Smart Manufacturing Market (By Component; By Technology: Product Lifecycle Management, 3D Printing, Enterprise Resource Planning; By End-use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

The global smart manufacturing market size was estimated at around USD 254.3 billion in 2022 and it is projected to hit around USD 1021.65 billion by 2032, growing at a CAGR of 14.92% from 2023 to 2032.

Smart Manufacturing Market Size 2023 to 2032

Key Pointers

  • The software segment accounted for the largest revenue share of 49.64% in 2022 and is likely to dominate the market over the forecast period.
  • The hardware segment is projected to grow at the highest CAGR of 13.82% from 2023 to 2032.
  • The discrete control system segment accounted for the largest market share of 16.14% in 2022 and is predicted to lead the market over the forecast period.
  • The 3D printing segment is anticipated to grow at the highest CAGR of 17.85% over the forecast period.
  • The aerospace & defense industry segment is predicted to register a significant CAGR of 16.62% from 2023 to 2032.
  • The Asia Pacific region accounted for the largest market share of 36.73% in 2022.
  • Latin America is expected to grow at a significant CAGR of 15.38% during the forecast period.
Report Coverage Details
Market Size in 2022 USD 254.3 billion
Revenue Forecast by 2032 USD 1021.65 billion
Growth rate from 2023 to 2032 CAGR of 14.92%
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Covered ABB Ltd; Siemens; General Electric; Rockwell Automation, Inc.; Schneider Electric; Honeywell International Inc.

 

The market is expanding at a faster rate due to factors such as rising Industry 4.0 adoption, more government engagement in supporting industrial automation, increased emphasis on industrial automation in manufacturing processes, surging demand for software systems that save time and cost, increasing supply chain complexities, and increased emphasis on regulatory compliances. The COVID-19 pandemic had an impact on or induced the shutdown of all the industries and elements involved in industrial automation. The global supply chains and operational logistics were suddenly affected during the initial worldwide lockdown.

The market became more focused on manufacturing essential products to survive during the pandemic as the demand for non-essential products reduced. However, the market was able to grow during the pandemic as enterprises needed to provide their services and products safely and quickly. The market grew during this unusual event as a direct result of demand, government financial assistance, and technical support.

The information technology and automobile industries are the two most prevalent industries for industry 4.0. The market has helped automotive manufacturers build automated assembly lines not only for parts but also to manufacture the entire car. For instance, in 2021, Audi used its Production Lab (P-Lab) department to create real-life use cases for modern technology in everyday manufacturing. Industrial automation has developed an in-depth and in-demand market based solely on the benefits and opportunities it offers other industries. Regardless of industry, every company or manufacturer aims to apply smart manufacturing to their processes, thus increasing the overall market.

Additionally, the information technology industry is at the forefront of the existence of the market and also its development. The market has grown standardized due to the widespread standardization and recent installation of the internet of things (IoT). The Internet of Things has normalized the entry-level manufacturing, application, and execution of market technology worldwide. The information technology industry uses augmented reality, virtual reality, machine learning, artificial intelligence, and many other modern solutions to keep the industry on the front foot to meet contemporary challenges and demands. For instance, in July 2021, Qualcomm began applying its advanced 5G technology to smart manufacturing by unleashing the power of IoT.

Regional Insights

The Asia Pacific region accounted for the largest market share of 36.7% in 2022. The region is also anticipated to be the fastest-growing region over the forecast period. Developing countries like India and China have vast unexplored opportunities and are aiming toward full automation in smart manufacturing. These countries also want to be independent in terms of production and manufacturing, so they invest heavily in industry 4.0. Latin America is expected to grow at a significant CAGR of 15.3% during the forecast period.

The Latin American market for innovation and automation is aggressively penetrated, resulting in the normalization of smart manufacturing. Since the modern technological revolution has only recently begun in Latin America, opportunities in smart manufacturing are expanding. The region is also close to and accessible to various raw materials, which aids in smart manufacturing and drives the growth of the market.

Smart Manufacturing Market Segmentations:

By Component By Technology By End-use

Hardware

Software

Services

Machine Execution Systems

Programmable Logic Controller

Enterprise Resource Planning

SCADA

Discrete Control Systems

Human Machine Interface

Machine Vision

3D Printing

Product Lifecycle Management

Plant Asset Management

Automotive

Aerospace & Defense

Chemicals & Materials

Healthcare

Industrial Equipment

Electronics

Food & Agriculture

Oil & Gas

Others

Frequently Asked Questions

The global smart manufacturing market size was reached at USD 254.3 billion in 2022 and it is projected to hit around USD 1021.65 billion by 2032.

The global smart manufacturing market is growing at a compound annual growth rate (CAGR) of 14.92% from 2023 to 2032.

The Asia Pacific region has accounted for the largest smart manufacturing market share in 2022.

