Smart Manufacturing Market Growth, Size, Share, Trends, and Forecast 2032

Smart Manufacturing Market: Industry Perspective

The global Smart Manufacturing Market size was worth around USD 288.12 Billion in 2023 and is predicted to grow to around USD 974.60 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 14.50% between 2024 and 2032.

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Smart Manufacturing Market: Overview

Over the past several years, smart manufacturing has been a topic of conversation among the global manufacturing experts, leaders and strategists. Smart manufacturing is a technology-driven approach that utilizes internet-connected machinery to monitor the production process in real time. Smart manufacturing is expected to bring next industrial revolution in the global manufacturing sector. The continuously increasing investments in production activities, expanding mindfulness about advance and better production technologies, and the need for upgradation & modernization of control systems has become necessary to compete at international standards. All these factors are fuelling the adoption of smart manufacturing technology. Using smart manufacturing technologies companies are increasing the efficiency of their manufacturing plants and production process through the use of real time data and digital technologies.

The global manufacturing sector has been tormented by several factors including uncertainties in the supply of raw materials, rising operational costs, intense competition by local players and many others. As a result, various industry players are looking for options and ways through which they can reduce costs, improve product quality and make manufacturing more efficient. So the improved productivity and reduced cost structure of manufacturing is propelling the growth of smart manufacturing market globally. Smart manufacturing technologies have witnessed a significant growth in market as it offers ample technological solutions to small and medium sized enterprises and connected supply chains to its users. Whereas factors such as high initial cost of set up, and the probability of cyber-attacks to breach the security are hampering the growth of this market. Frequent investments by global players in the research and development activities related to smart manufacturing in order to come up with innovative products is expected to drive the growth of this market.

The market is expanding at a faster rate due to factors such as rising Industry 4.0 adoption, more government engagement in supporting industrial automation, increased emphasis on industrial automation in manufacturing processes, surging demand for software systems that save time and cost, increasing supply chain complexities, and increased emphasis on regulatory compliances. COVID-19 pandemic had an impact on or induced the shutdown of all industries and elements involved in industrial automation. The global supply chains and operational logistics were suddenly affected during initial worldwide lockdown.

The report covers forecast and analysis for the smart manufacturing market on a global and regional level. The study provides historic data of 2017 -2023 along with a forecast from 2023 to 2032 based on revenue (USD Billion). The study includes drivers and restraints for the smart manufacturing market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the smart manufacturing market on a global level.

Global Smart Manufacturing Market: Growth Factors

The growth of market is driven by increasing demand for connected supply chains and knowledge-based manufacturing that are equipped with advanced modeling, sensing, control, and simulation capabilities. With the advent of Internet of Things (IoT) revolution, there has been significant transformation in the manufacturing sector in form of automation and digitization. Further, cloud technology, Industrial Internet of Things (IIoT), and industrial analytics anticipated to play an important role towards prosper growth of the market.

The industrial sector worldwide has been significantly impacted by numerous factors over the years that include uncertainties in supply chain, intense competition, and exponential operational costs. As a result, market players are actively searching a way that reduces cost and transform enterprises into efficient, accelerated, agile, and compliant with the product quality. Hence, smart industrial solutions estimated to boost the efficiency and productivity in years to come. As per GSMA intelligence report, the industrial IoT connections expected to reach around 13.8 Billion by the end of 2025 along with increase in number of IoT connections in the consumer sector. Growth in the number of IoT connections will stimulate the digitization and connectivity among enterprises. Moreover, different aspects of smart manufacturing predicted to offer additional benefits that include dynamic production and real-time optimization that in turn bolster the need for smart manufacturing at a rapid pace.

This report offers comprehensive coverage on the global smart manufacturing market along with, market trends, drivers, and restraints of the smart manufacturing market. This report includes a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s five forces model for the smart manufacturing market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary and primary research team of industry experts.

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Global Smart Manufacturing Market: Segmentation

The study provides a decisive view on the smart manufacturing market by segmenting the market based on technology, component, end use, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

The technology segment includes PLC, DCS, HMI, MES, PLM, SCADA, and machine vision.

The component segment is further divided into hardware, software, and services.

The end use segment is further sub-divided into electronics, healthcare, automotive, oil & gas, aerospace & defense, food & agriculture, industrial equipment, chemicals & materials, and others.

The regional segmentation includes the current and forecast demand for North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa with further country wise bifurcation include U.S., UK, France, Germany, China, Japan, India, and Brazil.

Smart Manufacturing Market: Report Scope

The key players in the global Smart Manufacturing Market are:

The global smart manufacturing market is highly diverse and competitive in nature. This is predominantly because of rising penetration of large number of market players in the product offerings. Further, significant number of partnerships, collaborations, and joint ventures between end-use industry players and smart manufacturing solution providers is likely to impart high rate of competition in the global market.

The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global smart manufacturing market are-

• Siemens AG
• ABB Ltd.
• Emerson Electric Company
• Schneider Electric
• General Electric Company
• Honeywell International Inc.
• Mitsubishi Electric
• Yokogawa Electric Corporation
• FANUC Corporation and Rockwell Automation Inc. 
• among others.

The report segments the global smart manufacturing market as follows:

Smart Manufacturing Market: Technology Segment Analysis

• PLC
• DCS
• HMI
• MES
• PLM
• SCADA
• Machine Vision

Smart Manufacturing Market: Component Segment Analysis

• Hardware
• Software
• Services

Smart Manufacturing Market: End-Use Segment Analysis

• Electronics
• Healthcare
• Automotive
• Oil & Gas
• Aerospace & Defense
• Food & Agriculture
• Industrial Equipment
• Chemicals & Materials
• Others

Smart Manufacturing Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa