The global smart manufacturing market size is predicted to hit USD 787.54 billion by 2030, according to a new study by Grand View Research, Inc. The market is also anticipated to register a CAGR of 14.9% from 2023 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.
Several countries around the world imposed strict closures to prevent the spread of COVID-19, with severe restrictions and safety measures. Leading companies that produce smart devices started using IoT deployment, statistics, and AI-based digital platforms to reduce the need for human interaction. In addition, reduced efficiency in production lines due to social isolation processes is also strengthened with the help of automated solutions, thereby reducing employee involvement in production processes.
While established retailers are pushing their technology harder in new fields and operating environments, the barriers to entry are declining rapidly. These trends have led to an increase in competition among retailers, thus, leading to the introduction of fictional business models as advanced products. Buyers are experiencing a paradigm shift and focus on ordering rather than production to sell stock. These circumstances are expected to drive a comprehensive overhaul of production business models. This, in turn, is expected to fuel the market during the forecast period.
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Smart Manufacturing Market Report Highlights
Industrial 4.0 has been helping to transform the market from acquiring legacy systems to smart components and sophisticated equipment to the development of digital factories, and later, to the ecosystem of plants and connected businesses
Based on the technology segment, the 3D Printing type of smart manufacturing is anticipated to grow with the highest CAGR of 17.8% during the forecast period due to the rise in the usage of 3D animation in the production of spare parts
The software segment is poised to grow with the highest CAGR of 15.5% during the forecast period. The advent of analytics and AI-driven systems is expected to be a key factor driving the growth of the market
The Asia Pacific region contributed the largest revenue share in 2022, owing to the constant advancements in automation and reducing dependency on other nations for an in-house manufacturing facility
Access Press Release @ https://www.grandviewresearch.com/press-release/global-smart-manufacturing-market
Smart Manufacturing Market Segmentation
Grand View Research has segmented the global smart manufacturing market based on component, technology, end-use, and region:
Smart Manufacturing Component Outlook (Revenue, USD Billion, 2018 - 2030)
Hardware
Software
Services
Smart Manufacturing Technology Outlook (Revenue, USD Billion, 2018 - 2030)
Machine Execution Systems
Programmable Logic Controller
Enterprise Resource Planning
SCADA
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)
Automotive
Aerospace & Defence
Chemicals & Materials
Healthcare
Industrial Equipment
Electronics
Food & Agriculture
Oil & Gas
Others
Smart Manufacturing Regional Outlook (Revenue, USD Billion, 2018 - 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
MEA
List of Key Players in Smart Manufacturing Market
ABB Ltd.
Siemens
General Electric
Rockwell Automation, Inc.
Schneider Electric
Honeywell International Inc.
Emerson Electric Co.
Fanuc UK Limited
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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