The global smart manufacturing market is estimated to exceed US$ 340.4 billion in 2023 to US$ 1022.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 13% during the forecast period from 2024 to 2032.
Smart manufacturing (SM) is a technology-driven approach that utilizes Internet-connected machinery to oversee the manufacturing process. Its goal is to improve operational efficiency through using data analytics and automation. The Industrial Internet of Things (IIoT) plays a key role in smart manufacturing, with sensors being used in equipment production to collect real-time data on their performance and condition. In the past, data was stored on personal devices in local databases and only used to diagnose system failures after they occurred.
Rising Industry 4.0
The market is experiencing rapid growth due to several factors, including the increasing adoption of Industry 4.0, greater government support for industrial automation, a growing focus on automation in manufacturing, rising demand for time and cost-saving software systems, escalating supply chain complexities, and heightened attention to regulatory compliance.
Organizations are increasingly embracing Industry 4.0 smart solutions due to their positive effects on business operations, leading to enhanced productivity. For example, according to a report by Capgemini and NASSCOM, it is anticipated that over two-thirds of the Indian manufacturing sector will adopt Industry 4.0 by 2025.
Smart manufacturing plays a crucial role in today's industrial landscape, as it improves operational efficiency, product quality, and safety. A report by BCG revealed that companies adopting Industry 4.0 technologies experienced significant improvements, including a 10-20% enhancement in product quality, a remarkable 20% to 60% reduction in changeover time, and a reduction in raw material costs by 2 to 5%.
The information technology and automobile industries are particularly prominent in the adoption of Industry 4.0. This market has facilitated the development of automated assembly lines in the automotive sector, not only for parts but also for the entire vehicle. Industrial automation has created a highly sought-after market, providing benefits and opportunities across various industries. Regardless of the industry, companies and manufacturers are striving to implement smart manufacturing in their processes, contributing to the overall expansion of the market.
High Initial Investment
The primary obstacle to global market expansion is the substantial initial capital investment required. The cost is the most significant barrier, followed by a lack of clarity regarding which technologies to invest in. Smart manufacturing technologies such as IoT sensors, automation, and big data analytics necessitate substantial investments in infrastructure, software, and hardware.
The establishment of smart manufacturing entails significant financial outlay, potentially hindering future market size expansion. Technologies such as Automated Guided Vehicles (AGVs), Enterprise Manufacturing Intelligence (EMI), HMI, Warehouse Management Systems (WMS), and others require substantial investment for design and deployment, thereby increasing the overall process costs.
Moreover, the expenses associated with training the workforce to operate and maintain these systems can be considerable. Small enterprises may find these initial costs challenging, potentially limiting their ability to embrace smart manufacturing. Furthermore, concerns about the cybersecurity of interconnected systems and data privacy issues can impede adoption, as businesses prioritize mitigating potential risks before fully embracing this transformative manufacturing approach. Consequently, this may elevate the overall investment cost of smart manufacturing.
Integration of Advanced Technologies
The convergence of technologies like IoT, AI, and data analytics presents an immense opportunity for the market, driving efficiency and innovation. This synergy enables predictive maintenance, minimizing downtime and reducing operational costs.
Furthermore, the real-time data insights derived from smart manufacturing systems enhance decision-making, optimizing supply chains and production processes. The growing emphasis on sustainability also presents an opportunity, as smart manufacturing allows for resource optimization and waste reduction.
As industries across the globe increasingly embrace Industry 4.0 principles, the smart manufacturing market is poised for significant growth, offering businesses the potential to enhance productivity, reduce environmental impact, and remain competitive in a rapidly evolving landscape.
By Component
In 2023, the hardware segment emerged as the dominant force in the smart manufacturing market. This segment encompasses a diverse array of devices and equipment utilized in manufacturing operations, including sensors, controllers, robots, and 3D printers. These hardware components serve as the foundation of the smart manufacturing ecosystem, facilitating essential data collection, automation, and control capabilities.
Sensors play a pivotal role within the hardware segment, providing real-time data on various parameters such as temperature, pressure, motion, and vibration. This data is instrumental in monitoring and optimizing manufacturing processes, identifying inefficiencies, and enhancing product quality.
Controllers, such as programmable logic controllers (PLCs) and distributed control systems (DCS), are essential for automating and controlling manufacturing processes, ensuring consistent and efficient operation. These components are anticipated to continue significantly influencing the smart manufacturing market size during the forecast period.
The hardware segment's dominance is further underscored by its critical role in the smart manufacturing industry, where advanced software facilitates the seamless operation of robots, drones, and other machines, thereby reducing the likelihood of errors and driving advancements in development and research for innovative solutions.
By Technology
The product lifecycle management segment dominated the global smart manufacturing market share in 2023. PLM software enables collaboration between different departments and stakeholders involved in the product lifecycle, ensuring that all aspects of the product development process are seamlessly integrated and optimized.
