The global Smart Manufacturing market size is expected to be worth around US$ 514.4 billion by 2028, according to a new report by Vision Research Reports.
The global Smart Manufacturing market size was valued at US$ 215.7 billion in 2020 and is anticipated to grow at a CAGR of 11.9% during forecast period 2021 to 2028.
The growing adoption of digital technologies such as industrial IoT, autonomous robots, and big data analytics, to enable the fourth industrial revolution are the prime driving factors for the market growth. Moreover, growing emphasis on increasing production efficiency and gaining visibility across the entire value chain will also boost the prospects of smart manufacturing. In addition, availability of advanced technologies such as 3D printing, manufacturing execution systems (MES), and plant asset management solutions to small and medium enterprises is further accelerating the market growth.
The positive impact of government initiatives and investments to promote smart manufacturing adoption has been one of the most influential factors driving the market. The fact that both industrialized countries and developing economies are aggressively pursuing this avenue is expected to further propel the growth. For example, China is reportedly investing over USD 3 billion for advanced manufacturing under the Made in China 2025 program. Similarly, SAMARTH Udyog Bharat, Industry 4.0, initiative is being promoted by Indian government to transform the manufacturing industry in the country.
Based on component, the smart manufacturing infrastructure is segmented into hardware, software, and services. The hardware segment includes robots, 3D printers, IIoT enabling equipment and devices, and augmented and virtual reality devices. While these devices are utilized at the edge of networks, their demand has been increasing in the recent years. Different types of conventional and smart sensors are an important aspect of the hardware segment, which has been exhibiting not only rapid demand growth but also increased research and development activities. For instance, HMS Networks, a supplier of industrial communication and IIoT solutions has become one of the leading players in industrial IoT connectivity after acquisition of eWon, a manufacturer of PLCs in 2016.
Based on technology, the smart manufacturing market is segregated into various technologies including manufacturing execution system (MES), programmable logic controller (PLC), enterprise resource planning (ERP), supervisory control and data acquisition (SCADA), discrete control system (DCS),(HMI), machine vision, 3D printing, product lifecycle management (PLM), and plant asset management. While some of these technologies have been in use for quite some time, segments such as 3D printing have been gaining traction in the recent years. With the use of AI and machine learning as a design aid, additive manufacturing technology, or 3D printing is shifting toward automation. In addition, 3D printing segment is expected to witness the highest growth over the forecast period owing to its large-scale adoption in design process and agile product iterations.
Smart manufacturing has found applications in almost all manufacturing industries. While some industries have been leading the adoption of advanced smart manufacturing, others have been relatively slower. Among these, the automotive and aerospace and defense segments are expected to be the largest contributors to industry growth. The automotive segment dominated the market in 2019 and is further expected to grow phenomenally over the forecast period.
Though all the regions have started investing in smart manufacturing, they vary considerably in terms of market maturity. With numerous ongoing projects, developed countries such as U.S., Germany, and Japan are witnessing high penetration of smart manufacturing or Industrie 4.0, whereas emerging countries such as China are catching up with the technological advancements. For instance, in 2018, Siemens and Alibaba cloud forged a partnership to foster industrial IoT in China. The partnership will provide novel solutions for manufacturers in China to realize innovation and aide Industry 4.0 initiatives.
Siemens AG; General Electric; Rockwell Automation Inc.; Schneider Electric; Honeywell International Inc.; Emerson Electric Co.; and Fanuc Corporation.
Machine Execution Systems
Programmable Logic Controller
Enterprise Resource Planning
Discrete Control Systems
Human Machine Interface
Product Lifecycle Management
Plant Asset Management
Aerospace & Defense
Chemicals & Materials
Food & Agriculture
Oil & Gas
The Smart Manufacturing market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Smart Manufacturing market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Smart Manufacturing market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Smart Manufacturing market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Smart Manufacturing market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Smart Manufacturing capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Smart Manufacturing by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Smart Manufacturing market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Smart Manufacturing market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Smart Manufacturing market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Smart Manufacturing industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Smart Manufacturing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Smart Manufacturing market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Smart Manufacturing market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Smart Manufacturing market. These factors have benefited the growth of the global market for Smart Manufacturing. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Smart Manufacturing. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Smart Manufacturing are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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