Smart Manufacturing Market Sector Analysis: Size, Share, Growth, and Trends

Written by Akshay Chavhan » Updated on: November 04th, 2024

Fortune business insights recently published a detailed market research study focused on the “The Smart Manufacturing Market Report by 2024” delivering key insights and providing a competitive advantage to clients through a detailed report. This report delves deeply into segmentation and definition, providing a clear understanding of market components and drivers.
"Smart Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (Discrete Industry and Process Industry), and Regional Forecast, 2023-2030"
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The global smart manufacturing market size was valued at USD 277.81 billion in 2022 and is projected to grow from USD 310.92 billion in 2023 to USD 754.1 billion by 2030, exhibiting a CAGR of 13.5% during the forecast period. Asia-Pacific dominated the smart manufacturing industry with a market share of 36.33% in 2022.
The competitive landscape of the market for smart manufacturing market is determined by assessing the major industry participants, production capacity, production capacity utilization rate, smart manufacturing market’s production chain, pricing by each manufacturer and the revenue generated by each manufacturer in the smart manufacturing market globally.
Top key players of smart manufacturing market:
HP Development Company, L.P. (U.S.)
ABB (Switzerland)
Emerson Electric Co. (U.S.)
General Electric (U.S.)
Honeywell International, Inc. (U.S.)
Mitsubishi Electric Corporation (Japan)
Robert Bosch GmbH (Germany)
Rockwell Automation, Inc. (U.S.)
Schneider Electric (Europe)
Siemens AG (Germany)
Market atributes:
Report Componant Aspects
Forecast Period 2022-2030
Projected market valuve 2022 USD 277.81 billion
Forecasted market valuve 2030 USD 754.1 billion
Compound Annual Growth Rate 13.5
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Drivers and restraints:

Driver: Advancements in IoT and Connectivity
The rapid development of Internet of Things (IoT) technologies and enhanced connectivity solutions drive the adoption of smart manufacturing systems, enabling real-time data collection, monitoring, and control.

Driver: Increased Focus on Operational Efficiency
Companies are increasingly investing in smart manufacturing technologies to improve operational efficiency, reduce downtime, and optimize production processes through automation and data-driven insights.

Driver: Growth in Industrial Automation
The rise in industrial automation across various sectors drives demand for smart manufacturing solutions, which integrate advanced robotics, AI, and machine learning to streamline production and enhance quality.

Restraint: High Initial Investment
The significant capital required for implementing smart manufacturing technologies can be a barrier for small and medium-sized enterprises, limiting their ability to adopt these advanced systems.

Restraint: Complexity of Integration
Integrating smart manufacturing systems with existing infrastructure can be complex and challenging, requiring specialized expertise and potentially leading to increased implementation time and costs.

Regional analysis:
North America (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
U.S. (By Solution)
Canada (By Solution)
Europe (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
U.K. (By Solution)
Germany (By Solution)
France (By Solution)
Italy (By Solution)
Spain (By Solution)
Rest of Europe
Asia Pacific (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
China (By Solution)
Japan (By Solution)
India (By Solution)
Southeast Asia (By Solution)
Rest of Asia Pacific
Middle East & Africa (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
GCC (By Solution)
South Africa (By Solution)
Rest of the Middle East & Africa
Latin America (By Component, By Deployment, By Enterprise Size, By Industry, By Region)
Brazil (By Solution)
Mexico (By Solution)
Rest of Latin America
Table of Content :
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Industry Developments – Merger, Acquisitions, and Partnerships
Porter’s Five Forces Analysis
SWOT Analysis
Technological Developments
Value Chain Analysis
TOC Continued…!
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Key industry developments:
Emerson to collaborate with Petronas with an objective to drive decarbonization and digital transformation as well as enhance their remote operation capabilities and further strengthen their cybersecurity.
Honeywell International, Inc. introduced robotic technology, ‘Smart Flexible Depalletizer,’ to minimize the labor-intensive work. This technology is increasing warehouse productivity and reducing labor injuries.
General Electric Company announced the launch of intuitive software applications and expert services called Connectix. The service is designed for smart manufacturing applications. The services help to take advantage of data analytics to increase energy efficiency, make faster decisions, and enhance daily operations in manufacturing.
Rockwell Automation, Inc. announced the release of its updated intelligent conveyor system called QuickStick HT. The newly launched conveyor system has been enabled with the advanced QuickStick HT 5700 inverter. The updated system has provided functional safety, and it can save the plant floor space and reduce the size of the control cabinet.
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Key questions are answer in this report:
What is the market size of smart manufacturing market 2024?
Who are top key players in this report?
what are drivers in the smart manufacturing industry?
what is the future projection of smart manufacturing industry?

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