REDDING, Calif., May 11, 2022 /PRNewswire/ -- According to a new market research report titled, "Smart Manufacturing Market by Technology (Robotics, AI, IIoT, Cloud, AR/VR), Application (Machine Inspection; Energy, Quality, and Warehouse Management; Planning, Surveillance, Optimization), End-use Industry, and Geography - Global Forecast to 2029," the smart manufacturing market is expected to grow at a CAGR of 21.5% from 2022 to 2029 to reach $446.24 billion by 2029.
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Smart manufacturing (SM) refers to the digitization of manufacturing at all levels: product design, supply chain, production, distribution, and sales. By analyzing data from all steps in the manufacturing process through machine learning, artificial intelligence, and connected robotics, manufacturers can stay agile and make fast adjustments to their business models. Businesses are adopting smart manufacturing to help streamline processes, increase productivity, stay competitive, and prepare for the future-including for unprecedented events, such as a pandemic.
The growth of the market is attributed to the increasing government involvement in supporting smart manufacturing, the growing emphasis on regulatory compliance, growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing complexities in the supply chain, and surging demand for software systems that reduce time & cost.
On the other hand, high investments and costs involved in implementing smart manufacturing solutions and a lack of standardization for technology platforms are some of the major factors restraining the growth of this market. The advent of 5G connectivity in smart manufacturing and the proliferation of smart manufacturing in developing countries are expected to offer significant growth opportunities for players operating in this market. However, privacy and data protection concerns and the lack of a requisite skilled workforce to implement and operate technologies are key challenges to the growth of the smart manufacturing market.
The global smart manufacturing market is segmented based on technology, application, and end-use industry. The study also evaluates industry competitors and analyses the market at the country level.
Government encouragement to promote industrial digitization drives the smart manufacturingmarket growth
Smart manufacturing is becoming the focus of global manufacturing. As intelligence is derived from data, manufacturing big data is beneficial to all aspects of manufacturing. It can accurately predict requirements and quickly identify errors and bottlenecks, thus innovating products and services and improving manufacturing processes. Considering the significance of automated industrialization, major global economies are planning and implementing Industry 4.0 to transform their traditional manufacturing industry into a smart one with the adoption of new and advanced technologies, including IoT, artificial intelligence, robotics, cloud technology, and analytics.
Manufacturing is an important part of the government agenda in many countries because it creates high-paying jobs, drives technological innovation, and generates more economic activity than any other sector. The competition for a strong manufacturing industry is a global one, and initiatives to promote and advance manufacturing from other governments include Germany's "Industrie 4.0", France's "Industrie du Futur," and China's "Made in China 2025". Japan has planned Society 5.0 (Industry 4.0), targeting its economic and social challenges, such as its aging population, labor shortages, and weak growth through advanced technologies. Germany Industrie 4.0 Initiative aims to create an industry infrastructure fit for sustainable future manufacturing in the country.
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China has planned a five-year plan to improve its manufacturing industry by incorporating advanced technologies in its traditional methodologies. The Chinese government launched "Made in China 2025", a state-led industrial policy that focuses on high-tech manufacturing. China has set up a USD 21 billion national investment fund to promote the transformation and upgrading of the country's manufacturing industry. In addition, India also adopted the Industry 4.0 plans to increase the manufacturing sector's contribution to 25% of GDP by 2025, from the current level of 16%.
The U.S. federal government's "Manufacturing USA" initiative has created a network of manufacturing innovation institutes around the country, including the following:
Apart from policy charting, governments across the globe have also announced investments in Industry 4.0. In August 2019, the South Korean government announced to invest WON 4.7 trillion (USD 3.9 billion) in innovative sectors in its 2020 budget, up from USD 3.2 billion in 2019. This includes 5G, digital twins, and artificial intelligence. Also, in October 2021, the Thailand Board of Investment (BOI) approved incentives to encourage companies to speed up Industry 4.0 transformation. All such positive government initiatives certainly encouraged the incorporation of industrial automation across different end-use industries.
