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.
Key Pointers
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 |
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