DELRAY BEACH, Fla., Oct. 14, 2024 /PRNewswire/ — The global Smart Manufacturing Market is projected to reach USD 479.17 billion by 2029 from USD 233.33 billion by 2024; it is expected to grow at a CAGR of 15.5% according to a new report by MarketsandMarkets™. The smart manufacturing market is driven by several key factors, including the emphasis on boosting manufacturing efficiency through automated production. Strong and continuous investments by the government in 3D printing technologies are helping push the market even further Additionally, the need to maintain regulatory compliance for industrial solutions remains crucial as businesses adopt advanced technologies. There is also a rising demand for innovative solutions to minimize manufacturing downtime and reduce production waste. For instance, the use of real-time data analytics in factories help companies optimize operations hence efficiency while reducing production waste.
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Browse in-depth TOC on “Smart Manufacturing Market”
288 – Tables
83 – Figures
374 – Pages
Smart Manufacturing Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 233.33 billion by 2024
Estimated Value by 2029
$ 479.17 billion by 2029
Growth Rate
Poised to grow at a CAGR of 15.5%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By technology, industry, and region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Security issues in smart manufacturing
Key Market Opportunities
Rapid developments in IIoT and cloud computing
Key Market Drivers
Rising demand for innovative technologies to minimize manufacturing downtime and production waste
Digital transformation systems segment is expected to account for the largest share of the smart manufacturing market during the forecast period.
The digital transformation systems segment accounted for the largest share of smart manufacturing market in 2029. Digital transformation systems include Al in manufacturing, industrial cybersecurity, digital twin, and AR & VR in manufacturing. Growth in this segment is due to the growth of innovative technologies such as AI and the necessity to implement faster and more efficient manufacturing abilities. Furthermore, these technologies create immersive training environments that promote workforce knowledge retention and skills development. For instance, AR can layer digital information onto physical equipment like guidance by technicians in real time during repair and maintenance tasks.
Energy and Power segment to exhibit highest CAGR in the forecast year.
Significant growth opportunities are available for vendors of automation solutions in alternative energy sources, such as wind, solar, and hydropower. Moreover, rapid industrialization, infrastructural development, and the integration of advanced technologies by various industries result in increased demand for power and energy. More stabilized electricity production can fulfill high energy demand, which requires higher plant performance and flexibility. This enforces the burden on plant operators to monitor and control the plant more efficiently. Thus, the adoption of advanced smart manufacturing technologies, such as HMI and PAM, is increasing significantly in the energy & power industry. Energy and power suppliers have already begun their shift toward smart manufacturing platforms owing to the rising inefficiencies of traditional methods. This adoption makes the suppliers more efficient in energy management, leading to cost savings and an eco-friendly landscape.
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Asia Pacific is expected to hold the largest market share of the smart manufacturing market during the forecast period.
The growth of smart manufacturing market in Asia Pacific can be attributed to rapid industrialization, commercialization of IIoT applications and increasing adoption of industrial robot. Asia Pacific is a manufacturing hub; hence, motor vehicle suppliers, such as Volkswagen (Germany), Toyota (Japan), Renault-Nissan (Netherlands), and Daimler (Germany), and local manufacturers, such as Tata Motors (India) and Hyundai Motors (South Korea), invest heavily in the smart factory market in Asia Pacific. Most key manufacturers from different industries have shifted their manufacturing plants to Asia Pacific due to the low labor costs and the availability of skilled labor in the region.
Key Players
The key companies in the smart manufacturing companies include 3D Systems, Inc. (US), ABB (Switzerland), Cisco Systems, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), and IBM (US).
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