Smart Manufacturing Market by Component (Hardware, Software, Services); by Industry Vertical (Automotive, Aerospace & Defense, Chemical & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas, Others) - Global Forecasts 2021 to 2027

Date : Aug 2021

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Report ID : 760

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Category : Semiconductor & Electronics

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Report Format:  PDF EXCEL PPT WORD

Market Overview:

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.

Smart manufacturing is a fully integrated, collaborative manufacturing system that responds in real-time to meet changing demands and conditions in the factory, in the supply network, and in customer needs. The growing adoption of industry 4.0 and IoT-enabled technology in various sectors is projected to propel 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), and engineering technologies such as artificial intelligence, machine learning, and cloud computing fuel the growth of the market. The ongoing developments in industry 4.0 are predicted to accelerate the adoption of smart factories by opening up new opportunities for manufacturers.

Smart Manufacturing Market

In addition to this, Advanced technologies and AI have replaced the normal process of manufacturing. Smart manufacturing uses data analytics to ease complex and lengthy processes and also manages the availability chain smoothly. The increasing demand for smooth operations in several industries is fuelling the growth of the smart manufacturing 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 bug within the manufacturing processes as they will learn from experience. The predictions offered by smart technologies further help 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 smart manufacturing market.

The Global Smart Manufacturing Industry Segmentation:

By Component

  • Hardware
  • Software
  • Services

By Technology

  • Machine Execution Systems
  • Programmable Logic Controller
  • Enterprise Resource Planning
  • SCADA
  • Discrete Control Systems
  • Human Machine Interface
  • Machine Vision
  • 3D Printing
  • Product Lifecycle Management
  • Plant Asset Management

By Industry Vertical

  • Automotive
  • Aerospace & Defense
  • Chemical & Materials
  • Healthcare
  • Industrial Equipment
  • Electronics
  • Food & Agriculture
  • Oil & Gas
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Smart Manufacturing Market Company Profiles and Competitive Intelligence

The key players operating in the smart manufacturing market are:

  • 3D Systems, Inc.
  • ABB
  • CISCO
  • Daifuku Co., Ltd.
  • Stratasys Ltd.
  • Cognex Corporation
  • Intel Corporation
  • KEYENCE CORPORATION
  • NVIDIA Corporation
  • PTC
  • SAMSUNG
  • Sony Corporation
  • Universal Robots
  • Emerson Electric Co.
  • General Electric
  • Honeywell International Inc.
  • IBM Corporation
  • Oracle
  • Rockwell Automation, Inc.
  • Schneider Electric
  • Siemens

Based on components, the software segment held the largest market share of over 50% in 2020 owing to the advent of analytics and AI-driven system

The software segment in the target market is accounted for the largest market share of around 50.0% in 2020 and is expected to show its dominance during the forecast period. The growth in the segment is mainly attributed to the matured as numerous solutions, including product lifecycle management, enterprise resource planning, and manufacturing execution systems, have already been in use for many years. Moreover, the increasing adoption of analytics and AI-driven systems is projected to be a major factor accelerating the segment growth of the market.

Besides, the hardware segment in the target market is expected to be 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 allowing manufacturing facilities to set up robots to perform tasks that include material handling, processing operations, and assembly and inspection.

Based on the industry vertical, the automotive industry vertical segment accounted for the largest revenue share of over 23.0% in 2020 owing to the benefits of operational efficiency

The automotive industry in the smart manufacturing market held the largest revenue share of over 23.0% in 2020 and is expected to register the highest CAGR during the forecast period. The factors that influence the growth of these segment is due to benefits such as asset efficiency, cost savings, quality, and sustainability offered by the smart manufacturing solutions. Moreover, the adoption and expenditure in the smart manufacturing facility are expected to offer automotive manufacturers with competitive benefits including higher profitability, elevated speed to market, product quality, and a strong labor force. The automation of complete manufacturing plants, testing and simulation, and customer connectivity are the primary touchpoints for smart manufacturing solutions in the automotive industry.

Based on regions, the Asia-Pacific held the largest market share of over 36.0% in 2020 owing due to increasing growth in the automotive industry

The Asia-Pacific is expected to be the fastest-growing region in the market and capturing the largest market share of 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 introduced an initiative to support domestic production by the “Make in India” program. Smart manufacturing solutions help producers to focus on streamlining their supply chains to increase competitiveness, improve safety in the workplace, and to reduce the cost of operation. Japan also appears as the manufacturing hub for the production of factory automation solutions and is supplying them to other countries within the region, making such solutions affordable for developing countries such as India.

The report also provides an in-depth analysis of smart manufacturing market dynamics such as drivers, restraints, opportunities, and challenges:

Drivers

  • Increasing adoption of industry 4.0
  • Growing adoption of industrial automation
  • Increasing government initiatives

Restraints

  • High initial investment

Opportunities

  • Growing adoption of AI and IoT across various industry

Challenges

  • Increasing threats associated to cybersecurity

COVID-19 Impact on the Smart Manufacturing Market Analysis:

The COVID-19 pandemic impacted various industries such as oil & gas, manufacturing, and others due to the strict lockdown imposed by the government. The various industries are facing challenges for the manufacturing and the supply chains of the products and services. To overcome the challenges that happened due to the COVID-19 pandemic organizations are reconstructing their business continuity models. The enterprises investing heavily in advanced manufacturing and supply chains models, and discovering the automation opportunity to reduce the impact of COVID-19 on production lines in the future. The future growth of the smart manufacturing market depends on the shuffle of the manufacturing industry. A more detailed analysis of the smart manufacturing market will be provided in the report.

