According to the report by Expert Market Research (EMR), the global smart manufacturing market is projected to grow at a CAGR of 12% between 2024 and 2032. Aided by the increasing adoption of automation and advanced data analytics in manufacturing processes, the market is expected to grow significantly by 2032.
Smart manufacturing leverages cutting-edge technologies like the Internet of Things (IoT), Artificial Intelligence (AI), robotics, and big data analytics to enhance manufacturing efficiency, productivity, and flexibility. This technology integration enables real-time data monitoring, predictive maintenance, and streamlined production processes, ultimately leading to improved product quality and reduced operational costs.
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One of the key drivers fuelling the smart manufacturing market growth is the rising demand for automated and data-driven solutions in the manufacturing sector. Manufacturers are increasingly embracing these technologies to stay competitive, enhance production efficiency, and cater to the rapidly changing consumer demands. Furthermore, the push towards Industry 4.0, characterised by the integration of digital technologies into industrial processes, has significantly boosted the adoption of smart manufacturing solutions.
AI and IoT, integral components of smart manufacturing, are revolutionising the sector. As per the smart manufacturing market analysis, AI’s role in predictive maintenance, quality control, and supply chain optimisation, and IoT’s ability to connect various devices and equipment to gather and analyse data, are pivotal in enhancing operational efficiency. Additionally, the integration of robotics in manufacturing processes not only automates repetitive tasks but also ensures precision and consistency in production.
The increasing focus on sustainability and energy efficiency in manufacturing processes is another factor contributing to the growth of the smart manufacturing market. Smart manufacturing technologies enable manufacturers to monitor and control energy usage, reduce waste, and optimise resource utilisation, aligning with the global trend towards environmental sustainability.
Regionally, the Asia Pacific region holds a substantial portion of the smart manufacturing market share, attributed to the rapid industrialisation, significant investments in research and development, and government initiatives promoting the adoption of smart manufacturing technologies in countries like China, Japan, and South Korea. North America and Europe also hold substantial market shares, driven by the presence of key market players and advanced manufacturing infrastructure.
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Smart Manufacturing Market Segmentation
The market can be divided based on component, technology, end use, and region.
Market Breakup by Component
- Hardware
- Software
- Services
Market Breakup by Technology
- Programmable Logic Controller
- Supervisory Controller and Data Acquisition (SCADA)
- Enterprise Resource and Planning
- Human Machine Interface
- Product Lifecycle Management
- Manufacturing Execution System
- Distributed Control System
- 3D Printing
- Others
Market Breakup by End Use
- Automotive
- Aerospace and Defence
- Chemicals and Materials
- Healthcare
- Food and Beverage
- Oil and Gas
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart manufacturing market. Some of the major players explored in the report by Expert Market Research are as follows:
- ABB Ltd.
- Emerson Electric Co.
- Rockwell Automation, Inc.
- Mitsubishi Electric Corporation
- FANUC America Corporation
- Schneider Electric SE
- Others
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