Smart Manufacturing Industry Overview
The global smart manufacturing market size is predicted to hit USD 787.85 billion by 2030. The market is also anticipated to register a CAGR of 13.4% from 2022 to 2030, based on a recent report by Grand View Research, Inc. This market is popularly known as industry 4.0 as the advancement and integration of manufacturing with technology and automation processes in manufacturing is driven by the Internet of Things (IoT), machine learning, and real-time data. It is focused on combining innovation and efficiency as production processes grow faster. The industry is intended to adopt smart production methods across various domains. The need to increase productivity and improve the visibility of the entire system are two major factors driving the market growth.
The proliferation of the Industrial Internet of Things (IIoT) is expected to create challenges in controlling large amounts of data and accessing data and hence Participants can opt for self-study programs and Artificial Intelligence (AI) technologies to avoid challenges. However, with increasing reliance on data, the industry aims to prevent contact with processes from preventing unintended issues. An essential aspect of the industry is the need to integrate various technologies such as intelligent sensors, robots, and cloud computing. Digital development has created the opportunity to use integrated technologies to achieve measurable results. Simulation, 3D printing, and network technology development have made the market a promising investment center for technology developers and users.
Smart Manufacturing Market Segmentation
Grand View Research has segmented the global smart manufacturing market based on component, technology, end-use, and region:
Based on the Component Insights, the market is segmented into Hardware, Software, and Services.
- The software segment accounted for the largest revenue share of 49.3% in 2021 and is likely to dominate the market over the forecast period. As the industry is pushing towards full automation, the software component is the backbone of the industry.
- The hardware segment is projected to grow at a significant CAGR of 12.3% from 2022 to 2030. The advanced software requires high-level and compatible hardware to run.
Based on the Technology Insights, the market is segmented into Machine Execution Systems, Programmable Logic Controller, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine Interface, Machine Vision, 3D Printing, Product Lifecycle Management, and Plant Asset Management.
- The discrete control system segment accounted for the largest market share of 16.1% in 2021 and is predicted to lead the market over the forecast period. The discrete control system technology runs in the background and offers control and monitor functions to the administrator.
- The 3D printing segment accounted for a significant market share of 12.9% in 2021 and is expected to witness the fastest CAGR of 16.4% from 2022 to 2030. 3D printing allows smart manufacturers to print any type of small or big part just by drawing it on a 3D software.
Based on the End-use Insights, the market is segmented into Automotive, Aerospace & Defence, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas, and Others.
- The automotive industry registered the largest revenue share of 23.5% in 2021 and is forecasted to register the highest CAGR of 15.1% from 2022 to 2030. Many automotive manufacturers are running at very minimal profits, so they turn towards smart manufacturing to reduce waste and cost and to increase their margins.
- The aerospace & defense industry segment is predicted to register the highest CAGR of 14.4% from 2022 to 2030. This industry is investing heavily in smart manufacturing as precision in the product is key.
Smart Manufacturing Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
The global smart manufacturing market has a high number of small and medium-level players who are often operating for the big established manufacturers. The majority of small-level players in the market are in the Asia Pacific region as the market is still developing here. As technology evolves, so does the specification and type of products to be manufactured, with industrial automation the process is streamlined and the market grows alongside the evolution. The North American and European markets are dominated by large and medium-level companies in the market.
Some major players operating in the global smart manufacturing market include:
- General Electric
- Rockwell Automation Inc.
- Schneider Electric
- Honeywell International Inc.
- Emerson Electric
- Fanuc UK Limited
Order a free sample PDF of the Smart Manufacturing Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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