Global Smart Manufacturing Technology Market Growth (Status and Outlook) 2024-2030
The global Smart Manufacturing Technology market size was valued at US$ 205,870 million in 2023. With growing demand in the downstream market, smart manufacturing technology is pro
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Introduction
Smart manufacturing technology refers to the use of advanced digital systems, automation, and data analytics to improve efficiency, productivity, and flexibility in manufacturing processes. Also known as Industry 4.0 or the Industrial Internet of Things (IIoT), smart manufacturing technology integrates various technologies to create interconnected and intelligent manufacturing ecosystems.
Market Insights
According to the Publishers’ latest study, the global Smart Manufacturing Technology market size was valued at US$ 205870 million in 2023. With growing demand in downstream market, the Smart Manufacturing Technology is forecast to a readjusted size of US$ 408130 million by 2030 with a CAGR of 10.3% during review period.
Smart manufacturing technology is a combination of various technologies and solutions which collectively, if implemented in a manufacturing ecosystem.
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GE is estimated to have a major share in the global market with 13%.
Key Features:
The report on Smart Manufacturing Technology market reflects various aspects and provide valuable insights into the industry.
Trends:
The global smart manufacturing technology market is experiencing a shift towards the integration of advanced digital technologies, including the Internet of Things (IoT), big data analytics, cloud computing, and artificial intelligence (AI).
There is a growing emphasis on the development and deployment of cyber-physical systems, which seamlessly integrate physical production processes with digital technologies to enhance efficiency, flexibility, and responsiveness.
The adoption of advanced robotics and automation technologies, such as collaborative robots (cobots) and autonomous guided vehicles (AGVs), is on the rise, enabling improved productivity, quality, and worker safety.
The manufacturing industry is witnessing the increasing use of predictive and prescriptive maintenance solutions, leveraging sensor data and analytics to predict equipment failures and optimize maintenance schedules.
The integration of additive manufacturing (3D printing) technologies in production processes is enabling greater design flexibility, faster product development, and mass customization.
The demand for sustainable and energy-efficient manufacturing solutions is driving the adoption of smart technologies that optimize energy consumption and reduce environmental impact.
The COVID-19 pandemic has accelerated the adoption of remote monitoring, control, and collaboration tools to enable flexible and resilient manufacturing operations.
Drivers:
The need for manufacturers to improve operational efficiency, reduce costs, and enhance product quality is a key driver for the adoption of smart manufacturing technologies.
The growing demand for mass customization and personalized products is pushing manufacturers to adopt flexible and responsive production systems enabled by smart technologies.
The increasing availability and affordability of advanced digital technologies, such as IoT sensors, cloud computing, and AI algorithms, is lowering the barrier to entry for smart manufacturing adoption.
The rising focus on sustainability and the need to reduce environmental impact is driving the integration of energy-efficient and waste-reducing smart manufacturing solutions.
The growing emphasis on worker safety and the desire to reduce manual, repetitive, and hazardous tasks is fueling the adoption of automated and collaborative robotics in manufacturing.
The COVID-19 pandemic has highlighted the importance of resilient and agile manufacturing operations, leading to increased investments in remote monitoring, control, and collaboration technologies.
Supportive government initiatives and funding programs aimed at promoting the development and adoption of smart manufacturing technologies are further driving market growth.
Opportunities:
The ongoing digital transformation of the manufacturing industry presents opportunities for companies to integrate various smart technologies and create end-to-end smart manufacturing ecosystems.
The growing demand for predictive and prescriptive maintenance solutions can enable manufacturers to optimize equipment performance, reduce downtime, and extend asset lifespans.
The integration of additive manufacturing technologies in production processes can open up new opportunities for mass customization, rapid prototyping, and on-demand manufacturing.
The increasing availability of cloud-based platforms and software-as-a-service (SaaS) models can lower the entry barriers for small and medium-sized manufacturers to adopt smart manufacturing solutions.
The development of innovative human-robot collaboration (HRC) technologies can enable manufacturers to leverage the complementary strengths of humans and machines to enhance productivity and worker safety.
The growing emphasis on sustainability and energy efficiency can create opportunities for manufacturers to integrate smart technologies that optimize energy usage, reduce waste, and minimize the environmental impact of their operations.
The COVID-19 pandemic has highlighted the importance of resilient and flexible manufacturing operations, which can drive the adoption of remote monitoring, control, and collaboration technologies.
Threats:
The high initial investment and integration costs associated with smart manufacturing technologies can be a barrier for small and medium-sized manufacturers, particularly in developing economies.
The complexity of integrating various smart technologies and the need for skilled personnel to operate and maintain these systems can pose challenges for some manufacturers.
Cybersecurity risks and the potential for cyber attacks on smart manufacturing systems can create concerns and hesitation among manufacturers to adopt these technologies.
The rapid pace of technological change and the need for continuous technology upgrades can lead to concerns about the obsolescence of smart manufacturing investments.
The COVID-19 pandemic and the associated supply chain disruptions, economic uncertainty, and changing consumer demand patterns can create challenges for manufacturers in their smart manufacturing technology adoption efforts.
Regulatory and compliance issues, such as data privacy and security regulations, can add complexity and introduce additional costs for manufacturers in their smart manufacturing technology deployments.
The potential for job displacement and the need for workforce upskilling and reskilling to adapt to smart manufacturing technologies can create social and labor challenges.
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Manmayi Raval
Research Consultant
Market Size and Growth: The research report provide an overview of the current size and growth of the Smart Manufacturing Technology market. It may include historical data, market segmentation by Type (e.g., Manufacturing IT, Automation Control System), and regional breakdowns.
Competitive Landscape: The research report provides analysis of the competitive landscape within the Smart Manufacturing Technology market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.
Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Smart Manufacturing Technology market. It includes factors influencing customer ' purchasing decisions, preferences for Smart Manufacturing Technology product.
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Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Smart Manufacturing Technology market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Smart Manufacturing Technology market. The report also evaluates the effectiveness of these policies in driving market growth.
Market Forecasts and Future Outlook: The global smart manufacturing technology market is poised for significant growth and transformation in the coming years, driven by the increasing demand for operational efficiency, flexibility, and sustainability in the manufacturing industry.
Market Segmentation:
Smart Manufacturing Technology market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of value.
Segmentation by type
Manufacturing IT
Automation Control System
Instrumentation & Field Devices
Segmentation by application
Automotive
Aerospace & Defense
Chemicals & Materials
Healthcare
Industrial Equipment
Electronics
Oil & Gas
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
GE
ABB
Siemens
SAP
Schneider
Emerson
Oracle
IBM
Honeywell
Cisco
Rockwell
Yokogawa
Fanuc
NVIDIA
Keyence
Cognex
Stratatys
3D Systems
Daifuku
Table of Contents
1 Scope of the Report
1.1 Market Introduction
1.2 Years Considered
1.3 Research Objectives
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered
1.8 Market Estimation Caveats
2 Executive Summary
2.1 World Market Overview
2.1.1 Global Smart Manufacturing Technology Market Size 2019-2030
2.1.2 Smart Manufacturing Technology Market Size CAGR by Region 2019 VS 2023 VS 2030
2.2 Smart Manufacturing Technology Segment by Type
2.2.1 Manufacturing IT
2.2.2 Automation Control System
2.2.3 Instrumentation & Field Devices
2.3 Smart Manufacturing Technology Market Size by Type
2.3.1 Smart Manufacturing Technology Market Size CAGR by Type (2019 VS 2023 VS 2030)
2.3.2 Global Smart Manufacturing Technology Market Size Market Share by Type (2019-2024)
2.4 Smart Manufacturing Technology Segment by Application
2.4.1 Automotive
2.4.2 Aerospace & Defense
2.4.3 Chemicals & Materials
2.4.4 Healthcare
2.4.5 Industrial Equipment
2.4.6 Electronics
2.4.7 Oil & Gas
2.4.8 Others
2.5 Smart Manufacturing Technology Market Size by Application
2.5.1 Smart Manufacturing Technology Market Size CAGR by Application (2019 VS 2023 VS 2030)
2.5.2 Global Smart Manufacturing Technology Market Size Market Share by Application (2019-2024)
3 Smart Manufacturing Technology Market Size by Player
3.1 Smart Manufacturing Technology Market Size Market Share by Players
3.1.1 Global Smart Manufacturing Technology Revenue by Players (2019-2024)
3.1.2 Global Smart Manufacturing Technology Revenue Market Share by Players (2019-2024)
3.2 Global Smart Manufacturing Technology Key Players Head office and Products Offered
3.3 Market Concentration Rate Analysis
3.3.1 Competition Landscape Analysis
3.3.2 Concentration Ratio (CR3, CR5 and CR10) & (2022-2024)
3.4 New Products and Potential Entrants
3.5 Mergers & Acquisitions, Expansion
4 Smart Manufacturing Technology by Regions
4.1 Smart Manufacturing Technology Market Size by Regions (2019-2024)
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