Smart Manufacturing Market Size

The global smart manufacturing market size was valued at $129.59 billion in 2024 and is projected to reach $368.01 billion by 2030, growing at a CAGR of 19.0% during the forecast period.

Smart Manufacturing Market Overview

Smart manufacturing is a type of manufacturing that has the potential to become one of the breakthrough technologies for the next decade and has the potential to become a strong tool for multiple industries. Smart manufacturing involves the use of automation machinery to enhance the agility, quality, and speed of manufacturing. It is significantly different from traditional manufacturing in the sense that the former involves workforce training and concept alteration to bring about product transactions. Smart manufacturing decreases the workload and creates more flexibility in the entire process, which aims at optimizing the concept, product manufacturing, and transaction process.

Smart Manufacturing Market Dynamics

• The positive impact of government initiatives and investments to promote smart manufacturing adoption, rising emphasis on industrial automation in manufacturing processes, and increasing adoption of Industry 4.0 will likely enhance the growth of the smart manufacturing market in the forecast period.

• Additionally, increasing acceptance of analytics tools is acting as one of the major drivers of the smart manufacturing market globally. Furthermore, the fall in the cost of important components and advancements in technology are supporting the market currently.

• However, the high investments and costs involved in implementing smart manufacturing solutions restrain the market.

• Moreover, increased adoption of IoT and cloud platforms and increased integration of different solutions to provide improved performance are creating ample opportunities across the globe.

Impact of COVID-19 on the Smart Manufacturing Market

The global economy is grappling with the widespread impact of the novel coronavirus pandemic across all industries, leading to significant disruptions in manufacturing and supply chain operations. To mitigate the effects of the pandemic, organizations are revamping their business continuity strategies, investing in advanced manufacturing and supply chain models, and exploring automation opportunities to bolster resilience in production processes in the years ahead.

• For example, according to Invest India.gov, substantial investments totaling around USD 17 billion were made by key companies and governments worldwide in 2017, with projections indicating a further increase to USD 60 billion by 2021. These investments, predominantly driven by the electronics and healthcare sectors, are witnessed in countries such as Germany, Italy, the U.K., India, Japan, South Korea, and China.

• Moreover, automation in the Indian manufacturing industry is anticipated to reach approximately USD 3.50 billion by 2020, potentially generating around 90 million direct and indirect job opportunities. 

By End User, the Discrete Industry Holds the Dominant Position in the Market Revenue

The discrete industry is likely to have a huge demand in the forecast period. Many sectors in the discrete industry were implementing smart manufacturing technologies for process optimization of product sales and customized product solutions. The discrete industry is categorized into automotive, aerospace & defense, semiconductor & electronics, medical devices, machine manufacturing, and others. The automotive segment is holding the maximum share in the discrete industry due to benefits such as asset efficiency, cost savings, quality, and sustainability offered by smart factory solutions.

By Geography, Asia Pacific Region is Leading in the Global Market Place

Asia-Pacific dominates and retains its market in the coming future, due to the increasing number of smart manufacturing companies. Countries in the region are focusing on automating in-house manufacturing facilities and reducing reliance on other countries, For instance, India's oMake in Indiao Initiative. The accomplishment of solutions for smart manufacturing helps the former to focus on organizing their supply chains to improve competitiveness, enhance safety in the workplace, and reduce cost. Most of the industries, including steel, major global production comes from China. Manufacturing is one of China's notable features, and it is undertaking a rapid transformation. Besides, Japan is also emerging as the manufacturing hub for the production of automation and is supplying to other countries within the region.

Key Target Audience:

• Smart Manufacturing Companies

• Smart Manufacturing Distributors

• Government and Private Organizations

• Venture Capitalists and Private Equity Firms

• Smart Manufacturing Platform Providers

• End-Users Industry

List of the Key Players Profiled in the Report Includes:

• ABB Ltd

• 3D Systems

• Cisco Systems, Inc

• Emerson Electric Co.

• Fanuc Corporation

• General Electric Co.

• Honeywell International, Inc.

• IBM

• Mitsubishi Electric Corporation

• Oracle

• Panasonic Corporation

• Robert Bosch GmbH

• Rockwell Automation, Inc.

• Schneider Electric SE

• Siemens AG

• Yokogawa Electric Corporation

Recent Developments:

• In June 2023, Honeywell introduced its newest innovation, the Honeywell Digital Prime solution. This cloud-based digital twin is specifically engineered to optimize the monitoring, management, and validation of process control changes and system modifications. This cost-efficient tool enables users to conduct frequent testing, resulting in increased accuracy of outcomes and a significant decrease in the necessity for reactive maintenance.

• In April 2023, Stratasys, a prominent player in polymer 3D printing, unveiled its newest product, GrabCAD Print Pro software. This software incorporates integrated quality assurance features obtained through the recent acquisition of Riven by Stratasys. Designed to streamline the print preparation process for Stratasys 3D printers, this advanced software caters to manufacturers aiming for efficient large-scale production of end-use parts. Its primary objectives include improving the accuracy of printed parts, reducing material waste, and shortening production lead times.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Component:

• Hardware       

• Software        

• Services        

Market by, Technology:

• Programmable Logic Controller (PLC)     

• Supervisory Controller and Data Acquisition (SCADA)   

• Enterprise Resource and Planning (ERP)     

• Distributed Control System (DCS)     

• Human Machine Interface (HMI)     

• Product Lifecycle Management (PLM)     

• 3D Printing       

• Machine Execution Systems      

• Plant Asset Management      

• Machine Vision       

Market by, Deployment:

• Cloud        

• On-Premise       

Market by, Enterprise Size:

• Small & Medium Enterprise (SME's)     

• Large Enterprise       

Market by, End User:

• Discrete Industry

• Process Industry       

Market by, Geography:

The smart manufacturing report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

What can be explored with this research report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.

• Identify growth opportunities.

• Porter's five force analysis.

• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.

• Historical and forecast size of the market in terms of revenue (USD Million).

• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.