The global smart manufacturing market size is expected to reach USD 573.14 billion by 2028 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The prominent factors of the market, such as the increasing penetration of the Industrial Internet of Things (IIoT) coupled with growing investments in the automation goods in various industries such as healthcare, heavy production, automotive, and others, are propelling the demand. Besides, growing government support for the development of industrial automation and rising demand for industrial robots fuels the growth across the globe.
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Based on components, the software segment holds the highest shares in the global industry in 2020, owing to the arrival of AI-driven systems and analytics. Whereas, the hardware segment is projected to rise at a significant pace in the forecasting period due to the increasing availability of the IIoT enabling systems and machines, VR devices, robots, 3D printers, and others.
The rising demand for industrial robots is one of the major driving factors for smart manufacturing industry growth. Industrial robots carry out various activities such as product inspection, management of stock, and assembling different types of machinery. Therefore, the growing adoption of industrial robots may accelerate the demand for smart manufacturing over the forecasting years.
Industry participants such as ABB, 3D Systems, Inc., Cisco Systems, Emerson Electric Co., Cognex Corporation, FANUC, Honeywell International Inc., General Electric, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Robert Bosch GmbH, SAP, Schneider Electric, Stratasys Ltd., Siemens, and Yokogawa Electric Corporation are some of the key players operating in the global market.
Numerous market competitors are introducing innovative products for expanding their business operations around the world. For instance, in April 2021, Confirm introduces a successful implementation of the Future Wireless Innovation Test-Bed. It is designed and deployed for enhancing the smart manufacturing environment by opting for wireless technologies like Wifi6, 6G, and 5G.
Polaris Market Research has segmented the smart manufacturing market report on the basis of component, technology, end-use, and region:
Smart Manufacturing, Component Outlook (Revenue – USD Million, 2016 – 2028)
Smart Manufacturing, Technology Outlook (Revenue – USD Million, 2016 – 2028)
- Machine Execution Systems
- Programmable Logic Controller
- Enterprise Resource Planning
- Discrete Control Systems
- Human Machine Interface
- Machine Vision
- 3D Printing
- Product Lifecycle Management
- Plant Asset Management
Smart Manufacturing, End-Use Outlook (Revenue – USD Million, 2016 – 2028)
- Aerospace & Defense
- Chemicals & Materials
- Industrial Equipment
- Food & Agriculture
- Oil & Gas
Smart Manufacturing, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa