From the period 2022 to 2028, the global Smart Manufacturing market is expected to reach USD 237.4 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 18.10%. Artificial intelligence, cloud computing, big data, and machine learning are all expected to boost industrial development. Furthermore, the Internet of Things is linked to the ideas of Machine-to-Machine (M2M) communications and Wireless Sensor Networks (WSN) on the connection side, as well as Big Data in terms of content results. Data created and exchanged between machines (M2M), as well as between devices and humans, is included in the Internet of Things (M2P). The market is projected to benefit from these technologies. Manufacturing, robotics, and other industries may be able to change the typical trajectory by collaborating with the telecom industry to promote Smart Manufacturing technology adoption.
Key Highlights from the Report
- Based on industry, the market is divided into discrete industry and process industries. Automotive, transportation, industrial machinery, medical devices, semiconductor and electronics/high-tech, and others make up the discrete sector (Aerospace and Defense, etc.) The discrete business is likely to expand quickly in the next years. Heavy manufacturing, electronics, and the automotive industries are driving demand for Smart Manufacturing solutions in discrete automation to make the production process easier. Pharmaceuticals, mining and metals, chemicals, pulp and paper, and others make up the process industry (Cable, etc.). The process industry is predicted to increase at a Significant Compound Annual Growth Rate (CAGR) throughout the forecast period.
- Based on Enabling technology, the market is divided into Industrial 3D Printing, AI in Manufacturing, Industrial Cyber Security, Industrial Machine Vision, Industrial Sensors, Digital Twins, Robots, Automated Guided Vehicles, Machine Condition Monitoring, Artificial Reality & Virtual Reality, and 5G Industrial IoT. Industrial 3D printing is gaining popularity as a means of easing the production of parts with complex designs, which is helping to propel the sector forward. Due to increased demand from a range of industries, the industrial 3d printing market is likely to grow. Government financing and aggressive Research and Development (R&D) efforts by industry experts are propelling the industrial 3D printing market forward.
- Asia Pacific is the fastest regional segment. The Asia-Pacific region is growing at a very fast rate. Nations in this area, for example, India's "Make in India" initiative, are constantly focused on automating in-house manufacturing facilities and minimizing reliance on other countries. Smart Manufacturing solutions enable enterprises to concentrate on optimizing their supply chains in order to boost competitiveness, improve worker safety, and save costs. Japan is also establishing itself as a manufacturing hub for factory automation technologies, exporting them to other nations in the area and making them cheap to developing countries like India.
Some of the key players in the 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).
Increasing government involvement in supporting Smart Manufacturing
Governments throughout the globe are becoming more aware of the huge potential of Smart Manufacturing technologies, and as a result, they are supporting and funding research and development for technologies such as the Internet of Things and industrial 3D printing. They are investing in new IoT research and implementation initiatives in order to construct and operate smart cities in the future. Governments all around the globe are launching projects and sponsoring educational institutions, research institutes, and research and technology groups to further investigate the potential of 3D printing technology.
Rapid industrial growth in emerging economies
Due to cheaper labor costs and real estate prices, companies from industrialized economies are eager to expand their operations in emerging nations. Furthermore, growing industrialization in rising economies such as India, China, Africa, Brazil, Mexico, and Indonesia has resulted in large infrastructure expenditures, luring global firms to set up manufacturing operations in these areas. As a result of these advancements, innovative and complex warehouse facilities are needed to connect and manage supply chains.
North America holds more than 39.50% of the Smart Manufacturing Market share. It will maintain its dominance for the foreseeable future. North America will have the fastest growth in demand. North America was the largest market, owing to Canada and the United States' increased investment in modern manufacturing technology. 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.