Global Smart Manufacturing Market Report and Forecast 2024-2032

Global Smart Manufacturing Market Outlook

The global smart manufacturing market attained a value of nearly USD 296.44 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 12% to attain nearly USD 821.11 billion by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Rising Demand for Fast Data Processing Aiding the Growth of Smart Manufacturing Industry

Advanced technologies and artificial intelligence have replaced the traditional process of manufacturing. Smart manufacturing uses data analytics to ease complicated and difficult processes and also manages the supply chain smoothly. The rising demand for simplified processes in various industries is aiding the market growth of smart manufacturing. Smart machines or robots gather and understand large data that keeps them well informed throughout the manufacturing process. Data is collected, refined and made for the purpose of computing at ease by the robots. With the help of the stored data, the robots can improve machine performance and predict any fault in the manufacturing processes as they can learn from experience. They can predict, and that helps to facilitate better strategies for scheduling production runs. In smart manufacturing system, production processes can automatically generate, transmit and process data without human intervention, consequently bolstering the market growth.

Smart Manufacturing: Definition and Segmentation

Smart manufacturing is defined as bringing the elements of smart technology to the traditional process of production. These technologies help to create new opportunities to accelerate development, reduce waste, and increase production.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Based on component, the market is divided into:

• Hardware
• Software
• Services

Based on technology, the market is divided into:

• Programmable Logic Controller
• Supervisory Controller and Data Acquisition (SCADA)
• Enterprise Resource and Planning
• Human Machine Interface
• Product Lifecycle Management
• Manufacturing Execution System
• Distributed Control System 
• 3D printing
• Others

Based on end use, the market is divided into:

• Automotive
• Aerospace and Defence
• Chemicals and Materials
• Healthcare
• Food and Beverage 
• Oil and Gas
• Others

The EMR report looks into the regional markets of smart manufacturing like North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Advanced Technology to Bolster the Market Growth of Smart Manufacturing

Industrial robots or smart machines meet the needs of mass demands through their autonomous and well-communicated system. These robots are capable of completing their work in time, and they are assisted by AI that allows them to learn from experience. They are flexible as they can be reconfigured and repurposed. The robots have the ability to respond rapidly to design changes and innovation, which is a competitive advantage over the more traditional manufacturing process, consequently furthering the market growth of smart manufacturing. The fear of the spread of coronavirus has led the production process to be even more dependent on machines. Smart manufacturing assists in workers’ safety. Due to their data research and intelligent learning automation, it makes it easy for workers to operate any function smoothly. In addition to this, workers are no longer exposed to hazards. AI eliminates the inefficiencies and can let robots take on more of the physical tasks of manufacturing, which is a crucial catalyst for the market growth.

Key Industry Players in the Global Smart Manufacturing Market

The report presents a detailed analysis of the following key players in the global smart manufacturing market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• ABB Ltd. 
• Emerson Electric Co. 
• Rockwell Automation, Inc. 
• Mitsubishi Electric Corporation
• FANUC America Corporation
• Schneider Electric SE
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report