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Smart Manufacturing Market 

5.1. COVID-19 Landscape: Smart Manufacturing Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Smart Manufacturing Market, By Component

8.1. Smart Manufacturing Market, by Component, 2023-2032

8.1.1 Hardware

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Software

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. Services

8.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Smart Manufacturing Market, By Technology

9.1. Smart Manufacturing Market, by Technology, 2023-2032

9.1.1. Machine Execution Systems

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Programmable Logic Controller

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Enterprise Resource Planning

9.1.3.1. Market Revenue and Forecast (2020-2032)

9.1.4. SCADA

9.1.4.1. Market Revenue and Forecast (2020-2032)

9.1.5. Discrete Control Systems

9.1.5.1. Market Revenue and Forecast (2020-2032)

9.1.6. Human Machine Interface

9.1.6.1. Market Revenue and Forecast (2020-2032)

9.1.7. Machine Vision

9.1.7.1. Market Revenue and Forecast (2020-2032)

9.1.8. 3D Printing

9.1.8.1. Market Revenue and Forecast (2020-2032)

9.1.9. Product Lifecycle Management

9.1.9.1. Market Revenue and Forecast (2020-2032)

9.1.10. Plant Asset Management

9.1.10.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Smart Manufacturing Market, By End-use 

10.1. Smart Manufacturing Market, by End-use, 2023-2032

10.1.1. Automotive

10.1.1.1. Market Revenue and Forecast (2020-2032)

10.1.2. Aerospace & Defense

10.1.2.1. Market Revenue and Forecast (2020-2032)

10.1.3. Chemicals & Materials

10.1.3.1. Market Revenue and Forecast (2020-2032)

10.1.4. Healthcare

10.1.4.1. Market Revenue and Forecast (2020-2032)

10.1.5. Industrial Equipment

10.1.5.1. Market Revenue and Forecast (2020-2032)

10.1.6. Electronics

10.1.6.1. Market Revenue and Forecast (2020-2032)

10.1.7. Food & Agriculture

10.1.7.1. Market Revenue and Forecast (2020-2032)

10.1.8. Oil & Gas

10.1.8.1. Market Revenue and Forecast (2020-2032)

10.1.9. Others

10.1.9.1. Market Revenue and Forecast (2020-2032)

Chapter 11. Global Smart Manufacturing Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Component (2020-2032)

11.1.2. Market Revenue and Forecast, by Technology (2020-2032)

11.1.3. Market Revenue and Forecast, by End-use (2020-2032)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Component (2020-2032)

11.1.4.2. Market Revenue and Forecast, by Technology (2020-2032)

11.1.4.3. Market Revenue and Forecast, by End-use (2020-2032)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Component (2020-2032)

11.1.5.2. Market Revenue and Forecast, by Technology (2020-2032)

11.1.5.3. Market Revenue and Forecast, by End-use (2020-2032)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Component (2020-2032)

11.2.2. Market Revenue and Forecast, by Technology (2020-2032)

11.2.3. Market Revenue and Forecast, by End-use (2020-2032)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Component (2020-2032)

11.2.4.2. Market Revenue and Forecast, by Technology (2020-2032)

11.2.4.3. Market Revenue and Forecast, by End-use (2020-2032)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Component (2020-2032)

11.2.5.2. Market Revenue and Forecast, by Technology (2020-2032)

11.2.5.3. Market Revenue and Forecast, by End-use (2020-2032)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Component (2020-2032)

11.2.6.2. Market Revenue and Forecast, by Technology (2020-2032)

11.2.6.3. Market Revenue and Forecast, by End-use (2020-2032)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Component (2020-2032)

11.2.7.2. Market Revenue and Forecast, by Technology (2020-2032)

11.2.7.3. Market Revenue and Forecast, by End-use (2020-2032)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Component (2020-2032)

11.3.2. Market Revenue and Forecast, by Technology (2020-2032)

11.3.3. Market Revenue and Forecast, by End-use (2020-2032)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Component (2020-2032)

11.3.4.2. Market Revenue and Forecast, by Technology (2020-2032)

11.3.4.3. Market Revenue and Forecast, by End-use (2020-2032)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Component (2020-2032)

11.3.5.2. Market Revenue and Forecast, by Technology (2020-2032)

11.3.5.3. Market Revenue and Forecast, by End-use (2020-2032)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Component (2020-2032)

11.3.6.2. Market Revenue and Forecast, by Technology (2020-2032)

11.3.6.3. Market Revenue and Forecast, by End-use (2020-2032)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Component (2020-2032)

11.3.7.2. Market Revenue and Forecast, by Technology (2020-2032)

11.3.7.3. Market Revenue and Forecast, by End-use (2020-2032)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Component (2020-2032)

11.4.2. Market Revenue and Forecast, by Technology (2020-2032)

11.4.3. Market Revenue and Forecast, by End-use (2020-2032)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Component (2020-2032)

11.4.4.2. Market Revenue and Forecast, by Technology (2020-2032)

11.4.4.3. Market Revenue and Forecast, by End-use (2020-2032)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Component (2020-2032)

11.4.5.2. Market Revenue and Forecast, by Technology (2020-2032)

11.4.5.3. Market Revenue and Forecast, by End-use (2020-2032)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Component (2020-2032)

11.4.6.2. Market Revenue and Forecast, by Technology (2020-2032)

11.4.6.3. Market Revenue and Forecast, by End-use (2020-2032)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Component (2020-2032)

11.4.7.2. Market Revenue and Forecast, by Technology (2020-2032)

11.4.7.3. Market Revenue and Forecast, by End-use (2020-2032)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Component (2020-2032)

11.5.2. Market Revenue and Forecast, by Technology (2020-2032)

11.5.3. Market Revenue and Forecast, by End-use (2020-2032)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Component (2020-2032)

11.5.4.2. Market Revenue and Forecast, by Technology (2020-2032)

11.5.4.3. Market Revenue and Forecast, by End-use (2020-2032)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Component (2020-2032)

11.5.5.2. Market Revenue and Forecast, by Technology (2020-2032)

11.5.5.3. Market Revenue and Forecast, by End-use (2020-2032)

Chapter 12. Company Profiles

12.1. ABB Ltd

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. Siemens

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. General Electric

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. Rockwell Automation, Inc.

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. Schneider Electric

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. Honeywell International Inc.

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

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