The Global Smart Manufacturing Market was valued at USD 232.1 Bn in 2020 and is expected to reach USD 529.3 Bn by 2027, with a growing CAGR of 12.5% during the forecast period.
The growing adoption of industry 4.0 and IoT-enabled technology across various sectors is expected to drive the growth of the market during the forecast period. These technologies aid the effectiveness of the operation of the manufacturing plants. Moreover, the increasing adoption of computer-aided systems, manufacturing tools, the Internet of Things (IoT)-enabled devices, and engineering technologies such as artificial intelligence, machine learning, and cloud computing propel the demand for smart manufacturing market.
The advancements in technologies and AI have replaced the normal process of producing. Smart manufacturing uses data analytics to ease complex and lengthy processes and manages the availability chain smoothly. The increasing demand for smooth manufacturing processes several industries is fuelling the growth of the market. Smart machines or robots collect and recognize large data that keeps them informed throughout the manufacturing process. Data is collected, refined, and curated for the aim of computing comfortably by the robots. With the assistance of the stored data, the robots can improve machine performance and predict any loophole within the manufacturing processes as they will learn from experience. They can provide predictions as well, which helps to facilitate better strategies for scheduling production runs. In a smart manufacturing system, manufacturing techniques can routinely generate, transmit, and process statistics without human involvement, consequently propel the growth of the market.
Based on component, the hardware segment in the market is expected to witness the highest CAGR of over 11.0% during the forecast period. The hardware segment incorporates IIoT-enabling systems and devices such as robots, 3D printers, and virtual reality devices. The different types of traditional and smart sensors are a major aspect of the hardware segment, witnessing high growth potential and growing R&D activities in recent years. Growing technological advancements are enabling manufacturing facilities to deploy robots to carry out tasks such as material handling, processing operations, and assembly and inspection.
Emerson Electric Co. manufacturers and develops process controls, systems, valves, and scientific instruments. The company offers industrial, commercial, automation, and residential solutions across the globe. It works through two business segments as automation solutions and commercial and residential solutions. It serves businesses like oil, chemical, food and beverages, pulp and paper, pharmaceuticals, and water and wastewater treatment. The company automation technologies assist a few associations with improving their plant execution at a decreased expense. The organization has 220 assembling areas in 150 nations, basically in Europe and Asia. Emerson Electric gives PAM arrangements under its automation solutions segments.
Global Smart Manufacturing Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, the Asia-Pacific in smart manufacturing market is expected to be the fastest-growing regions and held the largest market share close to 36.0% in 2020. The growth in the region is mainly attributed to the increasing growth in the automotive industry. The countries such as India, Japan, China, and others in the region are continuously focused on automating in-house manufacturing facilities and reducing dependency on other countries. For instance, the government of India has introduced an initiative to support domestic production by the “Make in India” program.
Global Smart Manufacturing Market by Component Outlook (Revenue, USD Million, 2021-2027)
Global Smart Manufacturing Market by Technology Outlook (Revenue, USD Million, 2021-2027)
Global Smart Manufacturing Market by Industry Vertical Outlook (Revenue, USD Million, 2021-2027)
The key players operating in the smart manufacturing market are: