Press release
Smart Manufacturing Market Report- Expansive Coverage on the Profit Sources
According to the latest research by InsightAce Analytic, the Global Smart Manufacturing Market Size is valued at USD 106.75 Bn in 2023 and is predicted to reach USD 359.3 Bn by the year 2031 at a 16.56% CAGR during the forecast period for 2024-2031.
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Smart manufacturing refers to a contemporary approach to industrial production that integrates advanced and interconnected manufacturing technologies. It involves the implementation of systems that connect machinery with the internet to enable scalable, data-driven control over production processes. The growing demand for connected supply chains and intelligent manufacturing-supported by sophisticated modeling, sensing, simulation, and control capabilities-is a key factor driving market expansion.
The rapid evolution of the Internet of Things (IoT) has significantly transformed the manufacturing landscape through enhanced automation and digitization. In addition, cloud computing, the Industrial Internet of Things (IIoT), and industrial analytics are anticipated to play pivotal roles in shaping the future of manufacturing operations. The integration of emerging technologies such as artificial intelligence (AI), big data, machine learning, and cloud platforms is expected to further accelerate the growth of the smart manufacturing sector.
List of Prominent Players in the Smart Manufacturing Market:
• 3D System, Inc. (US)
• ABB (Switzerland)
• Cisco System, Inc. (US)
• Emerson Electric Co. (US)
• General Electric (US)
• Honeywell International Inc. (US)
• IBM (US)
• Mitsubishi Electric Corporation (Japan)
• Rockwell Automation (US)
• Schneider Electric (France)
• Siemens (Germany)
• Oracle (US)
• SAP (Germany)
• Stratasys (US)
• Yokogawa Electric Corporation (Japan)
• Cognex Corporation
• Intel Corporation
• Keyence Corporation
• Nvidia Corporation
• PTC
• Samsung
• Sony
• Universal Robots A/S
• Omron Corporation
Market Dynamics:
Drivers-
The smart manufacturing market is witnessing robust growth, primarily driven by the rising demand for connected supply chains and knowledge-based production systems equipped with advanced modeling, sensing, control, and simulation technologies. The integration of smart manufacturing with supply chain optimization facilitates real-time visibility across the production and distribution processes. This end-to-end transparency enables manufacturers to monitor the flow of raw materials, work-in-progress components, and finished goods, allowing swift responses to disruptions.
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Challenges:
Despite the benefits, the high upfront costs associated with implementing smart manufacturing technologies present a significant barrier to widespread adoption, particularly in global markets. The integration of technologies such as IoT, data analytics, artificial intelligence, and automation requires substantial financial investment. Additionally, these systems depend heavily on a stable and high-speed internet infrastructure for real-time data exchange among devices and systems.
Regional Trends:
North America is anticipated to command a significant share of the smart manufacturing market, with a strong compound annual growth rate (CAGR) expected in the coming years. The United States and Canada are making strategic investments in advanced manufacturing technologies, particularly within the healthcare, aerospace and defense, automotive, and industrial sectors. Technological advancements and the availability of alternative materials are further accelerating the adoption of smart manufacturing in the region.
Meanwhile, the Asia Pacific region is projected to exhibit the fastest growth during the forecast period. Small and medium-sized enterprises in countries such as India, Japan, and Australia are playing a pivotal role in driving the adoption of smart manufacturing solutions.
Recent Developments:
• In May 2023, Mitsubishi Electric Corporation announced a significant investment in Clearpath Robotics to advance manufacturing automation. Clearpath Robotics focuses on developing and selling autonomous mobile robots (AMR). The company will increase its support for comprehensive production optimization and automation by investing in AMR systems.
• In Oct 2022, Honeywell unveiled its Manufacturing Excellence platform, which provides dashboards and real-time end-to-end production visualization for a variety of user positions (including management and operators). The platform also offers comprehensive equipment status reports, timelines for process units, and trends of critical process parameters.
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Segmentation of Smart Manufacturing Market-
By Information Technology-
• Human-Machine Interface (HMI)
• Plant Asset Management (PAM)
• Manufacturing Execution System (MES)
• Warehouse Management System (WMS)
By Enabling Technology-
• Industrial 3D Printing
• Robots
o Traditional Robots
o Collaborative Robots
• Industrial Sensors
o Wired
o Wireless
• AI in Manufacturing
• Machine Condition Monitoring
• Industrial Machine Vision
• Industrial Cyber-Security
• Network security
o Application security
o Endpoint security
o Cloud security
o Wireless security
o Other security types
• Digital Twin
• Automated Guided Vehicles
• Unit load carriers
o Tow vehicles
o Pallet trucks
o Assembly line vehicles
• Augmented Reality & Virtual Reality
• 5G Industrial IoT
By Industry-
• Process Industry
o Oil & Gas
o Food & Beverages
o Pharmaceuticals
o Chemicals
o Energy & Power
o Metal & Mining
o Pulp & Paper
o Others
• Discrete Industry
o Automotive
o Aerospace
o Semiconductor & Electronics
o Medical Devices
o Machine Manufacturing
o Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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