Smart Manufacturing Market Size Worth USD 658.41 Billion, Globally, by 2029 at 13.1% CAGR
Fortune Business Insights
7 min read
Fortune Business Insights
The global smart manufacturing market size to grow from USD 277.81 billion in 2022 to USD 658.41 billion by 2029, growing at CAGR of 13.1% during forecast period. Factors such as the growth of Industry 4.0 and digitalization is driving the growth of smart manufacturing market globally.
Pune, India, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The smart manufacturing market size was valued USD 249.56 billion in 2021 and USD 277.81 billion in 2022 respectively. The global market size for smart manufacturing is predicted to grow significantly, reaching USD 658.41 billion by 2029, and is expected to grow at a CAGR of 13.1% over the forecast period of 2022 to 2029. This information is provided by Fortune Business Insights, in its report, titled, “Smart Manufacturing Market, 2022-2029.”
According to analysts, the increasing use of automation in manufacturing processes is driving the growth of smart manufacturing industry. Also factors such as developing technologies such as Artificial Intelligence (AI), cloud, big data, and Machine Learning (ML) is predicted to refine smart manufacturing competencies. Augmented Investment by Government to Fast-track Implementation of Smart Manufacturing amid Pandemic are driving the growth.
We have offered a rounded review of the smart manufacturing market along with ongoing trends and upcoming anticipations to inaugurate proximate investment gains in this report. Moreover, an extensive review of any future opportunities, apprehensions, competitors, or navigating aspects is also stated in the report. A methodical detailed regional review is presented. The COVID-19 effects have been added to the report to aid stakeholders and business professionals to comprehend the jeopardies better. The prime players in the market are acknowledged, and their tactics to augment the market growth are mentioned in the report.
Segmentation
Solution Sub-segment to Dominate Component Category Backed by Industrial 3D Growth
Based on the component, the market is categorized into solutions and services. The solution is expected to gain a major market share during the forecast period. Owing to the growth of industrial 3D printing which is attributed to increasing demand for IoT for advanced automation process in the manufacturing industry.
Based on deployment, the market is categorized into the cloud and on-premises.
Based on enterprise size, the market is segmented as large enterprises and small & medium enterprises.
Based on industry, the market is segmented into discrete industry and process industry. The discrete industry is subdivided further into automotive, transportation, industrial machinery, medical devices, semiconductor and electronics/high-tech, and others (Aerospace and Defense, and so on).
The Smart Manufacturing Market has been analyzed across five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Driving Factors
Urgent Need to Develop Robust Positions to Drive Growth
The increasing demand for IoT and industry 4.0-enabled technologies is set to accelerate the smart manufacturing market growth in the upcoming years. The surging effectiveness of production processes is also another growth driver. Various emerging economies have started establishing a robust position in terms of smart type of manufacturing. However, the requirement of high capital investments may act as a hindrance for the Smart Manufacturing Market.
Development in 5G Technologies and Investment in New Network Infrastructure to Support Growth
The advent of the 5G era is anticipated to alter the present Internet of Things (IoT)-based utilizations leveraged in smart manufacturing. 5G has the latent to make a ground breaking impression on the future IoT ecosystems designs, particularly in the areas of scalability, expectancy, dependability, safety, and the level of individual administration on connectivity factors. As the IoT usage zones are widening, more progressive usage cases necessitating augmented network competencies are also developing. Examples of such abilities involve backing for incorporated sensors, more precise device installation, and device movement at great speed.
Regional Insights
North America to Hold Second Position Due to Surging Spending on Advanced Manufacturing Technologies
North America held the second-largest smart manufacturing market share. The growth of this region is accredited to the increasing spending on progressive manufacturing technologies in countries such as Canada and the U.S. Technical progressions, obtainability of replacement of printing material, and declined equipment costs have further driven the implementation of the smart manufacturing concept.
Europe is predicted to grow at a steady pace during the forecast period, owing to the spread of the internet of things (IoT) in nations such as Germany, Italy, Spain, and others that balance the smart manufacturing market growth across the region.
Investments in Intelligent Manufacturing Industry to Boost Growth in Asia Pacific
Geographically, Asia Pacific held USD 79.09 billion in terms of revenue in 2020. This growth is attributable to the increasing investments by companies in the intelligent manufacturing industry. At the same time, in India, Japan, and Australia, several small and medium enterprises are gradually trying to spend more on smart manufacturing solutions. Asia Pacific is estimated to grow at a prompt pace during the forecast period owing to the encouraging ecosystem across nations such as Japan, India, Australia; SMEs are anticipated to fuel the usage of smart manufacturing solutions.
Competitive Landscape
Key Players Introduce Novel Technologies to Spur Market Growth
The pivotal players functioning in the market embrace numerous tactics to boost their position in the market as leading companies. One such prime strategy is procuring companies to spur the brand value among users. Another vital approach is frequently presenting the users with technologically advanced products introduced with an expansive review of the market and its users.
Industry Development:
September 2021: Honeywell International, Inc. unveiled robotic technology, ‘Smart Flexible Depalletizer,’ to reduce labor-centered work. This technology is rising warehouse efficiency and declining labor damages.
Companies Covered in the Smart Manufacturing Market Report
HP Development Company, L.P. (California, U.S.)
ABB (Zurich, Switzerland)
Emerson Electric Co. (Missouri, U.S.)
General Electric (Massachusetts, U.S.)
Honeywell International, Inc. (North Carolina, U.S.)
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