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Browse in-depth TOC on “Smart Manufacturing Market”
288 – Tables
83 – Figures
374 – Pages
Smart Manufacturing Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 233.33 billion by 2024 |
|
Estimated Value by 2029 |
$ 479.17 billion by 2029 |
|
Growth Rate |
Poised to grow at a CAGR of 15.5% |
|
Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By technology, industry, and region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Security issues in smart manufacturing |
|
Key Market Opportunities |
Rapid developments in IIoT and cloud computing |
|
Key Market Drivers |
Rising demand for innovative technologies to minimize manufacturing downtime and production waste |
Digital transformation systems segment is expected to account for the largest share of the smart manufacturing market during the forecast period.
The digital transformation systems segment accounted for the largest share of smart manufacturing market in 2029. Digital transformation systems include Al in manufacturing, industrial cybersecurity, digital twin, and AR & VR in manufacturing. Growth in this segment is due to the growth of innovative technologies such as AI and the necessity to implement faster and more efficient manufacturing abilities. Furthermore, these technologies create immersive training environments that promote workforce knowledge retention and skills development. For instance, AR can layer digital information onto physical equipment like guidance by technicians in real time during repair and maintenance tasks.
Energy and Power segment to exhibit highest CAGR in the forecast year.
Significant growth opportunities are available for vendors of automation solutions in alternative energy sources, such as wind, solar, and hydropower. Moreover, rapid industrialization, infrastructural development, and the integration of advanced technologies by various industries result in increased demand for power and energy. More stabilized electricity production can fulfill high energy demand, which requires higher plant performance and flexibility. This enforces the burden on plant operators to monitor and control the plant more efficiently. Thus, the adoption of advanced smart manufacturing technologies, such as HMI and PAM, is increasing significantly in the energy & power industry. Energy and power suppliers have already begun their shift toward smart manufacturing platforms owing to the rising inefficiencies of traditional methods. This adoption makes the suppliers more efficient in energy management, leading to cost savings and an eco-friendly landscape.
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Asia Pacific is expected to hold the largest market share of the smart manufacturing market during the forecast period.
The growth of smart manufacturing market in Asia Pacific can be attributed to rapid industrialization, commercialization of IIoT applications and increasing adoption of industrial robot. Asia Pacific is a manufacturing hub; hence, motor vehicle suppliers, such as Volkswagen (Germany), Toyota (Japan), Renault-Nissan (Netherlands), and Daimler (Germany), and local manufacturers, such as Tata Motors (India) and Hyundai Motors (South Korea), invest heavily in the smart factory market in Asia Pacific. Most key manufacturers from different industries have shifted their manufacturing plants to Asia Pacific due to the low labor costs and the availability of skilled labor in the region.
Key Players
The key companies in the smart manufacturing companies include 3D Systems, Inc. (US), ABB (Switzerland), Cisco Systems, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), and IBM (US).
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