This category is growing due to consumer demand for better product quality and faster time to market. Smart manufacturing technologies can aid in the more rapid and effective design and development of products while guaranteeing that they adhere to high-quality standards. Smart manufacturing can assist producers in remaining competitive in today's fast-paced business environment by streamlining the product development process and lowering the time needed to bring a product to market.
By End-User
In 2023, the automotive segment took the lead in the global smart manufacturing market share. This segment stands as one of the most substantial and influential sectors in the smart manufacturing market's forecast period. The automotive industry is renowned for its intense competition and perpetual evolution, with manufacturers constantly striving to bolster efficiency, curtail expenses, and elevate product quality.
The automotive industry extensively employs robotics and automation to enhance efficiency, trim labor costs, and elevate safety standards. Robots are deployed to carry out tasks such as welding, painting, and assembly. However, automated guided vehicles (AGVs) are utilized for the transportation of materials and components on the factory floor.
Additionally, based on UBS projections, Europe is expected to witness electric vehicle sales reaching 6.33 million units by 2025, followed closely by China with 4.84 million units. With Europe and the Asia-Pacific region leading the demand for electric vehicles, an upsurge in the implementation of smart automotive factories is anticipated in these areas. To adapt to the evolving landscape of automotive manufacturing, numerous industry players are embracing smart manufacturing solutions.
Regional Analysis
Asia Pacific commands the largest share of the smart manufacturing market and is poised for rapid growth during the forecast period, driven by the dynamic ecosystem in countries like Japan, India, and Australia. These nations are keen on achieving self-sufficiency in production and manufacturing, leading to substantial investments in Industry 4.0 technologies.
China significantly contributes to the market demand and boasts the world's largest manufacturing sector. Despite facing production and supply chain challenges due to COVID-19 restrictions, the nation's industrial output surged by 3.6% in 2022 compared to the previous year, as reported by the Ministry of Industry and Information Technology (MIIT). The MIIT further anticipated a 3.1% increase in the manufacturing sector's output in 2022, constituting 28% of China's GDP.
Amidst rapid technological progress and an evolving industrial landscape, India is steadfast in realizing the 'Make in India' and 'Aatmanirbhar Bharat' initiatives, making adopting Industry 4.0 solutions imperative. According to IBEF research, the Indian manufacturing industry, which contributed 16-17% to India’s GDP before the pandemic, is projected to be one of the fastest-growing sectors.
Furthermore, India's pharmaceutical sector has made significant strides in automation, with major pharmaceutical companies such as Zydus Cadila, Torrent Pharma, and Cipla focusing on automating their drug manufacturing processes, particularly in areas requiring complete integration of machines and equipment.
Key Companies Operating in the Global Smart Manufacturing Market
Market Segmentation Outline
By Component
By Technology
By End-User
By Region
1 INTRODUCTION OF GLOBAL SMART MANUFACTURING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SMART MANUFACTURING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SMART MANUFACTURING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SMART MANUFACTURING MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 HARDWARE
5.3 SOFTWARE
5.4 SERVICES
6 GLOBAL SMART MANUFACTURING MARKET, BY TECHNOLOGY
6.1 OVERVIEW
6.2 MACHINE EXECUTION SYSTEM
6.3 PROGRAMMABLE LOGIC CONTROLLER
6.4 ENTERPRISE RESOURCE PLANNING
6.5 SCADA
6.6 DISCRETE CONTROL SYSTEMS
6.7 HUMAN MACHINE INTERFACE
6.8 MACHINE VISION
6.9 3D PRINTING
6.10 PRODUCT LIFECYCLE MANAGEMENT
6.11 PLANT ASSET MANAGEMENT
6.12 OTHERS
7 GLOBAL SMART MANUFACTURING MARKET, BY END-USER
7.1 OVERVIEW
7.2 AUTOMOTIVE
7.3 AEROSPACE AND DEFENSE
7.4 CHEMICALS AND MATERIALS
7.5 HEALTHCARE
7.6 INDUSTRIAL EQUIPMENT
7.7 ELECTRONICS
7.8 FOOD AND AGRICULTURE
7.9 OIL AND GAS
7.10 OTHERS
8 GLOBAL SMART MANUFACTURING MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL SMART MANUFACTURING MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 3D SYSTEMS, INC.
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 ABB
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 CISCO SYSTEMS
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 COGNEX CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 EMERSON ELECTRIC CO.
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 FANUC
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 GENERAL ELECTRIC
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 HONEYWELL INTERNATIONAL INC.
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 MITSUBISHI ELECTRIC CORPORATION
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 ROBERT BOSCH GMBH
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 ROCKWELL AUTOMATION, INC.
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 SAP
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 SCHNEIDER ELECTRIC
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 SIEMENS
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 STRATASYS LTD.
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 YOKOGAWA ELECTRIC CORPORATION
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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