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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Smart Manufacturing Market Outlook

The global smart manufacturing market attained a value of nearly USD 296.44 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 12% to attain nearly USD 821.11 billion by 2032.

Global Smart Manufacturing Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 296.44
Market Size 2032 USD Billion 821.11
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 12.0%
CAGR 2024-2032 - Market by Region Asia Pacific 13.8%
CAGR 2024-2032 - Market by Country India 15.9%
CAGR 2024-2032 - Market by Country China 13.2%
CAGR 2024-2032 - Market by Component Software 13.4%
CAGR 2024-2032 - Market by Technology Product Lifecycle Management 13.7%
Market Share by Country 2023 France 3.1%

Smart Manufacturing Market

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Rising Demand for Fast Data Processing Aiding the Growth of Smart Manufacturing Industry

Advanced technologies and artificial intelligence have replaced the traditional process of manufacturing. Smart manufacturing uses data analytics to ease complicated and difficult processes and also manages the supply chain smoothly. The rising demand for simplified processes in various industries is aiding the market growth of smart manufacturing. Smart machines or robots gather and understand large data that keeps them well informed throughout the manufacturing process. Data is collected, refined and made for the purpose of computing at ease by the robots. With the help of the stored data, the robots can improve machine performance and predict any fault in the manufacturing processes as they can learn from experience. They can predict, and that helps to facilitate better strategies for scheduling production runs. In smart manufacturing system, production processes can automatically generate, transmit and process data without human intervention, consequently bolstering the market growth.

Smart Manufacturing: Definition and Segmentation

Smart manufacturing is defined as bringing the elements of smart technology to the traditional process of production. These technologies help to create new opportunities to accelerate development, reduce waste, and increase production.

Smart Manufacturing Market By Segments

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Based on component, the market is divided into:

  • Hardware
  • Software
  • Services

Based on technology, the market is divided into:

  • Programmable Logic Controller
  • Supervisory Controller and Data Acquisition (SCADA)
  • Enterprise Resource and Planning
  • Human Machine Interface
  • Product Lifecycle Management
  • Manufacturing Execution System
  • Distributed Control System 
  • 3D printing
  • Others

Based on end use, the market is divided into:

  • Automotive
  • Aerospace and Defence
  • Chemicals and Materials
  • Healthcare
  • Food and Beverage 
  • Oil and Gas
  • Others

The EMR report looks into the regional markets of smart manufacturing like North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

CAGR 2024-2032 - Market by Country
India 15.9%
China 13.2%
USA 10.7%
France 9.4%
Italy 8.4%
Canada XX%
UK XX%
Germany XX%
Japan 8.3%
Australia XX%
Saudi Arabia XX%
Brazil XX%
Mexico XX%

Smart Manufacturing Market By Region

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Advanced Technology to Bolster the Market Growth of Smart Manufacturing

Industrial robots or smart machines meet the needs of mass demands through their autonomous and well-communicated system. These robots are capable of completing their work in time, and they are assisted by AI that allows them to learn from experience. They are flexible as they can be reconfigured and repurposed. The robots have the ability to respond rapidly to design changes and innovation, which is a competitive advantage over the more traditional manufacturing process, consequently furthering the market growth of smart manufacturing. The fear of the spread of coronavirus has led the production process to be even more dependent on machines. Smart manufacturing assists in workers’ safety. Due to their data research and intelligent learning automation, it makes it easy for workers to operate any function smoothly. In addition to this, workers are no longer exposed to hazards. AI eliminates the inefficiencies and can let robots take on more of the physical tasks of manufacturing, which is a crucial catalyst for the market growth.

Key Industry Players in the Global Smart Manufacturing Market

The report presents a detailed analysis of the following key players in the global smart manufacturing market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • ABB Ltd. 
  • Emerson Electric Co. 
  • Rockwell Automation, Inc. 
  • Mitsubishi Electric Corporation
  • FANUC America Corporation
  • Schneider Electric SE
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Component
  • Technology
  • End Use
  • Region
Breakup by Component
  • Hardware
  • Software
  • Services
Breakup by Technology
  • Programmable Logic Controller
  • Supervisory Controller and Data Acquisition (SCADA)
  • Enterprise Resource and Planning 
  • Human Machine Interface 
  • Product Lifecycle Management
  • Manufacturing Execution System
  • Distributed Control System
  • 3D Printing
  • Others
Breakup by End Use
  • Automotive
  • Aerospace and Defence
  • Chemicals and Materials
  • Healthcare
  • Food and Beverage
  • Oil and Gas
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ABB Ltd.
  • Emerson Electric Co.
  • Rockwell Automation, Inc.
  • Mitsubishi Electric Corporation
  • FANUC America Corporation
  • Schneider Electric SE
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global smart manufacturing market attained a value of nearly USD 296.44 billion.

The market is projected to grow at a CAGR of 12% between 2024 and 2032.

The market is being driven by the rising use of artificial intelligence in the manufacturing market, rapid industrialisation, and the growing demand from the end use industries.

The key trends of the market include the rising demand for data processors and the rapid advancements in connectivity technologies like 5G.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The significant components available in the market are hardware, software, and services.

The different technologies available in the market are programmable logic controller, supervisory controller and data acquisition (SCADA), enterprise resource and planning, human machine interface, product lifecycle management, manufacturing execution system, distributed control system, and 3D printing, among others.

The major end uses of smart manufacturing are automotive, aerospace and defence, chemicals and materials, healthcare, food and beverage, and oil and gas, among others.

The key players in the global smart manufacturing market are ABB Ltd., Emerson Electric Co., Rockwell Automation, Inc., Mitsubishi Electric Corporation, FANUC America Corporation, and Schneider Electric SE, among others.

The market is estimated to witness a healthy growth in the forecast period 2024-2032 to reach nearly nearly USD 821.11 billion by 2032.

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