Global Smart Manufacturing Market based on 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), end-user (automotive, aerospace & defense, chemicals & materials, healthcare, industrial equipment, electronics, food & agriculture, oil & gas, others), by Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) – is expected to reach US$ 434.32 Bn by 2026, at a CAGR of 12.84%.
Major factors driving the growth of the smart manufacturing market include Industry 4.0, rising use of industrial automation in manufacturing, government investments supporting industrial automation, increasing emphasis on regulatory compliances, increased complexities in the supply chain, and growing demand for software systems that reduce time and cost.
Industrial communication is anticipated to hold the largest share of the smart manufacturing market for information technology. However, threats related to cybersecurity, complexities in implementing smart manufacturing systems, lack of awareness about benefits of adopting information and enabling technologies, and lack of skilled workforce pose challenges to the growth of the market.
3D printing segment is anticipated to witness the highest growth over the forecast period
In terms of technology, 3D printing segment is anticipated to witness the highest growth over the forecast period owing to its large-scale adoption in the design process and agile product iterations. An increasing demand for industrial automation coupled with the growing importance of legal and regulatory compliance is also driving the market growth.
The software segment is quite matured as several solutions have already been in use for many years
In terms of component, the software segment is quite matured as several solutions have already been in use for many years. The solutions include manufacturing execution systems, product lifecycle management, and enterprise resource planning. However, the modernization of these systems and the growth of analytics and AI-enabled systems are projected to be the driving factors for the segment’s growth. The need for technological implementation expertise is estimated to aid the growth of services segment over the forecast period.
The smart manufacturing market in the Asia Pacific is estimated to grow at the highest CAGR globally from 2018 to 2026
The smart manufacturing market in the Asia Pacific is estimated to grow at the highest CAGR globally from 2018 to 2026. The region is witnessing a flow in the deployment of smart manufacturing market. Rapid industrialization in the Asia Pacific has boosted the manufacturing sector in the Asia Pacific.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Siemens, General Electric, Rockwell Automation, Schneider, Honeywell International Inc., Emerson Electric, and Fanuc, among others.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the global smart manufacturing market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global smart manufacturing market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global smart manufacturing market positioning of competitors.
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