USD 272.12 billion
Report ID: SQSG45A2007 | Region: Global | Published Date: October, 2022 | Pages: 165
Global Smart Manufacturing Market size was valued at USD 272.12 billion in 2021, and it is expected to reach a value of USD 638.28 billion by 2028, at a CAGR of 15.3% over the forecast period (2022 - 2028).
The term "smart manufacturing" (SM) relates to the digitization of industrial manufacturing at all stages, including supply chain management, design process, production, distribution, and marketing. Companies can stay adaptable and make a quick shift in business models by using automation, AI, and linked robotics to analyze data from all stages of the procedure.
The implementation of public initiatives to support automation systems, the large influx of investment opportunities in Industry 4.0, the rise in trend for compliance with safety regulations, and the rising price of labor in emerging nations are all factors that have contributed to the growth of the smart manufacturing market.
Nevertheless, some of the main issues hindering the growth of this market include excessive capital and operating expenses and a lack of standardization for technology solutions. Smart manufacturing is predicted to proliferate in emerging nations and use 5G connectivity, which will present participants in this market with significant potential opportunities. The absence of a workforce with the necessary skills to integrate and run technologies and personal data protection issues are two of the main obstacles to the expansion of the smart manufacturing business, though.
Global Market Size
USD 272.12 billion
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The global smart manufacturing market segmentation is based on component, technology, and region. Based on component the market is segmented into hardware, software, and services. Based on technology the market is segmented into machine execution systems, programmable logic controller, enterprise resource planning, SCADA, discrete control systems, human machine interface, machine vision, 3D printing, product lifecycle management, and plant asset management. Based on region the global smart manufacturing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Component
The software segment, which had the largest revenue share of 49.3 % in 2021, is expected to rule the market during the projected period. The industry's foundation is its software component, which is driving it toward automatization. Robotics, drones, and other equipment will be operated by sophisticated software without the need for human intervention, lowering the likelihood of any errors. The software enables the market to advance significantly in terms of both research and development of fresher, more adaptable solutions.
From 2022 to 2028, the hardware segment market is expected to expand at a noteworthy rate. High-level and suitable hardware is necessary for the software applications to function. New hardware is necessary for the software applications to function. Production lines use hardware that is nimble, uses less electricity and can operate without human intervention. In order to aid the industry in becoming more standardized, contemporary gear must also be IoT compatible.
Analysis by Technology
With a 16.1% market share in 2021, the discrete control system category is expected to dominate the market in the coming years. The administrator can regulate and monitor processes using the discrete control system technology, which operates in the background. The market provides technology management and oversight of every process at both entry-level and sophisticated levels. The market is reachable from a distance thanks to modern technology and industrial automation.
With a market share of 12.9% in 2021, the 3D printing sector is predicted to grow at the quickest rate. Smart producers may now print any kind of tiny or large item by simply designing it in a 3D program. A smart manufacturing facility can quickly design and print 3D models, saving time and money. The market is a sizable investor in and buyer of software and hardware for 3D printing.
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In 2021, due to the favorable ecology seen in countries like Japan, India, and Australia, the Asia Pacific region accounted for the largest share of the smart manufacturing market and is predicted to expand quickly during the projection period.
The second-largest market share for smart manufacturing was held by North America. The expansion of this region is attributed to rising expenditures on advanced manufacturing technologies in nations like Canada and the US. The adoption of the "smart manufacturing" concept has been further accelerated by technological advancements, the availability of replaceable printing media, and falling equipment costs.
Due to the proliferation of the internet of things (IoT) in countries like Germany, Italy, Spain, and others that balance the growth of the smart manufacturing market throughout the region, Europe is expected to rise steadily during the projection timeframe.
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There are several significant participants in the reasonably competitive market for smart manufacturing. The major firms that hold significant market shares are concentrating on growing their clientele abroad. The businesses are utilizing tactical joint ventures to raise their market share and profitability. To improve the functionality of their products, industry participants are also buying up start-ups developing automated robotic technologies. For instance, to reduce the amount of employment work, Honeywell International, Inc. released robotic technology called "Smart Flexible Depalletizer" in September 2021. This innovation is boosting warehouse productivity and lowering workplace accidents.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the software segment, which had the highest revenue share of 49.3% in 2021, is expected to dominate. The discrete control system category is expected to rule the market in the following years, with a 16.1% market share in 2021. The smart manufacturing market has the highest share in the Asia Pacific area as of 2021, and it is expected that this market will grow significantly over the forecast period. North America represented the second-largest market share for smart manufacturing.
|Market size value in 2021||USD 272.12 billion|
|Market size value in 2028||USD 638.28 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Smart Manufacturing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Manufacturing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Manufacturing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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