The thriving Global Smart Manufacturing Market incorporates cutting-edge technologies and cohesive systems to streamline manufacturing operations and boost efficiency, productivity and sustainability, according to Adroit Market Research.
This dynamic sector leverages automation, artificial intelligence, the Internet of Things (IoT), robotics, and data analytics across diverse industries including automotive, aerospace, electronics, pharmaceuticals, and food and beverage. Its profound impact lies in its potential to transform conventional manufacturing techniques, lower operational expenses, enhance product standards, optimize supply chains, and establish innovative smart factories. Embracing smart manufacturing solutions is anticipated to stimulate economic progress, enhance competitiveness, and shift the global manufacturing industry landscape.
Intelligent manufacturing encompasses the integration of cutting-edge technologies, insightful data analysis, and automation within production practices to establish more streamlined, adaptable, and interconnected operations. It involves applying technological advancements like as robotics, artificial intelligence, machine learning, and the Internet of Things (IoT) to enhance productivity, maximize efficiency, and improve decision-making in the industrial sector.
Through the utilization of real-time information, anticipatory analytics, and astu te systems, intelligent manufacturing empowers organizations to oversee and regulate manufacturing processes, identify and forestall errors, diminish downtime, and enhance overall quality. Furthermore, it encourages cooperation between human workers and automated systems which allows manufacturers to attain enhanced levels of precision, expandability, and sustainability, ultimately fostering innovation and competitiveness within the industry.
In 2023, the smart manufacturing market reached a valuation of approximately USD 288.56 billion worldwide. The market is expected to develop at a 17.3% compound annual growth rate (CAGR) between 2024 and 2031, reaching around USD 575.4 Billion by 2031.
Africa, Europe, South America, Asia Pacific, and the Middle East are all included in the market analysis. With a 42.25% revenue share in the smart manufacturing market in 2022, North America emerged as the largest global market. It is anticipated that the introduction of Industry 3.98 and the existence of significant key players would drive market expansion in this area. Furthermore, it is anticipated that the presence of foreign companies funding cloud computing, industrial Internet of things (IoT), and research & development in industrial technology will spur market expansion. As revenue growth continues, the Asia-Pacific region is expected to hold the biggest market share. Rising government initiatives to use industrial robots are blamed for this rise. Additionally, businesses in the intelligent manufacturing sector are investing more money, which is supporting the growth of the market.
The primary driving force in the Global Smart Manufacturing market is software innovation. The surge in the utilization of cutting-edge software solutions has paved the way for enhanced and automated manufacturing operations. Equipped with functionalities like data analysis, predictive maintenance, real-time monitoring, and seamless system integration, Smart Manufacturing software has significantly elevated production efficiency and quality standards. As manufacturers continue to prioritize operational optimization and cost reduction, the demand for intelligent software solutions is projected to experience substantial growth on a global scale, solidi fying its position as the pivotal component in this evolving industry.
Anticipated to take centre stage in the Global Smart Manufacturing landscape is the Programmable Logic Controller (PLC) technology. Widely embraced across manufacturing sectors for its role in process automation and regulation, PLCs play a critical role in powering smart manufacturing systems. Their capability to offer precise and robust control over diverse industrial processes results in heightened productivity levels and decreased operational expenses. Hence, the widespread adoption and proven efficacy of PLC technology position it as the forefront technology expected to dominate the market by virtue of its tangible benefits in advancing manufacturing processes.
The predominant sector driving growth within the Global Smart Manufacturing market is the automotive industry. Renowned as a cornerstone of the global manufacturing realm, the automotive sector continues its relentless adoption and implementation of smart manufacturing technologies to refine efficiency, productivity, and product excellence within its production workflows. With the escalating consumer demand for intelligent vehicles, the automotive industry stands as a prominent catalyst in spearheading the adoption of smart manufacturing solutions, thus commanding a leading position among end-use industries in the Global Smart Manufacturing market.
Siemens recently confirmed the purchase of Edge Technology, a top provider of industrial Internet of Things (IoT) soluti ons, on January 21, 2022. This acquisition is geared towards bolstering Siemens’ position in the smart manufacturing arena through the enhancement of its industrial automation and digitalization capabilities.
Schneider Electric introduced EcoStruxure Automation Expert on March 15, 2022, a cutting-edge software platform that integrates artificial intelligence and advanced analytics to optimize industrial operations. This innovative technology equips customers in the smart manufacturing industry with the tools to boost efficiency, flexibility, and sustainability within their operations.
General Electric (GE) and ABB disclosed a strategic partnership on May 4, 2022, with the goal of collaboratively developing and marketing digital solutions for the industrial sector, particularly smart manufacturing. By utilizing GE’s Predix platform and ABB’s digital offerings, this partnership maximizes the strengths of both companies to deliver advanced solutions for the anticipated connected factory of the future.
The Smart Manufacturing market is dominated by a coterie of top players, namely Siemens AG, General Electric Company, Honeywell International Inc., Rockwell Automation Inc., Cisco Systems Inc., IBM Corporation, Oracle Corporation, SAP SE, ABB Ltd., and Schneider Electric SE. These industry leaders are at the forefront of driving innovat ion in smart manufacturing solutions and technologies, propelling the industry forward with their cutting-edge products and services.