To provide efficient analysis, Meticulous Research has segmented this market based on technology (robotics & automation, artificial intelligence, industrial IoT, cloud computing & storage, digital twin, industrial cybersecurity, additive manufacturing, blockchain, AR/VR), application (machine inspection & maintenance, quality management, inventory & warehouse management, production planning, surveillance & safety, energy management, resource optimization), end use industry (automotive, heavy machinery & tools, electronics & semiconductors, aerospace & defense, fast-moving consumer goods, medical devices, food & beverages, pharmaceuticals, paints & chemicals, oil & gas, metals & mining, energy & power, pulp & paper, others), and geography
Based on technology, the industrial IoT segment is estimated to account for the largest share of the overall smart manufacturing market in 2022. The rapid adoption of artificial intelligence (AI) and Internet of Things (IoT) in the manufacturing sector, increasing overall equipment effectiveness (OEE), a growing focus on digital transformation, extensive government support in encouraging digitalization across the industrial sector, and rising adoption of smart devices driving the market growth. However, the blockchain segment is projected to record the highest CAGR during the forecast period. The growth of this segment is attributed to the surge in demand for blockchain technology in the energy & power and industrial sectors, increasing demand for real-time data analysis, and the rising need to enhance production with minimum maintenance, simplify business processes, and reduce downtime.
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Based on application, the surveillance & safety segment is estimated to account for the largest share of the overall smart manufacturing market in 2022. However, the inventory & warehouse management segment is projected to record the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need for tracking the movement of goods, increasing manufacturing output due to the adoption of Industrial IoT (IIoT), the growing significance of forecasting models, and the rise in automation for minimizing human interaction.
Based on end-use industry, the automotive segment is estimated to account for the largest share of the overall smart manufacturing market in 2022. The increasing adoption of industrial IoT solutions, the increasing emphasis on developing next-generation automobile warehouses, and the need to reduce costs & downtime in production lines are driving the market growth. However, the pharmaceuticals segment is projected to record the highest CAGR during the forecast period.
Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa region. In 2022, Asia Pacific is estimated to account for the largest share of the overall smart manufacturing market and is projected to grow at the highest CAGR over the forecasted period. The growth of the Asia-Pacific market is attributed to the rising demand for automation, the increasing adoption of industrial robots, the advent of Industry 4.0, the growing adoption of cloud-based smart manufacturing solutions, and the presence of prominent key players in the region.
In addition, Asia-Pacific holds tremendous growth opportunities for the smart manufacturing market due to the expanding manufacturing hubs in countries such as China and South Korea, particularly in their automotive, electronics & component manufacturing sectors, due to the high outsourcing rate in these sectors.
Some of the key players operating in the smart manufacturing market are Amazon Web Services, Inc. (U.S.), Robert Bosch Manufacturing Solutions GmbH (Germany), Cisco Systems, Inc. (U.S.), 3D Systems Corporation (U.S.), Plex Systems, Inc. (U.S.), Cognex Corporation (U.S.), PTC Inc. (U.S.), FANUC CORPORATION (Japan), SAP SE (Germany), Mitsubishi Electric Automation, Inc. (U.S.), Emerson Electric Co. (U.S.), Siemens AG (Germany), Schneider Electric SE (France), ABB Ltd (Switzerland), Hitachi, Ltd. (Japan), and Intel Corporation (U.S.).
Browse in-depth TOC on "Smart Manufacturing Market - Global Opportunity Analysis And Industry Forecast (2022-2029)"
120 - Tables
36 - Figures
260 - Pages
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Scope of the Report:
Smart Manufacturing Market, by Technology
- Industrial Internet of Things
- Cloud Computing & Storage
- Robotics & Automation
- Robots
- Automated Storage and Retrieval Systems (ASRS) And Automatic Guided Vehicles (AGVS)
- Automated Assembly Lines
- Wearables & Mobile Devices
- Industrial Cybersecurity
- Additive Manufacturing
- Augmented Reality (AR)/Virtual Reality (VR)
- Digital Twin
- Artificial Intelligence
- Blockchain
Smart Manufacturing Market, by Application
- Surveillance & Safety
- Quality Management
- Resource Optimization
- Inventory & Warehouse Management
- Machine Inspection & Maintenance
- Production Planning
- Energy Management
Smart Manufacturing Market, by End-Use Industry
- Automotive
- Heavy Machinery & Tools
- Aerospace & Defense
- Metals & Mining
- Electronics & Semiconductors
- Medical Devices
- Food & Beverage
- Pharmaceuticals
- Oil & Gas
- Fast-Moving Consumer Goods (FMCG)
- Paints & Chemicals
- Energy & Power
- Pulp & Paper
- Other End-Use Industries (Agriculture and Prefabricated Construction)
Smart Manufacturing Market, By Geography
- North America
- U.S
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia-Pacific
- Latin America
- Middle East & Africa
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