Smart Manufacturing Market Share, Growth, Opportunities 2031

Report Description

The global smart manufacturing market size was valued at USD 236.08 billion in 2020 and is projected to reach USD 589.95 billion by 2028, expanding at a CAGR of 12.2 % during the forecast period, 2021–2028. As manufacturing processes evolve at a rapid pace, the sector is focusing on merging innovation and efficiency, which is attributed to the market growth.

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Smart manufacturing, also known as intelligent manufacturing, is an innovative method that heavily relies on the evolution of the latest technologies in terms of applying advanced manufacturing techniques during the manufacturing process. Moreover, it allows to connect machines to each other using the means of the Internet in order to ensure scalable and optimal control of production processes. Predictive maintenance, data analytics, and industrial networking are some of the advanced technical tools for effective manufacturing processes. Several manufacturing facilities have implemented software systems in one form or another to streamline and unify onto a single platform by providing real-time data and insights. The COVID-19 pandemic outbreak has had a positive impact on the smart manufacturing platform owing to the rise in automation process replacing involvement of labors in production activities.

Market Trends, Drivers, Restraints, and Opportunities

• Growing adoption of smart manufacturing services across various supply-chain operations is expected to fuel the growth of the market.
• Focus on integrating efficiency and innovation by several players across the domains is expected to boost the market growth.
• Complexity regarding the implementation of Industrial Internet of Things is facing challenges in terms of processing large amounts of data and extracting relevant insights. This factor acts as a major restraining factor for the market growth.
• A paradigm change in consumer behavior focusing on manufacturing-to-order rather than manufacturing-to-stock is expected to hamper the market growth of smart manufacturing.
• Extensive requirement for increasing productivity and enhancing visualization of the entire system are the two major factors providing potential growth opportunities of the market.

Scope of the Report

The report on the global smart manufacturing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Distributed control system segment is expected to grow at a rapid pace

Based on technology, the global smart manufacturing market is divided into SCADA, programmable logic controller, machine vision, machine execution systems, enterprise resource planning, product lifecycle management, human machine interface, 3D printing, DCS, and plant asset management. The DCS segment is expected to grow at a rapid pace during the forecast period owing to the benefit of being simple and flexible for procedures such as monitoring, managing, and reporting. However, the 3D printing segment is anticipated to hold a key share of the market in the coming year as it offers several industries and applications by providing quality, strength, and speed throughout the manufacturing process.

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Software segment to account for a major market share

On the basis of components, the market is segregated into services, software, and hardware. The software segment is expected to account for a major market share during the forecast period owing to increasing adoption of analytics and Artificial Intelligence (AI)-driven technologies. On the other hand, the hardware segment is anticipated to register a considerable CAGR during the forecast period owing to the different types of traditional and smart sensors, which are important parts of the hardware products.

Automotive segment is anticipated to hold significant market share

Based on end-users, the global smart manufacturing market is segmented into oil & gas, healthcare, aerospace & defense, automotive, chemicals & materials, industrial equipment, electronics, food & agriculture, and others. The automotive segment is anticipated to hold significant market share attributed to smart factory solutions that provide advantages such as asset efficiency, cost savings, quality, and sustainability. On the other hand, the aerospace & defense segment is expected to witness a considerable CAGR during the forecast period. The aerospace & defense industry places major emphasis on data integration from several stakeholders in the supply chain and large investments in this area are projected to help the segment growth.

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period as countries in the region constantly working to automate their in-house production operations and reduce their reliance on other countries. However, the market of Middle East & Africa is anticipated to expand at a rapid pace during the forecast period owing to increased government initiatives towards new technology. Within the region, Saudi Arabia is expected to emerge as one of the leading countries of the market due to various growth potentials in the country.

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