USD 860 Billion Smart Manufacturing Market Expected to Reach by 2031 | Top Players Such as - Rockwell Automation, Schneider Electric and Honeywell International
Smart manufacturing is driving a shift towards digital transformation, as companies seek to leverage advanced technologies to optimize their operations and improve product quality. This includes the use of IoT devices, data analytics, and artificial intelligence (AI) to create more efficient and effective manufacturing processes. The main elements fostering an optimistic view for smart manufacturing market growth are the rapid digitalization across industries and the rising demand for industrial automation.
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The global smart manufacturing market was valued at USD 249.5 billion in 2021, and is projected to reach USD 860 billion by 2031, growing at a CAGR of 13.7% from 2022 to 2031.
The global smart manufacturing market is segmented on the basis of component, application, end-user, and region. By component, the market is sub-segmented into hardware, software, and services. By application, the market is sub-segmented into machine execution system, programmable logic controller, enterprise resource planning, Scada, discrete control systems, human machine interface, machine vision, 3D printing, product lifecycle management, plant asset management, and others. By end-use, the market is classified into automotive, aerospace & defense, chemicals & materials, healthcare, industrial equipment, electronics, food & agriculture, oil & gas, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on application, the product lifecycle management sub-segment held the highest market share in 2021, mainly because product lifecycle management (PLM) software can speed up product development, decrease time to market, and enhance product quality for manufacturers. Besides, PLM software ensures that all stakeholders have access to the same information and facilitates collaboration between designers, engineers, and manufacturers, lowering the possibility of errors and misunderstandings.
Based on component, the hardware sub-segment held the highest market share in 2021. The surging growth of the sub-segment is mainly because robots and other automated systems are an important part of the hardware segment, which provides the manufacturers the ability to perform repetitive and dangerous tasks with precision and consistency. Besides, 3D printers are another emerging technology in the hardware segment, enabling manufacturers to create complex and customized parts and products using a range of materials, which is driving the sub-segment growth.
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Based on region, North America held the highest share in the global smart manufacturing market in terms of revenue in 2021, mainly owing to the availability of skilled workforce, with many workers trained in the latest manufacturing technologies and techniques. This has enabled manufacturers to implement smart manufacturing solutions more easily, and to achieve high levels of productivity and efficiency. Besides, the North America region has a robust infrastructure, including advanced transportation systems, communication networks, and logistics facilities.
The key players profiled in this report include ABB Ltd., Siemens, General Electric, Rockwell Automation Inc., Schneider Electric, Honeywell International Inc., Emerson Electric Co., Fanuc UK Limited, Fujitsu Global, and IBM.
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● The outbreak of the Covid-19 pandemic has had a moderate impact on the growth of the global smart manufacturing market.
● Disruption in the global supply chain and the shutting down of many factories as well as production facilities to prevent the spread of the virus have affected the market growth in the initial period of the pandemic.
● However, the pandemic has highlighted the importance of automation and digitalization in manufacturing processes, leading to an increased demand for smart manufacturing technologies. This has significantly impacted the global smart manufacturing market growth.
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