What Has Been The Evolution of the Smart Manufacturing Market in Recent Years?
The smart manufacturing market has seen considerable growth due to a variety of factors.
• In recent years, we have seen the smart manufacturing market grow at an unexpectedly quick pace. The prediction is that it will expand from $405.82 billion in 2024 to a remarkable $459.15 billion in 2025, a compound annual growth rate (CAGR) of 13.1%. Numerous factors have contributed to this historic growth period, including advancements in industrialization, the surge in big data analytics, an emphasis on cyber-physical systems, the globalization of supply chains, a focus on energy efficiency and sustainability, improved quality control strategies, and a transition towards smart factories.
What Are the Future Growth Projections for the Smart Manufacturing Template Market?
The Smart Manufacturing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of smart manufacturing is predicted to witness a swift expansion in the forthcoming years. It's projected to soar to $833.96 billion by 2029, boasting a compound annual growth rate (CAGR) of 16.1%.
The escalation during the forecast period can be ascribed to the emphasis on resilient and adaptive manufacturing, a shift towards servitization models and an increased demand for rapid prototyping and additive manufacturing. Other contributing factors include a focus on continuous enhancement, augmented security protocols, and the prominence of circular economy practices. During the forecast period, significant trends such as industry 4.0 integration, digital twin adoption, state-of-the-art robotics and automation, proliferation of IoT and sensors, real-time processing through edge computing, low-latency communication via 5G connectivity, usage of artificial intelligence (AI) in manufacturing, and the collaboration between humans and machines are anticipated.
What Are The Core Factors Supporting Growth In The Smart Manufacturing Market?
The escalating trends in Industry 4.0 investments are predicted to propel the progress of the smart manufacturing market. The fourth wave of the industrial revolution, Industry 4.0, utilizes data to bridge the chasm between the digital and physical worlds. It opens up exciting pathways for evolution in the manufacturing sector through the enhancement of data gathering and interpretation at the edge, unveiling deeper analytical insights. It's reshaping the way firms produce, improve, and distribute their products. Cutting-edge technologies such as the Internet of Things (IoT), cloud computing, analytics, AI, and machine learning are being seamlessly integrated into manufacturing processes. For example, the 2022-Conexus-Tech-Adoption-Report by Conexus Indiana, a non-profit U.S organization specializing in advanced manufacturing and logistics, highlights the growth of Industry 4.0 implementation and pilot projects by 35% year on year. This report also shows that one out of three companies now perceives Industry 4.0 as a fruitful growth-oriented investment. Thus, the surge in Industry 4.0 investments is anticipated to fuel the smart manufacturing market.
What Are The Major Segments Within The Global Smart Manufacturing Market?
The smart manufacturing market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Execution Systems (MES), Programmable Logic Controller (PLC), Enterprise Resource Planning (ERP), SCADA, Discrete Control Systems (DCS), Machine Vision, 3D Printing, Other Technologies
3) By End-User: Automotive, Aerospace And Defense, Chemicals And Materials, Healthcare, Industrial Equipment, Electronics, Food And Agriculture, Oil And Gas, Other End-Users
Subsegments:
1) By Hardware: Sensors, Robotics, Industrial Control Systems, Machine Vision Systems, Connectivity Devices, Actuators
2) By Software: Manufacturing Execution Systems (MES), Enterprise Resource Planning (ERP), Supply Chain Management Software, Product Lifecycle Management (PLM), Quality Management Software, Data Analytics Software
3) By Services: Consulting Services, System Integration Services, Maintenance And Support Services, Training Services, Managed Services
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Which Trends Are Expected To Transform The Smart Manufacturing Market?
Leading enterprises in the smart manufacturing market are prioritizing innovative advancements such as the industrial internet of things to enable constant data collection and evaluation. The Industrial Internet of Things (IIoT) is the fusion of internet-connected gadgets and systems in industrial settings to boost operational efficiency, productivity, and decision-making. For instance, in July 2022, the Smart Manufacturing & Digital Transformation Centre (SMDTC) was inaugurated by the Indian Institute of Technology-Madras, an India-centric institution, aiming to uplift India's manufacturing potential and foster self-dependence. This new center has been set up to make smart manufacturing and digital transformation accessible to Indian MSMEs. The initiative will work towards creating vital systems and software platforms that are in line with Industry 4.0 norms, thereby promoting manufacturing self-sufficiency. The center lays emphasis on education, maturity assessments, joint research, and pioneering technologies like 5G. The prime objectives involve increasing stakeholder knowledge and encouraging industry-academia cooperation to elevate manufacturing procedures.
Who Are the Key Players In The Smart Manufacturing Market?
Major companies operating in the smart manufacturing market include:
• Siemens AG
• General Electric Company
• Rockwell Automation
• Schneider Electric SE
• Honeywell International Inc.
• Emerson Electric
• ABB India Limited
• Amazon Web Services Inc.
• Robert Bosch Manufacturing Solutions GmbH
• Cisco Systems Inc.
• 3D Systems Corporation
• Plex Systems Inc.
• Cognex Corporation
• PTC Inc.
• Mitsubishi Electric Corporation
• HP Development Company L.P.
• SAP SE
• Hitachi Ltd.
• IBM Corporation
• Oracle Corporation
• Microsoft Corporation
• Intel Corporation
• Accenture PLC
• Fujitsu Limited
• Fanuc Corporation
• Kuka AG
• Omron Corporation
• Panasonic Corporation
• Toshiba Corporation
• Yokogawa Electric Corporation
What Is The Most Dominant Region In The Smart Manufacturing Market?
North America was the largest region in the smart manufacturing market share in 2024. The regions covered in the smart manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
