Smart Manufacturing Market size was valued at USD 225.99 billion in 2019 and is poised to grow from USD 260.56 billion in 2023 to USD 813.86 billion by 2031, at a CAGR of 15.3% during the forecast period (2024-2031).
The smart manufacturing industry has expanded rapidly in the last few years and is expected to continue steadily in the future. “Smart manufacturing” is the term used to describe the digitization of industrial manufacturing at all stages, including supply chain management, design, production, distribution, and marketing. By using automation, artificial intelligence, and networked robotics to analyze data at every stage of the process, businesses can stay adaptable and quickly adjust their business models. A multitude of factors have contributed to the growth of the smart manufacturing market, such as implementation of government initiatives to support automation systems, profusion of investment opportunities in Industry 4.0, rise in the focus on safety compliance, and increase in the cost of labor in developing nations.
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Top Players Company Profiles
- Siemens AG (Germany)
- General Electric Company (US)
- Schneider Electric SE (France)
- IBM Corporation (US)
- Cisco Systems, Inc. (US)
- Rockwell Automation, Inc. (US)
- ABB Ltd (Switzerland)
- Honeywell International Inc. (US)
- Mitsubishi Electric Corporation (Japan)
- Fanuc Corporation (Japan)
- Bosch Rexroth AG (Germany)
- Yokogawa Electric Corporation (Japan)
- SAP SE (Germany)
- Oracle Corporation (US)
- PTC Inc. (US)
- Emerson Electric Co. (US)
- Microsoft Corporation (US)
- Hewlett Packard Enterprise (HPE) (US)
- Stratasys Ltd. (US)
- 3D Systems Corporation (US)
Deciphering Technological Advancements and Market Growth Through Initiatives
Governments are supporting and funding R&D for developments such as the Internet of Things and commercial 3D printing as they become more aware of the immense opportunities afforded by smart manufacturing technologies. The governments of several nations are encouraging the development of the Internet of Things as they want to employ the technology themselves in the future. To create and oversee digital infrastructure in the future, they are providing financial support for new Internet of Things research initiatives.
Global Shift Toward Industrialization and Infrastructure Investments in Developing Nation
In addition, rapid industrialization of developing nations such as Brazil, Mexico, Indonesia, China, India, and Africa have led to a large investment in infrastructure. These countries prioritize infrastructure development, devoting large sums of money to the building and renovation of utilities, ports, railroads, and highways. The expansion of infrastructure draws in global companies hoping to take advantage of emerging nations’ potential. Due to this, foreign companies have been drawn to establish their manufacturing facilities in these nations. Supply networks must now be integrated and managed, which requires the usage of modern warehouses.
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Segments covered
Component
Hardware, Software, Services
Technology
IoT, AI and ML, 3D Printings, and Others
Industry Vertical
Food & Beverage, Automotive, Aerospace & Defense, Consumer Electronics, Healthcare, and Others
Companies Approach in Reshaping the Smart Manufacturing Industry
- Businesses in the automotive, technology, energy, and industrial sectors can now unleash the value of their vital siloed industrial data with the aid of Snowflake’s data platform, partner- and Snowflake-delivered solutions, and industry-specific datasets. In April 2023, Snowflake announced the Manufacturing Data Cloud. Manufacturers can collaborate with partners, suppliers, and customers more securely and scalable with the Manufacturing Data Cloud. It increases their agility and visibility along the whole value chain.
- In February 2022, ThinkIQ announced its open software platform for smart manufacturing. ThinkIQ stated that the Clean Energy Smart Manufacturing Innovation Institute, the national center for smart manufacturing for the U.S., now grant licenses for the technology underlying CESMII’s Smart Manufacturing Innovation Platform. ThinkIQ asserts that democratized information models outperform traditional closed solutions used by the manufacturing community in terms of cost, speed, and simplicity.
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In the future, demand for smart manufacturing is expected to rise globally due to adoption of creative ideas and advanced digital technologies disrupting conventional production methods. Manufacturers are exploring many opportunities to increase productivity, agility, and efficiency in a variety of sectors by utilizing the Internet of Things, artificial intelligence, machine learning, robots, and 3D printing.
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