The global smart manufacturing technology market size was USD 210681.5 million in 2021 and is expected to register a steady revenue CAGR of 10.00% during the forecast period. Key factors such as technological advancements in wireless sensor networks, rapid industrialization across the globe, and increasing government initiatives to promote smart manufacturing are expected to drive global market growth during the forecast period.
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Smart manufacturing technology utilizes Internet-connected machinery for monitoring the production processes. It is a specific application of Industrial Internet of Things (IIoT) to identify opportunities for automating operations and use data analytics for improving manufacturing performance. Smart manufacturing technology is rapidly gaining traction across various sectors such as automotive, aerospace and defense, chemicals and materials, healthcare, industrial equipment, electronics, and oil and gas among others.
However, high capital and operating expenses, dearth of skilled labor and lack of standardization for technology platforms, and low awareness about smart manufacturing technology in many developing countries are key factors that can hamper overall market growth to a certain extent during the forecast period.
Automation Control System Segment To Register Rapid Revenue CAGR:
The Automation Control System (ACS) segment is expected to register rapid revenue CAGR during the forecast period. Factors such as rising need for automation across industrial sectors to reduce human errors and decrease human involvement, high adoption of ACS owing to lower operational costs, faster ROI, enhanced production output, and smaller environmental footprint are expected to drive segment revenue growth between 2023 and 2028.
Automotive Segment to Account for Largest Revenue Share:
The automotive segment is expected to account for largest revenue share over the forecast period. This can be attributed to high usage of smart manufacturing technology by automotive manufacturers to reduce waste and cost and increase their margins, growing adoption of smart manufacturing technology due to evolving consumer preferences, and high focus on automation to avoid human errors.
Asia Pacific To Register Rapid Revenue Growth:
Asia Pacific market is expected to register rapid revenue growth during the forecast period owing to rapid industrialization, high adoption of advanced technologies such as industry 4.0, Augmented Reality, Artificial Intelligence, and the Internet of Things, and growing inclination towards cloud-based smart manufacturing solutions.
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Smart Manufacturing Technology Industry Recent Developments:
In November 2021, ABB launched the first smart factory solution, Smart Melt Shop useful for safer, autonomous and more efficient steel melt shop operations. This program digitally connects all steel melt shop processes to synchronize operations and enhance production efficiencies.
In July 2022, IIT Madras announced the launch of Smart Manufacturing and Digital Transformation Centre (SMDTC) for democratising smart manufacturing and digital transformation. The centre is expected to create key elements for manufacturing execution systems, database and manufacturing intelligence software platforms and IIoT for Indian MESEs.
Smart Manufacturing Technology Market By Company:
The global smart manufacturing technology market has been segmented based on type, application, and region:
Smart Manufacturing Technology Market Segment by Type:
Automation Control System
Instrumentation And Field Devices
Smart Manufacturing Technology Market Segment by Application:
Aerospace and Defense
Chemicals and Materials
Oil and Gas
Smart Manufacturing Technology Market Segment by Region:
North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
Latin America (Brazil, Argentina, Columbia, Rest of South America)
Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
Key Reasons to Purchase:
Estimates 2023 to 2028 smart manufacturing technology market current market trends and development trends
Market dynamics along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the smart manufacturing technology market
Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
Brief about impact of COVID-19 on the global smart manufacturing technology market
Key Questions Addressed:
What revenue CAGR is the global market expected to register during the forecast period?
Which key players are leading in the global smart manufacturing technology market?
What is the expected market size of the global smart manufacturing technology market between 2023 and 2028?
What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
What are some of the key challenges that the global market is expected to face during the forecast period?
Which region is expected to account for largest revenue share over the forecast period?
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