smart manufacturing market

Smart Manufacturing Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services), By Technology, By End-use, By Region; Segment Forecast, 2021 - 2028

  • Published Date: Oct 2021
  • Pages: 114
  • Format: PDF
  • Report ID: PM2005
  • Base Year: 2020
  • Historical Data: 2016 - 2019

Report Summary

The global smart manufacturing market was valued at USD 235.98 billion in 2020 and is expected to grow at a CAGR of 12.2% during the forecast period. The rising market demand for smart manufacturing due to industry 4.0 is impelling the market growth across the globe. In addition, the growth of cloud computing technology for paving its path across numerous sectors such as manufacturing, automotive, healthcare, and others may be attributed to the smart manufacturing market demand.

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Moreover, increasing expenditures on the research and development activities and rising investment for the technological advancements by the leading players in the market are further major factors that act as a catalyzing factor for the smart manufacturing market development over the upcoming years. The world is fighting against the COVID-19 pandemic and trying to prevent the spread of deadly coronavirus. Consequently, several governments regulate mandatory lockdown in various areas, which develops a decisive gap among supply chain and manufacturing units and reduces the shipment of solutions and components of the smart factories.

To overcome this impact, enterprises are reforming their business models, discovering automation prospects, and investing in installing up-grade supply chain and manufacturing models. Therefore, the smart manufacturing market demand is projected to grow due to rising energy, resource, and smart automation efficiency. Consequently, long-term market growth is influenced by the rearrangement of the manufacturing industry and strategic developments by the leading players, which, in turn, fuels the market growth of smart manufacturing in the coming years.

Industry Dynamics

Growth Drivers
The increasing number of technological advancements in wireless sensor networks and their penetration across smart factories is a major driving factor that accelerates the market growth of smart manufacturing over the forecast period. Integration of wireless networks with dispersed autonomous devices comprises sensors for analyzing environmental and physical circumstances is often recognized as a wireless sensor network (WSN). This sensor is usually adopted in the sectors such as water & wastewater treatment, oil & gas, and pharmaceutical.

In an oil & gas vertical plants, generators, tanks, separators, and compressors are managed, checked, and controlled with the help of sensors deployed in a WSN. The adoption of the WSN decreases the spending linked with the deployment of a communication system and sensor network. Growing usage of WSN in a supervisory control and data acquisition (SCADA) system and other smart factory solutions and components facilitates real-time data monitoring and process control.

Therefore, increasing research and development activities for WSN and vigorous implementation in the smart factories boost the growth of application areas in smart factories. Thus, these factors may contribute to the growth of smart manufacturing in the forecasting period owing to the constant updates in wireless sensor networks.

Report Segmentation

The market is primarily segmented on the basis of component, technology, end-use, and region.

By Component

By Technology

By End-Use

By Region

  • Hardware
  • Software
  • Services
  • Machine Execution Systems
  • Programmable Logic Controller
  • Enterprise Resource Planning
  • SCADA
  • Discrete Control Systems
  • Human Machine Interface
  • Machine Vision
  • 3D Printing
  • Product Lifecycle Management
  • Plant Asset Management
  • Automotive
  • Aerospace & Defense
  • Chemicals & Materials
  • Healthcare
  • Industrial Equipment
  • Electronics
  • Food & Agriculture
  • Oil & Gas
  • Others

 

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Technology

The Distributed Control System (DCS) segment is the leading segment in terms of revenue generation in 2020 and is expected to dominate the market in approaching years. Owing to the features such as it is flexible, scalable, visualization, and easy to use in processes like monitoring, controlling, and reporting as well as it aids in improving system availability and reliability.

DCS is a proficient way for managing core operations, safety roles, and maintenance across different plant applications and procedures. Furthermore, the launch of DC systems across various industries easily installs without compromising performance and process safety, which, in turn, leads to the dominance of the segment around the world. The 3D printing segment is estimated to show substantial growth in the forecasting period due to it helps in the production of sophisticated components with its convenient physical and competent attributes in every stage. In addition, it also provides pace, potency, and quality in the overall process of production and supplies a wide variety of applications and industries.

Insight by End-Use

The automotive segment was the largest revenue generator by holding the highest shares in the global market in 2020. Smart factory solutions facilitate numerous benefits such as sustainability, premium quality, raises asset competence, and reduces operational cost are the prominent factors that boost the segment growth which in turn will boost the market of smart manufacturing further.

Moreover, the increasing penetrations of industrial robots and growing investments in the smart factory are likely to provide several benefits such as product quality, stable employees, productivity, and raising product supplies into the market. Therefore, automation of the production plants creates a lucrative segment growth around the world which will boost the market demand of the smart manufacturing industry.

The aerospace and defense industry segment is expected to show the highest CAGR in the near future due to increasing investment in smart manufacturing solutions, rising optimization & visibility in the supply chain and product samples.

Also, increasing penetration of smart manufacturing for enhancing product features, utilization of competent manufacturing process, controlling supplies component, and reducing production cycle are additional factors that drive the focus of manufacturers in the automotive and aerospace & defense industry. Furthermore, penetration of the IT infrastructure in the market for completely automated activities in the organization also acts as a catalyzing factor for the segment growth which will boost the market development.

Geographic Overview

Geographically, Asia Pacific is the largest revenue contributor in 2020 and is expected to dominate the global market in the forecasting period. Growing focus on automating in-house manufacturing services and lessening reliance on other regions are the chief driving factor for the regional growth. In addition, the deployment of smart manufacturing solutions leads to growing manufacturers' focus on reforming their supply chains for enhancing workplace safety and decreasing operational costs in the manufacturing process.

Countries like Japan are one of the main manufacturing centers for creating factory automation solutions and delivering them to other nations across the region, leading to the availability of the solutions at a reasonable price for developing countries India and China. Therefore, these factors create a productive market demand for smart manufacturing in the Asia Pacific. Moreover, the Middle East and Africa are projected to grow at the highest CAGR globally in the upcoming years.

Due to the factors such as the rising number of government initiatives for technological advancement and increasing spending by the leading players for smart manufacturing development creates a curative market demand for smart manufacturing in the coming years. For instance, in April 2020, Infor will support manufacturers across the Middle East, Turkey, and Africa in embracing digital transformation and enforce the development of the 4.0 industrial revolution. Accordingly, these factors are fostering market growth across the Middle East and Africa.

Competitive Insight

Some of the major players operating in the global market include 3D Systems, Inc., ABB., Cisco Systems, Cognex Corporation, Emerson Electric Co., FANUC, General Electric, Honeywell International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation, Inc., SAP, Schneider Electric, Siemens, Stratasys Ltd., and Yokogawa Electric Corporation.

Smart Manufacturing Market Report Scope

Report Attributes

Details

Market size value in 2020

USD 235.98 billion

Revenue forecast in 2028

USD 573.14 billion

CAGR

12.2% from 2021 - 2028

Base year

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Segments covered

By Component, By Technology, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

3D Systems, Inc., ABB.Cisco Systems, Cognex Corporation, Emerson Electric Co., FANUC, General Electric, Honeywell International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation, Inc., SAP, Schneider Electric, Siemens, Stratasys Ltd., and Yokogawa Electric Corporation

 

Key Take-Away
Polaris Market Research
Smart Manufacturing Market Size, Share, Report Forecast 2028