The report also provides an in-depth analysis of key trends in the smart manufacturing market:

  • Migration to cloud IT infrastructure
  • Hybrid workplaces and intelligent technologies

The report also provides an in-depth analysis of recent news developments and investments:

  • In July 2020, Vivo started its new smart manufacturing plant in China. The plant is situated in Changan Town, China, and can manufacture 70 million units per annum. This smart manufacturing plant plays an important role to be an entirely self-developed and self-produced smartphone vendor.
  • In June 2021, Stratasys Ltd. enlarged its GrabCAD Software Partner Program to 6 corporations in its first six months with the addition of Teton Simulation, which makes use of the brand new GrabCAD DFAM Software Development Kit to help consumers to enhance the reliability of additive manufacturing builds.

The unique insights provided by this report also include the following:

  • In-depth Value Chain Analysis
  • Opportunity Mapping
  • Sector Snapshot
  • Key Players Positioning Matrix
  • Regulatory Scenario
  • Strategies Adopted-benchmarking Heat Map
  • Market Trends
  • Covid-19 Impact Analysis
  • Product Comparison
  • Pre & Post COVID 19 Impact on the Smart Manufacturing  Market
  • Competitive Landscape

Frequently Asked Questions (FAQs)

What is the market size of the global smart manufacturing industry?

The global smart manufacturing market was valued at USD 232.1Bn in 2020 and is anticipated to reach USD 529.3Bn by 2027

What is the estimated market growth rate of the smart manufacturing industry?

What is the share of Asia-Pacific in the smart manufacturing industry?

What is the share of Asia-Pacific in the smart manufacturing industry?

Asia-Pacific is expected to grow at the highest CAGR during the forecast period.

Who are the key players in the smart manufacturing industry?

A few key players include, but are not limited to 3D Systems, Inc., ABB, CISCO, Daifuku Co., Ltd., Stratasys Ltd., Cognex Corporation, Intel Corporation, KEYENCE CORPORATION, NVIDIA Corporation, and PTC

What are the challenges for the smart manufacturing industry?

Increasing threats associated to cybersecurity are the major challenges in the smart manufacturing market.

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Table of Contents Smart Manufacturing Market

Market Introduction

  • Definition
  • Scope Of The Study
  • List Of Assumptions
  • Market Structure
  • Scope of the Study: Segmentation 
  • Timeframe, Currency and Limitations

Research Methodology

  • 3P Research Approach
  • Market Sizing Approach
  • Data Sources
  • Primary Research Coverage

Executive Summary

  • Market Summary
  • Market Snapshot
  • Regional Snapshot
  • Country Snapshot

Premium Insights

  • Key Trend Analysis
  • New revenue Pockets
  • Pain Point Analysis
  • Company Market Share Analysis, by Region
  • Strategies Adopted-Benchmarking Heat Map
  • Regulatory Landscape
  • PESTEL Analysis
  • Regional Lifecycle
  • Competitive Benchmarking

Market Overview & Competitive Landscape

  • Competitive Landscape
  • Investment Scenario by key Players
  • Key Player Overview
  • Product comparison
  • Player Wise Geographic Presence
  • Player Wise Target Customer Segment
  • Recent News
    • Product Launches & upgrades
    • R&D / Innovation
    • Merger & Acquisition
    • JV & Partnership
    • Recognition and others

Market Segmentation (Market Size and Share Analysis)

  • Global Market Size & Historic Growth
  • Market Size by Component
    • Hardware
    • Software
    • Services
  • Market Size by Technology
    • Machine Execution Systems
    • Programmable Logic Controller
    • Enterprise Resource Planning
    • SCADA
    • Discrete Control Systems
    • Human Machine Interface
    • Machine Vision
    • 3D Printing
    • Product Lifecycle Management
    • Plant Asset Management
  • Market Size by Industry Vertical
    • Automotive
    • Aerospace & Defense
    • Chemical & Materials
    • Healthcare
    • Industrial Equipment
    • Electronics
    • Food & Agriculture
    • Oil & Gas
    • Others

Market Dynamics

  • Market Drivers
  • Opportunities
  • Value Chain Analysis
  • Pricing Analysis

COVID – 19 Opportunity Mapping

  • Key Drivers & Anticipated Revival Period
  • Key Trends Analysis
  • Impact on End user Industry
  • Opportunity Analysis

Regional Market Analysis

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • APAC
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Mexico
    • Brazil
    • Argentina
    • Rest of LATAM
  • Middle East & Africa
    • GCC
    • Rest of MEA

Company Profiles

  • 3D Systems, Inc.
    • Company Fundamentals
    • Financial Analysis (Subject to Availability)
    • Product Portfolio
    • SWOT Analysis
  • ABB
  • CISCO
  • Daifuku Co., Ltd.
  • Stratasys Ltd.
  • Cognex Corporation
  • Intel Corporation
  • KEYENCE CORPORATION
  • NVIDIA Corporation
  • PTC
  • SAMSUNG
  • Sony Corporation
  • Universal Robots
  • Emerson Electric Co.
  • General Electric
  • Honeywell International Inc.
  • IBM Corporation
  • Oracle
  • Rockwell Automation, Inc.
  • Schneider Electric
  • Siemens

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