significantly in the future. Several government agencies, including NASA, have discovered significant 3D Printing R&D investments that can significantly contribute to space applications and produce new technologies that fuel economic expansion. Players in the industry are likely to embark on growth plans in order to increase regional market share and access emerging sectors. In addition to existing use cases in the sector, brand identity and technical knowledge are projected to be the key leverage factors for competitive advantage.

Competitive Landscape:

Key players operating in the Global Smart Manufacturing Market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), IBM (US), General Electric (US), and Others.

Segmentation of Global Smart Manufacturing Market: