A recent report published by Infinium Global Research on smart manufacturing market provides in-depth analysis of segments and sub-segments in the global as well as regional smart manufacturing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart manufacturing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global smart manufacturing market.
Smart manufacturing enables all information about the manufacturing process to be available when and where it is needed across entire manufacturing supply chains and product lifecycles. Smart manufacturing is a system that is fully integrated, combined manufacturing systems that respond in real-time to meet changing demands and conditions in the factory and in customer needs. Smart manufacturing mainly focuses on advanced manufacturing technologies and tools that are driven or enhanced by integrated information technology. The biggest benefit of smart manufacturing is to increase operational efficiency. Therefore, the manufacturers are turning to centralized data centers that gather and report on the operations of everything from procurement to field service.
The broad uptake of Industry 4.0 technologies, including the Internet of Things (IoT), Artificial Intelligence (AI), and automation, is driving the growth of the smart manufacturing market. These innovations enable industries to enhance operational efficiency, product quality, and cost-effectiveness. By leveraging interconnected devices, data analytics, and autonomous systems, manufacturers can optimize processes, reduce downtime, and respond swiftly to changing market demands. Smart manufacturing solutions are increasingly sought after by industries aiming to stay competitive and agile, making them a pivotal force in reshaping modern manufacturing practices and ensuring sustained growth in a highly dynamic industrial landscape. The automotive industry is growing due to increased consumer demand for innovative vehicles, including electric and autonomous models, as well as stricter emissions regulations driving industry evolution. Thus, automakers are increasingly integrating smart manufacturing technologies to enhance production efficiency, quality control, and cost-effectiveness. This demand is fueled by the need to meet consumer expectations for advanced vehicles and comply with stringent regulatory standards. Therefore, the automotive sector's rising demand is a significant growth driver for the smart manufacturing market. However, while the smart manufacturing market is poised for growth, it confronts hurdles related to substantial upfront expenditures and apprehensions over cybersecurity risks. Industries might exhibit reluctance to commit to these technologies, fearing data breaches and operational vulnerabilities. This cautious approach could impede the pace of smart manufacturing adoption. Nonetheless, ongoing progress in robotics, encompassing advancements in artificial intelligence, machine learning, and sensor technologies, offers substantial prospects for the global smart manufacturing market.
The largest market share region in the smart manufacturing market is North America, primarily driven by the United States. North America's supremacy can be attributed to its robust industrial base, early adoption of Industry 4.0 technologies, and a strong focus on innovation. The presence of key players, research institutions, and government initiatives in the region has further contributed to its leadership in the smart manufacturing space. Moreover, the fastest-growing region in the smart manufacturing market is the Asia-Pacific region. Countries such as China, Japan, South Korea, and India are experiencing rapid growth in smart manufacturing adoption. Factors such as a large manufacturing sector, increasing investments in automation, and the digital transformation of industries contributed to the region's growth. Government policies promoting Industry 4.0 and the growing need for operational efficiency in various sectors also fueled the smart manufacturing market's expansion in Asia-Pacific.
|Market Size in 2022||USD 267.91 Billion|
|Market Size by 2030||USD 884.73 Billion|
|Growth Rate from 2023 to 2030||CAGR of 13.78%|
|Largest Market||North America|
|No. of Pages||255|
|Market Segmentation||By Technology, By Component, and By End User|
|Regional Scope||North America, Europe, Asia Pacific, and RoW|
The report on global smart manufacturing market covers segments such as technology, component, and end user. On the basis of technology, the sub-markets include programmable logic controller, manufacturing execution system, discrete control systems, product lifecycle management, enterprise resource planning, machine vision, and others. On the basis of component, the sub-markets include hardware, services, and software. On the basis of end user, the sub-markets include semiconductor, oil and gas, automotive, food and beverage, pharmaceutical, aerospace and defence, and others.
The report provides profiles of the companies in the market such as Siemens, ABB, FANUC America Corporation, Honeywell International Inc, Emerson Electric Co, Texas Instruments Incorporated., Mitsubishi Electric India Pvt. Ltd, Rockwell Automation, Yokogawa India Ltd., and Fujitsu.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the smart manufacturing market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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