The global smart manufacturing market size is expected to reach USD 593.81 billion by 2030, 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, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The prominent market factors, such as the increasing penetration of the Industrial Internet of Things (IIoT) coupled with growing investments in automation goods in various industries such as healthcare, heavy production, automotive, and others, propel the demand. Besides, increasing government support for developing industrial automation and rising demand for industrial robots fuel industry growth.
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Based on components, the software segment holds the highest shares in the global industry in 2021, owing to the arrival of AI-driven systems and analytics. In contrast, the hardware segment is projected to rise significantly 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 to expand their business operations worldwide. For instance, in April 2021, Confirm introduces a successful implementation of the Future Wireless Innovation Test-Bed. It is designed and deployed to enhance 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 Billion, 2018 – 2030)
Smart Manufacturing, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
- 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 Billion, 2018 – 2030)
- Aerospace & Defense
- Chemicals & Materials
- Industrial Equipment
- Food & Agriculture
- Oil & Gas
Smart Manufacturing, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa