The global smart manufacturing market reached a value of US$ 259.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 527.3 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Smart manufacturing (SM) is a technology-driven approach that relies on internet-connected machinery for monitoring the production process. It also identifies opportunities for automating operations and using data analytics to improve the overall manufacturing performance. SM solutions help manufacturing engineers and data analysts identify failures in specific parts and undertake preventive maintenance to avoid unplanned downtime on devices. As a result, these solutions find extensive application in the manufacturing, automotive, and defense and aerospace industries around the world.

Significant growth in the manufacturing sector on account of automation and digitization represents one of the key factors favorably impacting the market. Besides this, a considerable rise in the demand for knowledge-based manufacturing and connected supply chains that are equipped with sensing, advanced control, modeling, and simulation capabilities is also contributing to the market growth. Apart from this, SM solutions offer a wide range of benefits, such as dynamic production and real-time optimization. These solutions also reduce accidents, cycle times, and maintenance costs. In line with this, the growing concerns about uncertainties in the supply of raw materials and energy, intense competition and rising operational costs have resulted in the increasing investment in SM solutions to boost the productivity and efficiency of enterprises. Furthermore, the increasing adoption of cloud platforms and the Internet of Things (IoT), coupled with the rapid industrial growth in emerging economies, is anticipated to create lucrative opportunities for market players across the globe.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart manufacturing market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, technology and end use.

Breakup by Component:

Hardware
Software
Services

Breakup by Technology:

Machine Execution Systems
Programmable Logic Controller
Enterprise Resource Planning
SCADA
Discrete Control Systems
Human Machine Interface
Machine Vision
3D Printing
Product Lifecycle Management
Plant Asset Management

Breakup by End Use:

Automotive
Aerospace and Defense
Chemicals and Materials
Healthcare
Industrial Equipment
Electronics
Food and Agriculture
Oil and Gas
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 3D Systems Inc., ABB Ltd., Emerson Electric Co., Fanuc Corporation, General Electric Company, Honeywell International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and Yokogawa Electric Corporation.

Key questions answered in this report:
How has the global smart manufacturing market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global smart manufacturing market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the end use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global smart manufacturing market and who are the key players?
What is the degree of competition in the industry?